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Norm_D
May 20, 2024
Question

Equipment Job Costing

  • May 20, 2024
  • 1 reply
  • 0 views

I'm using Quickbooks Online and Projects for Job Costing for my excavation business. How can I set up accounting and reporting for equipment costs that are not directly part of the Projects?

For example, I have two excavators that I typically bill at $150/hr and $200/hr. That's what shows up on the estimate and invoice, but for my accounting purpose I want to track the actual hourly costs of operating those machines, which might include:

Operator cost: $50/hr

Fuel Costs: $10/hr and $15/hr

Total machine ownership costs including maintenance & repairs: $25/hr and $70/hr

Business overhead costs: $45/hr

and Profit/Loss from each machine per hour/job: $20/hr

 

Is there a best way to set up accounts for job costing these machines that can show me the difference between what I estimated/invoiced for against the actual cost of operating the machines? I'd like to be able to compare the estimate/invoice against actual hours on each job.

 

 

1 reply

J
JamesM4
May 21, 2024

Hi Norm_D,

 

Glad to have you as a new member in the Community. I'll be happy to steer you in the right direction so you can get the answers you need in a timely manner. 

 

Entering your transactions the right way is essential for ensuring your books remain accurate. That said, I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. In the meantime, feel free to check out this article that shows you how to:  Categorize and match online bank transactions in QuickBooks Online. 

 

Let me know if this info helps. I'm here to steer you in the right direction.

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