Class Accounting in Construction Archives | Value Investing

QuickBooks in Construction Accounting – Transfer Work in Process to Cost of Goods Sold

Construction Industry Standards / By David J Hoare MSA / 01/29/2014 02/27/2022

QuickBooks does not have a seamless subroutine to transfer costs from construction in process control account to the profit in loss statement’s cost of construction section. Therefore, the accountant has to export data to a spreadsheet and then sum the respective functional costs of materials, subcontractors, labor, land etc. and then make a general journal entry to complete the transfer. This article explains this process in detail.

Using QuickBooks in Construction Accounting

Construction Industry Standards / By David J Hoare MSA / 06/08/2013 02/27/2022

The key to the software is to properly set up QuickBooks to meet your needs. You lay out a chart of accounting accounts, buckets to dump data into, then identify your classes of work, create the nine phases of costs (QuickBooks uses item numbers) and finally identify the projects.

Implement Cost Accounting in Construction – File Structure

Construction Industry Standards / By David J Hoare MSA / 02/25/2013 02/27/2022

Taking a small construction company to the next level of financial success requires implementation of cost accounting. This article is one in a series designed to illustrate how you implement cost accounting in a small construction business. The first step in this process is design a file structure.