Embed Size (px)
Citation preview
POWER TOOLS Documentation – General Ledger
Overview
Data BrowseBrowse AccountsBrowse GL TransactionsBrowse Transactions by Job/All JobsBrowse GL Transaction History
Maintain/PrintChart of AccountsSubsidiary AccountsDivision NumbersFinancial GroupingBudgets- Print Monthly Budget by Account- Print Monthly Budget by Division
End of MonthChecksheetEnter Journal EntriesBrowse/Edit Journal EntriesStandard Journal Entries
End of Month ReportsJournal Entries for Current MonthTrial BalanceTrial Balance with DivisionsSubsidiary Trial BalanceSubsidiary Trial Balance with DetailSubsidiary Trial Balance by AccountSubsidiary Detail by Date RangeDetail Transaction ListDetail Transactions List – JC DetailDetail Transactions by Division – Date Range
Work In Process (WIP)Work In Process – Enter Fees & Post
WIP Reports (Job Detail) – WIP Reports (Master Job)Contract ScheduleContract Schedule – By DivisionContract Schedule – CFOContract Schedule with BacklogContract Schedule with Backlong by Division
5.18.2023 1
Work In ProcessWork In Process – Blank Job NameWork In Process – In Process OnlyStatus of ContractsContracts – Current/Prior/Next
FinancialsBalance Sheet Summary – YTD onlyBalance Sheet SummaryBalance Sheet Detail
Income Statement - Summary – YTD onlyIncome Statement- SummaryIncome Statement - Detail by AccountIncome Statement - Detail by DivisionIncome Statement - Detail by TypeIncome Statement - Current/Prior
GL Flash Account ReportBudget ComparisonOverhead AnalysisOverhead Analysis by DivisionContract Profits by Division by JobContract Profits by JobContract Profits for MonthContract Profits by DivisionContract Profits by Profit CenterContract Profits by Divison/Profit Center/Job
Special ReportsAudit GL and Job Cost TotalsAudit GL and Job Cost Totals – YearAudit GL and Job Cost Totals – MonthWorking Trial BalanceJC Totals by TypeJC Totals by DivisionJC Totals by Division by Profit CenterFiscal Year SpreadFiscal year Spread by Division
End of YearChecksheetCreate New Current Year CalendarSet Job Status from WIP (Completed)Refresh Balance Forwards into Current YearEnter Prior Year WIP/Project Pct CompleteJob Cost –Purge Analysis by Job ReportJob Cost – Purge Analysis by Date Report
MiscellaneousView/Print GL Documentation
5.18.2023 2
CONTACT UCS
The Power Tools, LLC, has been serving the Construction Industry since 1979. We are a service oriented company offering a full range of services from construction accounting software sales to ongoing consulting
and customer assistance that grows in magnitude with the needs of your construction business.
We can provide your company with a complete system configured to meet your needs not only for today, but for the future.
We also provide the best training and customer support in the industry, along with ongoing updates and program enhancements to assure you are staying current with new trends in
construction accounting, job management, and technology. We will be there with prompt answers and knowledgeable personnel to help ensure the success of your
company’s software investment.
For a demo of the entire collection of The Power Tools Software Suite which includes Accounting, Job Costing, Project Management, Lien Tracking, Work Orders and Bid Solicitation, please contact us via Phone,
Email or through our Website below.
For any questions, please contact our Customer Support Team at:
407.834.0700
Email: [email protected]
Website: www.thepowertools.com
For free technical support, enhancement requests and frequently asked questions, visit our forum site at:
www.ThePowerTools.com/Forum/
Thank you again for choosing The Power Tools.
Greg Kirk, President
©The Power Tools, LLC. All rights reserved.
5.18.2023 3
General Ledger Overview
With an automatic Work In Process (WIP) over/under billing process, budgeting and multiple financial reports, the General Ledger has made end of month and end of year processing easily manageable for the user.
Reports are available by division, by type, and by user-defined criteria.
Multiple year processing allows the user to process the current year complete with balance forwards while still closing the prior year.
5.18.2023 4
Month End Date
The Month End Date or the accounting date selected determines the reporting date used in the GL reports such as Income Statements, Balance Sheets, and Work In Process (WIP) schedules. This date also determines the available journal entry date..
The Month End Date which includes the selected Year End Date is always displayed on the screen.
Three full years of input are available in the General Ledger module. However, the History option allows the user to view all years included in the data.
The GL Date also includes the locking features for each module. Locking the modules removes the ability to change any data in that module for that month. Each module can be locked separately. Once the date is locked, no further data entry or changes to existing data may occur.
To select a Month End Date, select the calendar icon
Check the proper year under the Select Year heading.
In the Select Accounting Cycle section, select the month, then Close to set the date.
5.18.2023 5
Date Locking
From the GL Dates screen, select the Lock / Unlock Dates button.
Check one of the following columns: Lock GL?, Lock AP?, or Lock AR? for a specific month to lock down changes to data for that month. Reports may be printed, data may be accessed and browsed, but no changes can be made as long as the month is locked.
The AP and AR, and GL locking capabilities work independently. The AP and AR can be locked with the month end transfer while still leaving GL open for final closing.
Only users with System Administrative rights can unlock a date.
5.18.2023 6
Data / Browse
The Data/Browse tab includes transaction lookup features such as the maintenance functions for the chart of accounts, subsidiaries, divisions, and financial groupings for the printing of financial reports, budgets and job cost detail.
5.18.2023 7
Browse Accounts
Browse Accounts is a split screen that displays the account number on the top and details on the bottom.
Select either Select Month As “Current” Select Year As “Current”.
Select Run to open the screen.
5.18.2023 8
Browse Accounts - Month as “Current”
The Month as “Current” will display the account detail for the entire month selected in the Month End Date previously selected on the top of the main GL screen. Select or highlight an account in the top section and the corresponding detailed information will display in the bottom section. The arrow in the left hand column next to the Account Number indicates the account selected. The Account Name and Description selected is also displayed as a heading on the bottom half of the screen.
When using the Month To Date as the selection, The Balance Forward date display the data up through the prior month.
The totals in the Current column include the amounts for the month selected.
The Balance column is the sum of the Balance Forward amounts and the Current amounts.
The transactions can be filtered and/or sorted (e.g. by date, alphabetically, for PR only, etc). When filtered, the Total Transactions in the middle of the screen will change to reflect the filtered data. The Balance Forward, Current, and Balance totals will remain the same.
Select the Printer icon in the middle right hand side of the screen and it will display all of the information in a report preview, and then choose to print, email, or save the file.
5.18.2023 9
Browse Accounts - Year to Date as “Current”
The Year to Date as “Current” will display the detail for the fiscal year up to and including the Month End Date previously selected on the top of the main GL screen. Select or highlight an account in the top section and the corresponding detailed information will display in the bottom section. The arrow in the left hand column next to the Account Number indicates the account selected. The Account Name and Description selected is also displayed as a heading on the bottom half of the screen.
