Closing of Jobs

Changing of GL Links for Ledger account entries – (This is a once off setting)

Go to System Configuration Module > General Ledger Accounts > GL Links Setup

Find the line which says STWRITEOFF – Stock Write Off

Highlight this line and click on Amend button.

 

Change the Debit Account of the Link.

Changed account to JCSTOADJ – 2180/000 Job Costing Stock Adjustment.

This means that when you close the job and write off the stock it will go to the Job Costing Stock Adjustment account and Stock.

Go to Job Costing Module > Activity > Manage Job and click on the Menu Item.

Once in the search header do the following:

1. Put the job number that you want to

close in the Job Number field

2. Remove your Date From – this allows one to search all jobs from beginning of time

3. Click on Search button

To do a quick check on the job, highlight the correct job and click on Mange Job button (or double click on the Job line)

As one can see there has being stock allocated to this job.

This means that when one closes the job and writes off the stock it will remove the quantity out of the JOB WIP type area and also do the necessary General Ledger account entries, namely: Stock and Job Costing stock adjustment account (Cost of Sales). This will have a direct affect on your GP (Gross Profit) margins. This will also reduce your stock ledger account balance (current asset on your balance sheet)

Checking on values and stock which will be written off.

Go to Job Costing > Activity > Job Total Analysis 

Once in the search header do the following:

1. Put the job number that you want to close in the Job Number field

2. Remove your Date From – this allows one to search all jobs from beginning of time

3. Click on Search button

 At the bottom of the screen one can see 2 buttons:

Clicking on the Open button and then click on the Usage Totals tab, one can see that there is usage allocated to the job under Actual Cost.

Clicking on the Print button will give you a summary report of the job.

Clicking on the Print button will give you a Job Work in Progress Summary report.

Note, there is 3 items which have actual quantities next to them.

Closing of Job

Go to Job Costing Module > Activity > Manage Job and click on the Menu Item.

Once in the search header do the following:

1. Put the job number that you want to close in the Job Number field

2. Remove your Date From – this allows one to search all jobs from beginning of time

3. Click on Search button

 Highlight the job you want to close, go to the bottom of the screen. Click on the Extras tab and then click on the Close Job Button.

This will give you two options as to the Type of Close of the Job you want.

1. Stock Write off – Writes off the stock out of JOB WIP section and does the necessary General Ledger accounts.

2. Stock back on shelf – Moves the stock out of JOB WIP section back to the On Shelf

 sections. No General Ledger account transactions take place. This option should only be used if one has gotten the stock back from the client and is putting it back into stores.

For now we are going to use Stock Write off.

Click OK to Write off stock and close job

Click on YES button to confirm closing of job.

Stock has now being written off via a stock Level adjustment Journal, and the stock has being written out of the JOB WIP section and out of the stock control account.

 

 Checking on Posted transactions

To check what the system did on writing off of the stock.

Go to Inventory Module > Analysis > Stock Journal History and click on the Menu Item.

Highlight the correct Stock Write off journal and click on the buttons below for posted transactions.

Clicking on the print button and then click on Generate Report.

This will give you a report of the Stock Write off. It shows the items that were written off.

Clicking on the Related Transactions button.

This shows you the Debit and Credit accounts that were affected.

Note:

Found that it updated the Stock Adjustment account and not the Job Costing Stock Adjustment account. (My mistake – have corrected for the next accounts, corrected manual

 as well – Both are Cost of Sales accounts)

View the T-Accounts of the transactions