This chapter contains these topics:
The JD Edwards World Job Cost system, along with other JD Edwards World systems, can assist you in managing your projects and jobs and monitoring the costs and revenues associated with them. You can use the Job Cost system to:
Create and maintain cost code structures for all of your jobs
Establish budgets for your jobs
Set up time schedules for the tasks in your jobs
Track and manage the costs and revenues associated with your projects and jobs
Review and revise additional information associated with your projects and jobs
Generate a variety of reports showing the cost, revenues, and other details of your projects and jobs
Calculate job progress at any time during the job
Calculate estimated final values associated with your projects and jobs
Recognize and record profit or loss at any point in a job
Create draw reports on the costs that are eligible to be borrowed against under a loan agreement
The Job Cost system has the flexibility to manage the jobs associated with a wide variety of businesses, including:
Mining
Utilities
Engineering projects
Media production
General contracting
Manufacturing
Self-constructed assets
Property development and homebuilding
Heavy equipment and highway contracting
In addition, you can customize the Job Cost system to your specific business needs by:
Setting up unique cost code structures for different jobs
Customizing your system to display industry-specific terminology on forms and reports
Selecting among a variety of methods of computation when calculating projected final values
This section contains the following:
System Integration
System Features
Job Cost Menu Overview
The Job Cost system is integrated with the following JD Edwards World systems to help you manage your jobs easily and efficiently.
The Job Cost system provides the following features to assist you in managing your projects and jobs and monitoring the costs and revenues associated with them:
Final projections
Profit recognition
Job status inquiry
Audit trail management
Job budget change management
Cost analysis
Loan draw tracking
Report generation
Job scheduling
You can use the Job Cost system to calculate projected final values for a job at any time during the job. Final projections are calculated based on the costs, revenues, and percentage of completion associated with a job at a specified time.
Final projections can include:
Projected final costs
Projected final revenues
Projected final profit
Projected over/under values
The Job Cost system can assist you in creating profit recognition journal entries for revenue and cost based on the percentage of completion of a job at any time during the progress of the job. These journal entries are used for cost accounting purposes. You can manually adjust the recognized revenue and cost for each job, depending on your accounting needs.
The Job Cost system provides online inquiry for viewing all of the information related to your projects or jobs. For example, you can view the following:
Actual amounts and quantities
Original and revised budget amounts and quantities
Total and open commitments, amounts, and quantities
Projected final amounts and quantities
Projected over or under amounts and quantities
Percentage of completion information for each account
The Job Cost system can maintain a detailed audit trail of all transactions against a job. Audit trails can include details that relate to projected final values, budget changes, commitments, and so on.
You can use the Job Cost system to enter and lock original budget information for a job. After a budget is locked, you must enter a change order to revise it. You can use change orders to create audit trails of the changes to a job's budget. This allows you to compare original budget information with revised budget information at the completion of the job.
Budget changes can occur as a result of the following:
Committed cost control using subcontracts and purchase orders
Actual cost control using A/P vouchers, payroll equipment billings, and inventory issues
Final cost control using percentage of completion and projected final cost estimates
You can use the Job Cost system to analyze the unit costs that are associated with your jobs. For example, you can analyze:
Labor hourly rates
Cost per unit
Man-hours per unit
You can track the costs associated with the accounts eligible for reimbursement based on the terms of a construction loan or line of credit. You can then generate a draw report of the eligible costs and submit it to your lending institution.
The Job Cost system provides you with a variety of reports that you can use to manage and review your job cost information. You can generate the following types of reports:
Management summary reports
Job and account setup reports
Financial detail reports
Custom FASTR reports
Supplemental data reports