When using the Year To Date as “Current” selection, the Balance Forward totals will include the totals as of the Prior Year date. Jobs and revenues brought forward from prior year will display in the Balance Forward column.
The details in the Current column includes the account totals for the fiscal year through the date selected.
The Balance column is the sum of the Balance Forward amounts and the Current amounts.
5.18.2023 10
Browse GL Transactions
Browse GL Transactions will display transactions for all accounts in a data sheet format for the year selected. Browse transactions is a tool used to view cost for specific time periods, specific codes, vendors, etc. Since all transactions for the year are displayed, the detail can be filtered to report only necessary information.
A Total Amount is provided at the bottom of the screen and will adjust according to the data filtered.
Select the Print Selected Transactions button to create a transaction report. Print, email, or save the file.
5.18.2023 11
Browse Detailed Transactions – Job Cost – By Job
The Browse Detailed Transactions by Job is valuable when it is necessary to sort and filter detail cost transactions for a single job.
Select the Job from the drop down list. Each transaction for the job is displayed. Filter the information if needed to view totals or individual data entry. Select the Print Selected Transactions button to display the information in a report. Choose to print, email, or save the file.
5.18.2023 12
Browse Detailed Transactions – Job Cost – All Jobs
The Browse Detailed Transactions – Job Cost – All Jobs displays the detailed Job Cost Transactions for the all Job Cost Transactions as shown below.
This view is valuable if detail is necessary for a specific cost code, time period, or payroll – not limited to a specific job.
You may filter the information if desired before printing or saving. Select the Print Selected Transactions button on the top right side of the screen and it will display all of the information in a report preview, and then you may choose to print or save the file.
Browse Detailed Transactions – History
It is often necessary to view data from a past prior year. Audits may request many years of detail for a specific account. The Browse Detail Transactions History provides the option to view detail for all past prior years saved in the system.
5.18.2023 13
MAINTAIN / PRINT
- Chart Of Accounts
Your General Ledger Accounts can be added and maintained on the Chart of Accounts screen. Select General Ledger on the left and then select the Data/Browse tab, then Chart of Accounts.
Before entering a new account, review all information on Chart of Accounts on this page and on the next page. Then, to enter a new account, you have 2 options:
1. On the right side of the screen, slide the scroll bar down to the last empty record indicated with a star: Enter the new account as described on the next page.
2. Select the new record row icon at the bottom of the page: Enter the new account as described on the next page.
5.18.2023 14
- Chart Of Accounts (continued)
The Chart of Accounts consists of three sets of numbers.
1. The Acct# (Account Number) is the minimum required field. Account Number is the leading number for distribution. Adding either a division number or a subsidiary can further break down this account number. These additional coding numbers can depict anything necessary for your company’s distribution needs. You may need to break down a loan code to each employee receiving and paying back a loan, for example. This is accomplished by adding a subsidiary to the distribution to the account.
Note: Entering an Account Description is highly recommended.
2. The Subledger# (Subsidiary) number is a user-defined 5 digit number that is kept in a subledger for sorting. See below for further detail on subsidiary and subledger numbers.
3. The Div/Dept (Division) number can be used to break down the account number further by location or office building for example. Checking the box in the Division column will require that the 4 digit division portion of the distribution. Again, divisions are user defined.
The Major / Sub Group will determine how the account numbers will fall into the Balance Sheet and Income Statement.
The Major / Sub Group code depicts the type of account that is being charged. For example, the cash account 10030 is an Asset so the major grouping code would be the 10000-Assets. The Financial Report will include the 10030 in the total for Assets.
The accounts can be further detailed by adding Sub Groups to the Major Grouping Codes. For example, the cash account is an asset, but more specifically, it’s a Current Asset. By labeling the cash as a Current Asset, it will print and subtotal under Current Assets and then be included in the Grand Total of the Assets.
The Account Accumulator field is for the summary reporting. For example, the company may have 5 separate cash accounts but do not want each account listed separately on the financials. By setting up an Accumulator for Cash, the accounts will be summarized into one total for all 5 account numbers.
The financial grouping codes are set up under the Add/Maintain heading on the Data/Browse tab in GL. Again, the grouping codes are used to determine where this account will fall in the financial reports.
Lock an account by checking the Lock box at the end of the account number row or at the top of the screen in the Alt View screen. This stops additional entries to this account. Payroll, Accounts Payable, Accounts Receivable, and Journal Entries will be unable to access this account for distribution. The current data will still be available for reporting and browsing purposes but will not be accessible for changes. This is commonly used when a job has been completed.
The Chart of Accounts can be sorted and/or filtered by number, account description, subledger number, etc.
Upon leaving the screen, the Chart of Accounts will default back to account number order.
5.18.2023 15
- Subsidiary Accounts
The Subsidiary Accounts allows a GL Account Number to be broken down into more detail to a Subsidiary Number (Subsid#). For example, an employee loan asset account can be further detailed by entering the account number plus a 5-digit Subsidiary Number to indicate each employee’s loan detail. This 5-digit Subsidiary Number will be entered for each transaction so that the loan amount for each employee is tracked. Another common use for this subsidiary number is to detail equipment or revenue in the asset account.
The subsidiary accounts are added on the screen above. The first column is the SubLedger Number (Subledger #) and it is required.
The SubLedger is the file name where all the “like” subsidiaries are held. By entering a subledger in the account on the Chart of Accounts, the GL system is triggered to require a subsidiary number as part of the distribution to that account. The system will verify that the subsidiary used exists in the subfile entered for that account number.
5.18.2023 16
Division Numbers
Common uses for divisions may be a distinct type of work the company performs or location of the work (i.e. Residential, Commercial, Concrete, Millwork, Texas, Alabama, etc). The accounts may then be budgeted, coded, and broken down into these divisions.
The divisions are 4-digit user defined characters. Add the number and the description for the division number.
If a division will be used on an account number, check the Div/Dept (Division / Department) box in the Chart of Accounts.
If an account number is set to accept divisions, a division number MUST be used each time that account number is used.
5.18.2023 17
Financial Grouping
Financial grouping codes determine the level of detail on the financial reports. These grouping codes are found on the Chart of Accounts. When an account is set up, a grouping code is chosen. There are two groupings that can be selected.
A. The Major Account Groups determine the type of account. This is the least detail in which the accounts will subtotal. For instance, Assets, Liabilities, Stockholders’ Equity, etc. The Major Account Groups list out the basic account grouping of the chart of accounts and most will follow the same pattern according to the major financial groups. All accounts beginning with 1 are Assets and accounts beginning with 2 are Liabilities, etc.
