MoneyWorks Manual
Turning on Job Costing
We’ve assumed that you are familiar with MoneyWorks and have the Acme Widgets Tutorial file open. Because not every business needs job costing, it is disabled by default and needs to be turned on.
To turn the job costing features on:
- Choose Document Preferences from the Edit menu
The MoneyWorks preferences window will open. This contains a number of options that allow you to set MoneyWorks to work in the manner that best suits your operations.
- Click on the Jobs tab
The Preferences window will be shown.
- Turn the Enable Job Costing and Time Billing check box on
The Default Markup and Work-in-Progress Account fields in the window will be enabled:
Default markup Goods or services purchased specifically for a job are often charged out at a higher rate than what was paid for them. You specify a default markup to use here—you can override this later for specific jobs.
Default Work-in-Progress account At the end of the financial year (and indeed, possibly at the end of each month), you will want to know how much work you have done that has not yet been charged for. MoneyWorks can calculate this work-in-progress amount for you, and transfer it into a nominated account.
- In the Default markup field type “20”
The markup will be 20% unless otherwise specified.
- Type “5600” into the Default Work-in-Progress account field
This is the work-in-progress account code for Acme Widgets.
- Click the OK button
The preferences window will close.
The job costing has now been enabled and can be used.