1. Projects
  2. Project Management
  3. Job Costing and Project Budgeting
  4. Job Costing

Job Costing

Important:

For information on the availability of Job Costing and Project Budgeting, please contact your account representative.

You can use the feature Job costing to reflect the cost of project labor in your general ledger by using time tracked against projects. The Job Costing also requires Project Management and the ability to track time in NetSuite. For more information, see Enabling Project Features.

Job costing uses a project expense type to determine the account to debit when posting time transactions. Each time transaction has an associated project expense type assigned from the corresponding service item or project.

When time is posted, a journal entry is created debiting the assigned account and crediting your selected project cost variance account.

To pay employees for project work, you should use a manual journal entry to debit the selected project cost variance account when payroll is complete. For more information, see Making Journal Entries.

Note:

Before you begin posting time transactions, you can create or update project expense types and select your default project cost variance account.

To set the default project cost variance account:

  1. Go to Setup > Accounting > Accounting Preferences.

  2. Click Items/Transactions.

  3. Under Accounts, in the Default Project Cost Variance Account field, select your default account.

    You can change this account when posting time transactions.

  4. Click Save.

For more information on project expense types, see Creating Project Expense Types.

Related Topics:

General Notices