B. The Major Account Group can be broken down more specifically into Sub Groups. The Account Sub Group lists with the Major Group when setting up the account. The account will now subtotal under the Sub Group heading and will also be included in the Major Account Group total. This is commonly used for balance sheet accounts where there are many types of sub groups within the major account group. For example, Assets include accounts from cash, fixed assets to current assets, etc. To detail and subtotal each type, select the sub group – Current Assets for example. The accounts will be listed and subtotal under Current Assets but will also be included in the ASSET total.
5.18.2023 18
A.
B.
C.
C. The Sub Accumulator is a way to combine accounts. In the example C, all cash accounts will be combined into one cash account as the customer does not want all their individual cash accounts listed out on the balance sheet. The cash accounts are set up as Current Assets so they will be included under the Current Asset heading and total under the major heading of ASSETS, but the cash accounts will not list out individually. They will list as one account 11100 Cash On Hand.
The accumulator combines like accounts together for the financials. Normally listed separately on a trial balance, a summary total of all cash accounts are preferred on the balance sheet.
Using the Major Grouping Codes, Sub Account Grouping Codes and Accumulators will determine the level of detail included in the balance sheet and income statement printed from the General Ledger.
5.18.2023 19
Budgets
GL allows the user to create fiscal year budgets for non-job related expenses.
Enter each fiscal month budget amount. The Total Year field is updated as each month’s budget is entered.
Budgets can be added with subsidiaries and/or divisions. The subsidiary field will display if the account is tagged with a subfile in the GL Chart of Accounts. The Division field will be available for Accounts with the Division box checked in the Chart of Accounts.
Once the budgets are entered, a budget listing can be printed by division or for all accounts.
5.18.2023 20
The budgets will move with the change of year during the EOY process – allowing multiple year budgeting to take place.
Monthly Budget Reports
The Monthly Budget Reports found on the GL Enter/Browse screen reflect the budget information entered along with Financial Grouping subtotals and a Total Budget – all Divisions.
Monthly Budget Report
The example below is an example of Admin Expenses.
5.18.2023 21
Monthly Budget Report
The example below is an example of Admin Expenses for Division 0000 and Division 1000. Each division is on a separate page with a subtotal and a grand total at the end.
5.18.2023 22
Budget Comparison
The Budget Comparison Report found on the Financial Report screen displays budgets entered for each account along with the actual for month and year to date. The report includes the variance for each line item.
5.18.2023 23
END OF MONTH
The End of Month Processing includes the journal entries (regular and standard), detail listings, and trial balances. The journal entries as well as the reporting will reflect data as of the Month and Year End date selected and displayed at the top of the screen.
You have the ability to set up multiple monthly recurring entries that can be adjusted, added to, or deleted as necessary each month. Suggested uses include bank or financial institution charges/interest, depreciation, accruals, etc.
5.18.2023 24
End of Month Checksheet
The checksheet contains important tasks that should be performed at the end of the month. The tasks listed should be performed in the order listed on the checklist. This is an important activity that will ensure the accuracy of the data in your General Ledger.
******** General Ledger Checksheet ********End of Month
Company: ______________________________ Date: _____/_____/_____
The tasks below are on the General Ledger “End of Month” tab (unless otherwise noted) and they should be done in the order listed.
Done
1.
Post AP, AR and PRBe sure all transactions for Accounts Payable, Accounts Receivable, and Payroll have been posted for the month being closed. Until the AP, AR and PR information is transferred, General Ledger cannot report the information.
2. Select the Closing Month End DateBe sure the proper year/month is selected.
3.Enter Monthly Journal EntriesEnter any adjusting journal entries required either through “Enter Journal Entries” or “Auto Enter Standard Monthly JE’s” (recurring JE’s). For example, bank fees, depreciation, etc.
4.
Audit JC/GL Totals To Date (Special Reports Menu)Select “Audit - Print GL Job Totals Jobber Totals Report” to determine any discrepancies between job totals in GL and the job totals in Jobber. Any differences should be researched and corrected if needed before continuing with the end of month processing. Most commonly a difference indicates an incorrect or missing job cost code distribution on an AP invoice or PR entry. Error Condition Report in AP End of Month will display any incorrect codes. PR Error Conditions in Current Week menu will display any incorrect codes in payroll.
5.
Perform Work In Process Journal Entries (WIP Menu) The “Enter Work In Process Journal Entries” will create and post over/under billings journal entries. This option will display the current contract and fee for each job. Make any contract or fee adjustments to reflect the current activity and select the Save/Create WIP Entries. A reversing entry will automatically be created for the next month-end date. This process may be performed as many times as necessary as adjustments are made.
6.Print “Journal Entries For Current Month” reportThis report lists all journal entries made for the month selected including WIP entries. This report sorts the journal entries by the reference number.
7.Print “Trial Balance” ReportThe trial balance lists each account including job and revenue with prior, current, and year to date totals. Prior is selected as either year to date or month to date.
8.Print Financial Statements (Financial Reports Menu) Both Income Statements and Balance Sheets may be printed with detail or summary information.
9.Print Contract Schedule and Work In Process Reports (WIP Menu)Prints one-line item report for selected jobs displaying current contract, revenue, cost, markups, and earnings/loss for each job.
5.18.2023 25
Enter Journal Entries
The journal entry will hit the General Ledger and the Job Cost (if job related) as of the JE Date (Journal Entry Date) at the top of the screen. The JE Date defaults to the month end date but can be changed to reflect a date within the month selected by using the calendar icon to the right of the date field. In the example below, the Month End Date selected is 4/30/2015, but the JE Date was changed to 4/10/15 to reflect the date the refund was entered into the bank. The month end date is sufficient for most journal entries. However, when the J/E is bank related or payroll related, it is helpful to use the actual pay/week ending date or deposit date for reference in the future.
Only one journal entry/transaction date can be used for each journal entry. If a different date is required, the current journal entry must be posted before a new entry is made.
The reference number is an important tool for sorting and tracking of journal entries. The Monthly Journal Entries report sorts by the reference number. Logging each set of journal entries within a separate reference number is very important for easy auditing of the entries. By default, the reference # is auto generated using the month, year, and journal entry for the month. Contact our office to change the setting to allow the reference # to be entered manually.
Enter the Acct/Job# (Account/Job number) or use the drop down list to select an account number with the associated Account Description, Subsid# and Div/Dept (if the Account or Job was setup with that information).
Select a Class from the drop down list. Multiple classes may be entered for a single journal entry (e.g. If a prior journal entry was entered as an MI and it should have been entered as an OT). The class determines where the entry will subtotal on job cost reports and budgets for job cost entries. A budget must exist for the class type if the entry is a job cost entry.
