Changes

Jump to: navigation, search

QuickBooks Journal Entries

512 bytes added, 16:19, 16 March 2017
no edit summary
== Manufacturing {{top}} ==
=== Work Orders orders ===
There are a few different scenarios where Work Orders can be recorded. This page will discuss two of the most common practices when manufacturing a Work Order:
[[File:JE_WO_with_different_asset_accounts.JPG]]
'''Process when === Labor is used on a Work Order'''===
Using Labor is very similar to previous given examples of Raw and Finished goods; however in this case we add a Labor Type item to the Bill of Materials (Remember Labor types are not an inventory type in Fishbowl; therefore they will not be assigned to an asset account, but instead will be assigned to a Labor account).
[[File:JE_WO_with_labor_and_same_asset_accounts.JPG]]
 
=== Overhead ===
 
Overhead is typically used to account for fixed costs or indirect expenses that need to be factored into the cost of a manufactured part. For example, the cost of renting a warehouse, or the cost of paying administrative staff may be split across manufactured parts. Overhead is typically mapped to an overhead expense account in QuickBooks. When overhead is included on a work order, the expense account will be credited and the inventory asset will be debited.
 
[[File:Overhead chart.png]]
 
[[File:Overhead transactions.png]]
== Costing Methods {{top}} ==

Navigation menu