Question

Labor Reporting on Transaction Journal

Forum|Forum|7 years ago
February 12, 2019
1 reply
11 views

We currently have item assemblies that contain a service item for labor. The assembly consists of the raw material parts and also a specific "item" that we created that reflects the cost of assembly. The cost for this labor is billed to us by an outside warehouse and does not affect our payroll at all. My question is: when we pull up an invoice and ctrl+y to see the transaction journal, the labor cost does not flow through to this report. We've found where this cost is reflected on a "custom transaction detail report" but are wondering if we can somehow see it on the report for the specific invoice.

QuickBooks Enterprise Suite

A

Anonymous

Hi there, @RKN,

Thanks for getting in touch with us today. I can share some information about the Transaction Journal report.

The Transaction Journal displays the information for the current transaction you open including the accounts affected by assembly. The entries displayed on the report determines the posting of the transaction for auditing and report purposes.

At the moment, QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell your inventory. Since we're unable to customize the report to add a column for your Cost, you're able to view the average cost hitting the COGS account. Please see illustration:

You might find these articles helpful:

Please let me know if you have any other questions. I'll be happy to answer for you. have a good one.

R

RKNAuthor

Thanks for your response Jen. Yes, I agree with your illustrations and am glad that you are seeing what we see on our end. What doesn't make sense to me is that the transaction should affect the labor account also, so why does it not appear on the transaction journal and is there any way to add the labor account activities to the transaction journal?

IamjuViel

Level 8

Glad to hear again from you, @RKN.

Allow me to provide additional details on how QuickBooks Desktop handles your Transaction Journal.

When running a Transaction journal for general assembly that has a service item on it, it should look like this:

The service account denotes the labor cost of the assembly. You may want to review how this specific item is set on your end before it was included in the inventory assembly. Make sure to put a check mark on This service is used in assemblies or is performed by a contractor or partner.

Also, make sure to indicate the proper Expense and Income account to determine the specific account in Chart of Accounts where it will be recorded.

That's it! Please don't hesitate to click the Reply button if you have other questions about generating your Transaction Journal Report. I'm here to help.

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