Although GL accounts may be added on the fly using the Add Account or Add Subsidiary button at the bottom, cost codes relating to jobs must be added in the JCPM program.
5.18.2023 26
Enter the dollar amount and man hours, if applicable. Remember that any PR entries will not be reflected in the Worker’s Compensation file. If the Worker’s Compensation file must be changed, this adjustment must be made as a payroll entry.
Enter a description in the Entry Description field for this journal entry. Descriptions will show on the detailed transaction lists.
Select Print Journal Entry to display the journal entries in a report. Send the report to your printer or save as .pdf.
Selecting the Save and Post button will update the journal entry to the GL Transaction File and the Job Cost Transaction File, if applicable.
If the journal entry is not printed before posting, the entries can be viewed by selecting the report titled, Journal Entries Current Month under Reports in the End of Month tab. This will display the journal entries for the month according to the Month End Date selected on the main GL screen.
Journal Entries can also be viewed in the Browse Detail Transactions on the GL Data/Browse screen. The data can be filtered to reflect only journal entries and can then be further filtered to show specific dates.
Check the Auto Reverse This Entry? box at the top right of the screen to automatically create a reversing entry for the journal entry. The complete journal entry will be reversed in the next month.
5.18.2023 27
Browse Journal Entries
Browse Journal Entries provides a display of each journal entry entered for the Month End Date selected on the main Accounting screen.
The journal entries are sorted by date and then reference number. As each entry is selected on the left, the detail is displayed on the right side of the screen. Single journal entries may be printed (as opposed to the completed Journal Entries by Month report) by selecting the entry, the View/Edit Journal Entry button, then the Print button at the top of the screen.
The Browse screen allows the user to Add, Edit, and Delete journal entries.
To add a new journal entry, select Add Journal Entry.
5.18.2023 28
Utilize Edit Journal Entries to adjust account numbers, dollar amounts, and/or descriptions.
Select the journal entry to edit. Make the necessary adjustments and select the Print button to print the journal entry before posting. Select the Save & Post button to replace the original journal entry with the new, edited entry. Journal entries can also be edited for the Auto Reverse option.
Journal entries may be deleted by selecting the journal entry and select Delete Journal Entry. All journal entries with matching dates and reference numbers will be deleted.
5.18.2023 29
Auto Enter Standard Monthly JE’s
The Auto Enter Standard Monthly JE’s (Journal Entries) allows for recurring journal entries to be set up and modified each month as necessary without entering a new journal entry each month.
The journal entry begins at the top of the screen with the Class, JE Reference, and Entry Description, and Auto Reverse?. If this journal entry should be reversed in the following month, the Auto Reverse? box must be checked.
The top section is a header for the actual journal entry detail in the bottom of the screen. The detail in the bottom section must be a balanced entry before the entry will be posted.
The following journal entry details are entered at the bottom section of the screen: Acct#/Job# (Account or Job Numbers), Subsid# (Subsidiary Number), Div/Dept (Division or Department), Code Subcode (Cost Code), Amount, Man Hours, and Company #. Enter the dollar amount and man hours for each distribution. The journal entry must have balanced debits and credits.
The Balance To Distribute amount at the bottom of the screen keeps a running total of the amount left to distribute for the opened journal entry. These amounts may be changed, deleted, or zeroed out as necessary each month. Again, it must be a balanced entry to Save & Post.
The transaction date is important to note because the journal entries will post to the general ledger and job cost with that Month Ending Date. Be sure to check this date before running Save & Post. The month selected will be the default date on the journal entry.
In addition, buttons are provided on this screen to Add Account numbers, Add Subsidiary and Division numbers. They can also be entered in the Chart of Accounts in the Data/Browse tab before beginning the journal entries. However, this saves the trouble of having to leave the screen to add any new account numbers in the middle of adding a journal entry.
5.18.2023 30
Reports
- Journal Entries For Current Month
The Monthly Journal Entry Report is a list of the journal entries added for the Month End Date selected and includes all journal entries: miscellaneous, standard, and WIP. The journal entries are sorted by reference number on this report.
Before selecting this report, select a Month End Date from the top of the main screen
Once the report preview is displayed, choose to print, email, or save the file.
Refer to the example below to view the information included on the report.
5.18.2023 31
- Trial Balance
The Trial Balance report is a list by accounts with totals through the month selected. The report can be created in two different ways: Month as Current or Year To Date As Current.
Month as Current will display the month selected as the total Current column. The Balance Forward will include the totals up through the month prior to the month selected. Current includes the selected month’s cost, and the Balance is the total to date for the selected period.
Year To Date as Current will display the Balance Forward with the data as of the year last completed. The Current column will display the total cost for the year selected through the Month End Date chosen. The Balance is the total of the two.
Select Open to preview the report and then choose to print, email or save the report.
5.18.2023 32
- Trial Balance with Divisions
The Trial Balance with Division report will list by accounts with totals through the month selected and will list division numbers for those accounts with division detail.
The Trial Balance by Division uses the same reporting and date concepts as the trial balance. The difference being the addition of the Division Number and the Name for each GL Account. If Divisions are used, they will be listed on this trial balance in detail.
Select either Select Month As “Current” or Select Year To Date As “Current”.
5.18.2023 33
- Subsidiary Trial Balance
The Subsidiary Trial Balance report will only include those accounts that are broken down using subsidiary numbers. The report includes user-selected accounts, dates and types and summarizes job cost entries.
5.18.2023 34
- Subsidiary Trial Balance with Detail
The Subsidiary Trial Balance with Detail report will only include those accounts that are broken down using subsidiary numbers. The report is a detail listing using user-selected accounts, dates and types and summarizes job cost entries. This report includes a detail listing of the accounts with subsidiary entries.
5.18.2023 35
- Subsidiary Trial Balance – by Account
The Subsidiary Trial Balance report will only include those accounts that are broken down using subsidiary numbers. The report includes user-selected accounts, dates and types and summarizes job cost entries.
This report will print as the Subsidiary Trial Balance but will page break for each account number.
5.18.2023 36
- Detail Transaction List
Under Select Time Period, select one:Month as Current – displays detail for month selectedYTD as Current – displays detail for fiscal year to dateDate Range - select a Beginning and an Ending Date using the calendar icon.
Under Select Accounts, select one:All Accounts – prints all active account detailRange of Accounts -If “Select Range of Accounts” is selected, select a From Account # and a To Account #.
5.18.2023 37
- Detail Transaction List – JC Detail
The selection options are identical to the report, “Detail Transaction List” described on the previous page. The only difference in the two reports is that this one includes Job Cost Detail, if available.
5.18.2023 38
WIP (Work in Process)
The Power Tools General Ledger includes a Work In Process routine that will calculate with minimal input from the user, and generate over/under billing journal entries with an automatic reversal in the next month. The WIP Journal entry can be set to update each revenue account or a single Over/Under billing revenue account.
