Job costing is the practice of allocating labor costs to projects. The job cost frequency is how often (monthly, semi-monthly, weekly, or bi-weekly) timesheets are collected, posted, and costed to jobs.
When cost rates and pay rates differ, Vision depends on the Job Cost Variance account to increase or decrease total indirect expenses so that the labor accounts plus the variance equal the actual payroll expense. The main purpose of this account is to provide accurate job cost reports while maintaining the actual payroll expense in the general ledger.
To set up Job Costing information, complete the following steps:
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From the Vision Navigation menu, click
.
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On the Accounting Company Settings form, click the Timesheet tab.
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In the
Job Costing section of the tab, complete the fields.
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Click
Save.