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Community Contributor *

Profit & Lost By Job

Hey QuickBooks users!

 

I recently got a job and my goal is to fix Quickbooks because the previous employee wasn't as organized. My Main issue is the Profit & Loss Report by Job.

 

When  I open this up for some reason under COG > Materials shows up as $0.00 however when I opened up the Item we sale and check the Item Parts we use to build it and under the Bill of Materials Cost comes up $45.17, so if we sold 10 shouldn't the Materials show up as $451.70?

 

Everything is labeled. For the item we sell I have it as COGS Account: COGS: Materials, and Asset Account as Inventory Asset. 

 

For the part we used to build it I have them as COGS Accounts= COGS: Materials, Income Account= Sales.  

 

Any clues onto what's going on?

Solved
Best answer 11-02-2018

Accepted Solutions
Established Community Backer ***

Re: Profit & Lost By Job

If each item in the BOM has an average cost, then when you issue the build command for the assembly item, QB removes the qty of each inventory item needed and adds up the average costs of those items used. That total becomes the assembly item average cost.

one inventory item can be part of a the BOM for as many different assemblies as you want, the key is you have to have qty in stock and then you build the assembly item.

To get the assembly item to show in job cost you either put it on an invoice, or you use inventory adjust, set the adjusting account to the job expense account, lower the qty and select the job name on the adjustment screen

4 Comments
Established Community Backer ***

Re: Profit & Lost By Job

what year and version are you using

are you using an assembly item?  if so do you issue the build command before putting the assembly item on the invoice?

 

each item in the assembly item BOM has to have its own average cost, edit each item and look at the bottom of the item screen, is there an average cost listed, a positive number?

Community Contributor *

Re: Profit & Lost By Job

I am using Quickbooks Premier and Wholesale Edition 2017.

 

Yes, we buy certain parts however those parts can be meant for a lot of our assemblies. For example, we buy part 1 because it can go to item A, B, & D.  So in bills we don't add it to a specific Job unless we purchase a part specifically for that item. 

 

Also yes I do use the build Assembly when an item is purchased, however before I came in, the previous employee never did that she/he just made the invoice, later on just Adjusted the parts & items out. I did fix some of the issues, still a lot to go but my goal is to focus on 2018. Other than that something should be showing not just $0.00.

 

On the BOM (Bill Of Materials) there is no Average Cost on the Item we assemble and sell. 

 

For the Parts, they do show an Average cost. 

 

If that's the case can you guide me so I can fix the issue, Thanks!

Established Community Backer ***

Re: Profit & Lost By Job

If each item in the BOM has an average cost, then when you issue the build command for the assembly item, QB removes the qty of each inventory item needed and adds up the average costs of those items used. That total becomes the assembly item average cost.

one inventory item can be part of a the BOM for as many different assemblies as you want, the key is you have to have qty in stock and then you build the assembly item.

To get the assembly item to show in job cost you either put it on an invoice, or you use inventory adjust, set the adjusting account to the job expense account, lower the qty and select the job name on the adjustment screen

Community Contributor *

Re: Profit & Lost By Job

Thanks, Rustler!

 

I was focused on the Assembly Item I haven't fixed yet. Thank you for pointing that out, soon as I read the message I shifted my attention on the ones I fixed and now it gives me a better understanding because the ones I fixed does show an Average Cost on BOM and on the reports it does give me a price! So as soon as I fixed the ones that give me no value, it will show value later on. 

 

You're the Best!

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