The WIP routine automatically updates the Current Contract Amount from JCPM.
The contract amounts must entered in the JCPM Job. The WIP will update the contract using the Original Contract plus/minus any approved change orders through the WIP date. If the contract amount doesn’t reflect the current contract amount found in JCPM, double check the change orders to be sure they are marked Approved and have an approval date within the month end being processed.
The WIP – Enter Fees and Post option must be opened and saved before WIP reports are available for the month. The over/under journal entry is not required for reporting purposes.
5.18.2023 39
Work In Process
The Contract Amount is calculated using the original contract amount plus/minus any Approved change orders.
The Cost to Date and Total Billings are updated from the General Ledger job and revenue accounts through the selected month end date. To ensure accurate cost and billing amounts, the payroll, accounts payable, accounts receivable, and applicable journal entries must be posted before beginning the WIP process.
Open the “WIP – Enter Fees and Post” option on the WIP menu. This process will update the Cost to Date, Billed to Date from GL and update the total Contract Amount. Adjust the current fee in the Proj Profit column.
Save the data by closing the screen and saying “Yes” to Save.
The Contract Schedule and Work in Process reports requires the Work-In-Process/Enter Fees and Post option to be opened and the data saved. The over/under billing journal entry is not required to be posted, but the screen must be accessed in order to update the contract, billing, and cost information. Post the Over/Under journal entry by selecting the Save/Create WIP Entries button. The entry will be automatically be reversed in the following month.
TO DATE: Date selected on main accounting screen.
Revised Contract Price – The revised contract price will reflect the original contract amount plus any change orders dated within the To Date: date at the top of the screen. WIP can be set to automatically pull contracts from Jobber.
Be sure to make any contract changes in Jobber Original Contract Amount or via RCO. If the contract amount is changed in the WIP screen, it will be adjusted each time you open the WIP screen to match the Jobber revised contract total.
5.18.2023 40
Contract Fee – This field represents the original contract fee plus/minus the Change Order Fees up through the date selected.
Projected Fee – The projected fee is updated by the user. Based on the estimated fee at the end of the job – not the daily projection.
% Fee - Calculated by dividing the Projected Fee by the Revised Contract Price
Cost to Date – Cost to date through the WIP date selected at the top of the screen. Cost must be transferred to show. Should match trial balance for the same month-end date.
% Complete – Calculated by dividing the Cost to Date by the Estimated Total Cost. (Estimated Total Cost is calculated by subtracting the Projected Fee from the Contract Amount)
Total Earnings (Loss) – Calculated by multiplying the % Complete by the Fee
Total Revenue – Total Billed plus any over/under billing entries – (or calculated by % Complete x Total Contract) should match revenue amounts on the trial balance.
Total Billings – Total Revenue minus any over/under billing entries (actual invoiced amount) – should match Job Income Report in AR or journal entries to the revenue account for those without AR module.
Excess Cost/Excess Billings – Calculated by multiplying the % Complete by the Contract Amount minus Total Billed. The difference is the excess cost (debit to asset acct) or excess billings (credit to liability acct)
In order for a job to stay 100% on the WIP, it must be marked as Completed (which can be done directly on the WIP-Enter Fees and Post screen or in the Change Job Data screen in Jobber).
Plus, the following must be true:
Contract Amount = Total Billed
Contract Amount = Cost to Date plus Fee
If a job is marked Completed, the system will adjust the contract amount to match the Billed to Date, and adjust the fee to make the Cost to Date plus Fee equal the Billed to Date.
5.18.2023 41
To create the Over/Under entries, select the Save/Create WIP Entries at the top.
Select YES to save the WIP data. This saves the most current information for the month.
If at any point, it is determined that the over/under billings were incorrect, this process may be repeated. Make any corrections to the contract amount or the estimated profit and run the process again. The previous over/under billing posting will be replaced with the new information.
As the information is updated and saved, that month WIP information is kept in a separate file for history purposes. When a previous month is selected, the WIP and Contract Schedule reports can be printed.
Keep in mind that if prior month information is changed, the months SAVED subsequent to that month will not automatically be updated with the new information. Each following month will need to be changed to reflect any adjustments. Another option is to Delete Future WIP (found on the top of the WIP – Enter Fees and Post screen) so the next month utilize the new previous month data.
The WIP entry is also auto reversed in the next month. The WIP entry can be run as many times as necessary throughout the month as data is edited and finalized.
5.18.2023 42
Frequently Asked Questions
What happens when opening the WIP form to Enter Fees and Post?
The live Job Master record shared by JCPM and Accounting is updated with the billings and cost from the 40000 and 50000 accounts in GL. If the WIP for that month was previously “saved”, the contract amount, fee, and job status (In Process or Completed) are reset in the Job Master.
The jobs included in the WIP form will be all jobs with cost or revenues in the current fiscal year.
What happens when a job is marked Completed?
During processing the billing amount is plugged for the contract amount. The fee is adjusted to billings minus cost to date. Those amounts are automatically adjusted if cost or revenue is recorded for a completed job.
What happens when WIP data is saved?
A snapshot of the Job data with all the amounts needed for WIP reporting is saved for the month end date. The data is used for the Contract Schedules and WIP reports.
Note: If making changes to the fee in a prior month, the fee saved in subsequent months is not updated. For example, WIP is completed for January and February. Then, WIP for January is recalled and the fee is changed. The new fee amount will not be reflected in the February saved data. It must be updated manually.
Another option is to Delete Future WIP (found on the top of the WIP – Enter Fees and Post screen) so the next month utilize the new previous month data.
5.18.2023 43
Contract Schedule
(Detail Jobs)
Contract Schedule – By Division By Job
This report prints in the same format but will sort by job division.
5.18.2023 44
Contract Schedule – CFO
(Detail Jobs)
CFO format displays decimals and does not round to nearest dollar.
5.18.2023 45
Work In Process Report
(Detail Jobs)
5.18.2023 46
Status of Contracts
(Detail Jobs)
5.18.2023 47
Master Job WIP Reports
The Master Job WIP Reports will use the Master Job Number in lieu of the actual job number for reporting purposes. This Master Job Number is set up in Jobber and can be accessed through the Change Job Data option on the Jobber JOBS tab or through the WIP – Enter Fees and Post option on the GL WIP Screen. This Master Job Number is used to combine jobs into one. This can be used to eliminate multiple small jobs on the WIP by combining all the miscellaneous small jobs into one job number – making the WIP and Contract schedules cleaner and more effective. The Master Job Number is also used to combine larger jobs with multiple contracts and job numbers into one main job for reporting purposes. All reports on the WIP screen are available in detail and utilizing the Master Job Number. The report will display Detail or Master Job# at the top of the report for reference.
