Day End Processing of Job-Related Transactions
Project and Job Costing actual and committed costs are updated during Day End processing with the total cost, plus the allocated and expensed taxes that are payable when a receipt is invoiced (excludes tax on retainage).
Project and Job Costing is also updated with taxes on retainage amounts when the retainage is invoiced in Accounts Payable.
For example, assume a series of transactions for 440.00 cost, plus 27.72 in expensed taxes — for a total of 467.72.
The following transactions are sent from to Project and Job Costing after you post a purchase order and run Day End Processing:
|
|
Committed Costs |
Actual Costs |
|
Extended cost |
470.80 |
0.00 |
|
Labor amount |
0.00 |
0.00 |
|
Overhead amount |
0.00 |
0.00 |
|
Total cost |
470.80 |
0.00 |
The following transactions are sent from to Project and Job Costing after you post a receipt and run Day End Processing:
|
|
Committed Costs |
Actual Costs |
|
Extended cost |
3.08 |
467.72 |
|
Labor amount |
0.00 |
0.00 |
|
Overhead amount |
0.00 |
0.00 |
|
Total cost |
3.08 |
467.72 |
The 3.08 committed amount is the expensed tax portion for the retainage. When the retainage is invoiced in Accounts Payable, the committed and actual costs are updated for the retainage tax amount.
See also
Journal entries generated from posted Purchase Orders transactions