Job Costing provides the ability to track all related costs and revenues associated with an unlimited number of projects within your organization. Each project or “job” can be tracked at various levels of detail, depending on the job.
The job number is mandatory and represents the highest level of detail where costs and revenue can be recorded. The Sub Job, Phase, and Task levels are optional, and represent increasing levels of detail. Cost Codes are categories of costs common to all jobs that make cross-job comparisons meaningful. Cost Types explain the type of cost. Examples of Cost Types include: Labor, Material, Overhead, Sub Contracting, and Equipment Rental.
Not only are actual and committed costs tracked at the various levels for each job, but also budgeted costs and budgeted revenues are tracked at separate levels within a job. The total costs incurred, total committed costs, and total hours incurred are tracked at the lowest level of detail and rolled up to all higher levels for reporting.
Journal entries can be posted with valid jobs assigned at each line item. When creating customer and vendor invoices, an unlimited number of valid jobs can be assigned to each line item of the transaction. The creation of purchase orders updates the committed costs of a job, while the vouching of vendor invoices move the costs from committed costs to actual costs. Issuing of inventory also increases the actual costs of a job.
Revenue is recognized based on the Percentage of Completion or Completed Contract method. Each transaction that updates the costs of a job or any change in a budget amount will trigger the system to automatically recalculate the percentage of completion for you (including the recognizing of revenue) on a transaction by transaction basis. The “on-line transaction processing“ and “real time processing” capabilities of Carillon allows for up to the second cost and revenue information.
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