5.18.2023 48
Financials
The Power Tools General Ledger includes a wide variety of financial statements. Detail and summary versions of Balance Sheets and Income Statements are available as well as Contract Profits and Overhead Analysis Reports.
The financials will print according to the GL date selected and displayed at the top of the screen each report can be selected in two different ways.
Year-To-Date as Current
Displays the balance forward as the prior year balance forward. Current will be the current year data as of the date selected. Year to date will be the total of balance forward and current.
Example: the selected month is 12/31/14. The Balance Forward column will be the total as of 12-31-13. The Current column will be the total of January through December of 2014. The Year To Date will be the sum of the beginning balance from December and the total for the year through 12/31/14.
Month-As-Current
Displays the balance forward total as of the month prior to the selected date, current will be the total for the month selected, and year to date will be the sum of the two.
Example: the selected report date is 12/31/14. The Balance column will contain the balance as of 11/30/14. The Current column will display the total for the month of 12/31/14 and the Year To Date will be the sum of the beginning balance and current as of 12/31/14.
An explanation and example of each report follows.
5.18.2023 49
Balance Sheet - Summary - YTD Only
The Balance Sheet Summary – YTD Only displays and subtotals the balance sheet accounts according to the Grouping Codes and Accumulators set up for each account in the Chart of Accounts. The totals on the report are year-to-date totals through the month-end date selected. The Month End Date will be displayed at the top of the report.
5.18.2023 50
Balance Sheet – Detail/Summary
The Balance Sheet Detail lists each account number separately and will subtotal by Major Grouping Code.
The Balance Sheet Summary displays and subtotals the balance sheet accounts using the Grouping Codes and Accumulators set up for each account in the Chart of Accounts. Note in the example above: the Cash Accounts are not listed in detail but are summarized into one single account.
5.18.2023 51
Income Statement - Summary – YTD Only
The Summary Income Statement YTD will display the report using the Grouping Codes for theP & L accounts. The totals are a Year To Date summary as of the selected date.
A Gross Margin shows income or loss for the construction costs. A Net Income/Loss before and after taxes are also calculated. Once the report is displayed, you can choose to print, email, or save.
5.18.2023 52
Income Statement - Summary
The Income Statement Summary reports the P & L as of the date selected with a balance forward, current, and year to date column.
The Average is calculated by dividing the Year to Date total by the number of months completed in the fiscal year. In the above example, it would be the Yr. To Date divided by 4.
5.18.2023 53
Income Statement - Detail By Account
The Income Statement with Detail will print each account number with Prior, Current and Year to Date totals. An average through the fiscal month will be calculated and printed for each account.
The report subtotals each grouping code and will determine a net gain/loss at the end of the report.
5.18.2023 54
Income Statement - Detail By Type
The Income Statement Detail by Type displays the detail for non-job related expenses but summarizes the construction cost into job cost types. The report displays an overview of the cost of construction by the type of work. Eliminates the sometimes lengthy listing of each current job.
5.18.2023 55
Income Statement - Detail By Division
The Income Statement Detail by Type displays the detail for non-job related expenses but summarizes the construction cost by division.
5.18.2023 56
Income Statement - Current / Prior
The Current/Prior Income Statement displays the current month and year to date information as well as the prior year month and year to date totals for budget/projection comparison.
5.18.2023 57
GL Flash Accounts Reports
The Flash Account Report reflects the accounts marked for the report in the GL Chart of Accounts. If an account has the FLASH box checked in the COA, the account will display on the Flash Report.
The Flash Report is created for an easy way to watch certain accounts only. The report doesn’t balance like a trial balance or financial – it’s simply a way to track individual account activity.
5.18.2023 58
Overhead Analysis
The Overhead Analysis Reports display the monthly and year to date budget, actual cost activity and variance.
The report is available by account, by division, and by job division.
5.18.2023 59
Contract Profits By Division By Job
5.18.2023 60
Contract Profits By Job
Contract Profits For Month
5.18.2023 61
Special Reports
The Special Reports that are available on this menu may vary from one company to another. Each is unique to the user(s) and a sample of the report is shown on the following pages.
5.18.2023 62
Audit – Print GL Job Totals Jobber Totals Report
5.18.2023 63
Audit – Print GL Job Totals Jobber Totals Year
5.18.2023 64
Audit – Print GL Job Totals Jobber Totals Month
5.18.2023 65
Working Trial Balance
Print JC Totals By Type / By Division
Fiscal Year Spread / By Division
5.18.2023 66
End Of Year
The menu items in this section include tasks that are normally performed at the end of each year. Be sure to start with the End of Year Checksheet described on the next page.
The end of year processing consists of two critical steps.
1. Open New Current Year Ledger (moves Next Year to Current, then Current to Prior)
2. Create Next Year (Creates new Next Year Calendar)
3. Refresh Current Year Balance Forward Amounts (brings balances into the new Next Year)
Additional features include:
Set Jobs to Close from WIP Job Status: This option automatically marks jobs to close using the status (In Process or Completed) from the last WIP of the fiscal year.
Lock Accounts/Jobs for Completed Jobs: This option automatically locks the account numbers for closed jobs and revenues. This stops additional cost from being charged to closed jobs.
Enter Prior Year WIP and Project Percent Complete: This option provides an automatic update of prior year revenue and projected fees. This allows the WIP to calculate current year fee and revenue.
Purge GL Transactions for Past Prior Year: This option will purge account detail for 2nd prior year and back. Normally only necessary when jobs numbers need to be re-used.
5.18.2023 67
End Of Year Checksheet
Selecting the “End of Year Checksheet” menu item will open the checksheet in Word. The file contains important tasks that should be performed at the end of the year.
The balances may be brought into the new year before completing the year. Simply perform #5, then #6 and #8. The prior and current year may be accessed simultaneously. Be sure to refresh the balance forwards to include any prior year changes in the current year.
Done
1
Post Transactions from AP, AR, EQ and PRBe sure all transactions for Accounts Payable, Accounts Receivable, and Payroll have been posted for the year being closed. Until the AP, AR, and PR information is transferred, General Ledger will not reflect the data from the modules.
2. Select the Year End DateUsing the date icon, select the last month of the year being closed.
3.Enter Final Adjusting Journal EntriesFrom End Of Month tab, enter any adjusting journal entries required for the final closing of the year. The entries will be refreshed into the new year when the Refresh Balance Forward option is selected.
4.Print Final Trial Balance, Financial Statements, and Detail ListingFrom End of Month tab, print all reports through the year end date as a hard copy for the year being closed.
*** IMPORTANT NOTE ***
The next option will move the detail for the 3rd year from active to history. For example: If the current year is 2018, the 2nd year is 2017, and the 3rd is 2016. Once the calendar
is opened for 2019, 2016 will become a History Year and will not be available for data entry.
5. Open New Current Year Ledger – or Create New Year (found in the Dates tab)This option will create the calendar for the new year.
6.Change Date to New YearGo to the dates tab and select a month in the newly created year. May be any month within the new current year.
7.
Set Jobs to Close from WIP Job Status (optional)This option will automatically mark the Completed jobs from last fiscal WIP to Close. The Closed jobs will not be brought forward as balance forwards. If WIP is processed, utilizing this option creates consistency throughout the system for closed jobs.
8.
Refresh Current Year Balance Forward AmountsCheck the jobs to close. The checked account totals will not be brought forward into the new year. This option can be edited and run as many times as necessary. A preliminary close may be done to continue working in the new year. Final closing journal entries may be entered and then the Refresh Current Year Balance Forwards may be selected again to recognize the new entries.
9.
Lock Accounts/Jobs for Completed JobsThis will automatically lock the GL Job and Revenue account for each job marked Closed during the Refresh Balance Forward option. Locking the accounts stops additional entries to be made to job cost and revenue accounts for closed jobs.
10. Enter Prior Year WIP and Project Percent CompleteSelect this to automatically or manually enter the prior year Revenue and Projected Fee.
5.18.2023 68
Open New Current Year Ledger
This step creates a new calendar for your new fiscal year.
This process is to be run only one time per year end. The process will move active years down one level and move the 3rd year into History.
When selecting this option, the current date settings are displayed, along with the date settings that will take effect if the process is run. If the option is chosen by mistake, hit the cancel button to exit the screen without running the process.
5.18.2023 69
Set Jobs to Close from WIP Job “status”
If selected, the Set Jobs to Close from WIP will mark the jobs with a Completed status on the last fiscal year WIP to close during the year end process. This allows the user to gain consistency in the closing of jobs. Marking the job ‘Closed’ will stop the cost and revenue for the job from refreshing into the New Year financials.
Refresh Current Year Balance Forward Amounts
This step brings forward the year end balances for all balance sheet accounts along with jobs and revenues selected to flow into the New Year. An off-setting WIP journal entry is automatically created for jobs and revenues left open into the new fiscal year.
To automatically check “Close” for jobs marked Completed on the last Work In Process report of the fiscal year, select the “Select Jobs to Close from Job Status” option on the GL End of Year menu before running this option.
Before continuing with this option, check the date at the top of the screen. The Month End Date should fall in the New Year just created. This is the year into which the balance forwards will be pulled.
The Refresh Balance Forward Amounts lists the existing jobs and revenues. Each account has a box next to the description and should be checked if the job or revenue should be closed during the year end process.
5.18.2023 70
Refresh Current Year Balance Forward Amounts (continued)
Select the jobs and revenues to close by checking the Close box. The job and revenue accounts (40000 through 59999) should Not be checked if the jobs are incomplete and should have balances brought into the New Year.
Once selected, hit the Run button at the bottom of the screen. The system will do a journal entry to close all P & L accounts to retained earnings. An off-setting Work In Process journal entry will be created to recognize the jobs and revenue kept opened into the New Year.
If revenues or jobs have been closed or left open in error, this option may be re-run as many times as necessary to obtain the correct balance forward totals. The WIP journal entry will be replaced with the new information.
Lock Accounts/Jobs for Completed Jobs
This option will automatically lock the GL Chart of Accounts number for each job and revenue closed during the year end process.
The locking function marks the accounts as read only. No additional data can be coded to the job or revenue through Accounts Payable, Accounts Receivable, Payroll, or Journal Entries.
The data can be accessed, reviewed, and printed, but no additional changes can be made to the account numbers.
5.18.2023 71
Enter Prior Year WIP and Project Percent Complete
The Work In Process Reports include a Total Earnings, Prior Year Earnings, and Current Year Earnings column. In order to include this information on the Contract Schedule, prior year information must be entered for the jobs brought forward.
This is done in the GL End of Year menu, Enter Prior Year WIP and Project % Complete option.
The information required includes the Earned Revenue (Total Revenue) through the last fiscal year, the Estimated Profit (Projected Fee), and Profit Accrued (Total Earnings/Loss) and can be taken directly from the final Contract Schedule. See the example below for job 50170.
5.18.2023 72
Job Cost – Purge Analysis By Job / By Date Report
The JC Purge Analysis provides a list of jobs with transaction and last date activity. Used to determine the level and age of job transactions when planning to purge. This report can be printed by job number order or by last transaction date.
5.18.2023 73
Miscellaneous
5.18.2023 74
Maintain Accounting Date Table
- Make Date Tables – First Current Year
This function is normally handled by the UCS Support team and is used to create the first fiscal year on a new GL system.
The dates can be changed if necessary using the Maintain Dates Table function on the MISC tab.
5.18.2023 75
INCOME STATEMENT MAINTENANCE
- Income Statement – Summary – User Defined
This maintenance screen is used to customize the “Income Statement - Summary - User Defined Lines” report found in the Financials tab. The custom headings and account ranges for the subtotals can be created in this screen for use in the report.
Note: Make sure your Financial Grouping codes are setup in the Financial Grouping screen under the Data/Browse tab before setting up the Summary Income Statement Lines as shown in the screen below.
Setup each line for the Income Statement report exactly as you wish it to appear on the report and keep the following guidelines in mind.
In the Line# field, do not skip lines and keep the lines numbered in sequence. For instance, the lines must be numbered sequentially (i.e. 1, 2, 3, etc.). Do not use numbering such as 1, 3, 5, etc.
The grammatical and spacing format will be displayed in the financial report. For instance, if a line is indented here, it will be indented on the report. This applies for capital letters and other spacing.
Add a descriptive heading in the field Line Description for each line of the report.
The Beginning and Ending Major Grouping determines which account numbers are included in the subtotal calculation of each line.
Check the Reversal Sign? box to change known credits so they will not appear as red numbers on the financial statement. The calculation will still stand.
An example of an Income Statement report is shown on the next page using the setup as described above.
5.18.2023 76
- Income Statement – Summary – User Defined (continued)
Once the user defined lines are setup as instructed on the previous page, run the report by selecting the “Income Statement - Summary - User Defined Lines” in the Financials tab.
An example of this report is shown below using the setup as described on the previous page.
View/Print Windows GL Documentation
Select this item “View/Print Windows GL Document” and a copy of this User Guide, “Windows_GL.doc” will open in Word. The document is also located in this folder: N:\ucs\doc\
5.18.2023 77
Filters in Microsoft Access
Right click in any column to view the filter selection box. The filters will adjust according to the format type for the column. In the first example below, the column is formatted as a date field. The filters reflect options for selecting data according to dates – before, after, equal to, etc.
Microsoft Access provides a number of filters that may be utilized to sort transactions. The filter is used to filter data in ascending and descending order.
5.18.2023 78
The Date Filters option provides several options for selecting data.
Before or after a selected date. Week, month, quarter, or year information.
Between allows the user to enter specific beginning and ending dates.
C. Keyboard Functions / Shortcuts
Keyboard Shortcuts for Entering Data or Navigating Fields
Where there is “Ctrl and a + (plus sign)” shown below, press the “Ctrl” (Control) key and the key shown below. For example, “Ctrl + C” means to press and hold down the Control key and then press the letter C key.
Ctrl + To add a new record, when available
Ctrl + C Copy the selection onto the clipboard
Ctrl + V Taste the contents of the clipboard at the cursor point
Ctrl + X Cut the selection and copy it onto the clipboard
Ctrl + Z Undo typing
Ctrl + Right Arrow Move one word to the right
Ctrl + Left Arrow Move one word to the left
Ctrl + Home Move to the beginning of the field in multiple line fields
Ctrl + End Move to the end of the field in multiple line fields
End Move to the end of a line
Home Move to the beginning of a line
Ctrl + F4 Close the active window
Alt + F4 Quit Microsoft Access or close dialog box
Shift + Enter Save changes to the current record
Spacebar Toggle between the values in a check box or option button
Left Arrow Move one character to the left
Right Arrow Move one character to the right
Delete Delete the selection or character to the right of the cursor
Alt + Backspace Undo typing
Backspace Delete the selection or character to the left of the cursor
Ctrl + ; (semicolon) Enters the current date
Ctrl + : (colon) Enters the current time
Ctrl + Alt Spacebar Enters the default value for the field
Ctrl + ‘ (single quotation mark) Enters the value from the same field in the previous record
Ctrl + Enter Enters a return in a memo or text field
Ctrl + + (plus sign) Moves to the new record row, if available
Ctrl + - Delete the current record
5.18.2023 79
Keyboard Functions and Shortcuts (continued)
Selecting Data and Navigating Basics
Tab, Enter, or Right Arrow Move to the next field to the right
Shift + Tab or Left Arrow Move to the previous field to the left
Home Move to the beginning of the current field
End Move to the end of the current field
Up Arrow Move to the previous field up one record
Down Arrow Move to the next field down one record
Ctrl + Up Arrow Move to the current field or first record
Ctrl + Down Arrow Move to the end of the current field or press twice and move to the last record
Ctrl + Home Move to the first field or first record
Ctrl + End Move to the end of the current field
Up Arrow Move to the current field or previous record
F5 Move to the Record Number box
F2 Select all data in the current field
Scrolling when data is displayed on more than one screenPage Up Move up one page
Page Down Move down one page
Ctrl + Page Up Move left one screen
Ctrl + Page Down Move right one screen
Navigating In A Drop Down List Or Combo BoxF4 or Alt Down Arrow Open a combo or list box
Down Arrow Move down one line
Up Arrow Move up one line
Page Up Move up one set of values
Right Arrow Move right one column
Left Arrow Move left one column
End Move to the last column
Ctrl + End Move to the last column of the lasts record
Home Move to the first record
Tab Exit the list and move to the next field
5.18.2023 80
D. Frequently Asked Questions (FAQ)
Frequently Asked Questions
What happens when you open the WIP form to Enter Fees and Post?
The live Job Master record shared by Jobber and Accounting is updated with the billings and cost from the 40000 and 50000 accounts in GL. If the WIP for that month was previously “saved”, the contract amount, fee, and job status (In Process or Completed) are reset in the Job Master.
Caution: If two users open the WIP form at the same time a conflict message will display only allowing the first user access.
The jobs included in the WIP form will be all jobs with cost or revenues in the current fiscal year.
What happens when you mark a job as Completed?
During processing the billing amount is plugged for the contract amount. The fee is adjusted to billings minus cost to date. Those amounts are automatically adjusted if cost or revenue is recorded for a completed job.
The status of In Process or Completed is shared by the WIP process and Jobber. The job filters in jobber use the status. For example, if a user in Jobber is set to a filter for In Process jobs only, a Completed job set through the WIP form will no longer appear in the user’s job selections.
What happens when you save the WIP data?
When you save the WIP data, a snapshot of the Job master data with all the amounts necessary for WIP reporting is saved with that month end date. That snapshot data is used for the Contract Schedules and WIP reports.
Note: If you make a change to the data I a prior month, the data in subsequent months is not updated. For example, you previously save the WIP data for January and February. Then, you recall the WIP data for January and change a contract amount. That contract amount will not be reflected in the February saved data.
5.18.2023 81
Why does the contract amount keep changing on my WIP schedule each time I open the WIP for the month?
The GL system can be set up to automatically pull in contracts and change orders from Jobber into the WIP. This is done each time the WIP – Enter Fees and Post option is taken in the GL WIP screen. If the contract amount is changed and the WIP screen is opened again for that month, the system goes out and pulls in the contract amount through that date from Jobber.
Any permanent changes to the contract amount should be done through Change Orders in Jobber. The WIP is sensitive to the Approval Date on the change orders. It is possible that a change order was approved and the approval date fell within the month you are working in. If this is incorrect, simply change the approval date on the Change Order and re-run the WIP process.
Another reason may be the fact that the job was marked Completed without the Billed Amount equaling the Contract Amount. If this is the case, the job is not considered 100% complete and the WIP will make the contract amount match the billed amount.
Why does the projected fee amount keep changing on my WIP schedule each time I open the WIP for the month?
The WIP Projected Fee is normally updated by the user each time the WIP is run. This fee is an overall projection of the profit on the job. This fee should stay as entered unless the following has occurred:
The job is marked Completed but the Cost to Date + Fee does not match the Contract Amount.
The cost to date is a hard number coming from the invoices and payroll charge to the job and is not open for editing in the WIP screen.
Since the cost to date + the fee should equal the contract amount on a completed job, the system will continue to adjust the fee to force the cost to date + fee match the contract amount when a job is marked Complete.
How can I get prior year and current year earnings to display on the Contract Schedule?
The Work In Process Reports include a Total Earnings, Prior Year Earnings, and Current Year Earnings column. In order to include this information on the Contract Schedule, prior year information must be entered for the jobs brought forward. The current month fields are calculated by simply subtracting the current year to date total from the year end total.
This is done in the GL End of Year menu, Enter Prior Year WIP and Project % Complete option.
The information required includes the Earned Revenue (Total Revenue) through the last fiscal year, the Estimated Profit (Projected Fee), and Profit Accrued (Total Earnings/Loss) and can be taken directly from the final Contract Schedule. See the examples below for job 50170.
5.18.2023 82
Frequently Asked Questions (FAQ) (continued)
5.18.2023 83
