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Receipts and multiple jobs

3152 Views 18 Replies 10 Participants Last post by  Longterm
Scenario: material is purchased from a supply house. One receipt. This material is used on more than one job, different bills.

When doing your accounting, do you copy said receipt and keep a copy with both jobs' paperwork? Or do you just keep one copy, (under general stock) and just take what you used on that job for the billing and taxes?

How do you account for "truck stock"? Sometimes extra material gets purchased for one reason or other. How do you keep this material and find the prices for the next few jobs that it gets distributed into?

Thanks
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· I own stock in FotoMat!
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I don't bother keeping track of any material that's divided between multiple jobs. I buy a box of switches and put it in the truck. They may end up on one job, or 10 different ones. Trying to separate them for 'bookkeeping' purposes is a waste of time. They get deducted as cost of goods sold no matter how you count the beans.
 

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Scenario: material is purchased from a supply house. One receipt. This material is used on more than one job, different bills.

When doing your accounting, do you copy said receipt and keep a copy with both jobs' paperwork? Or do you just keep one copy, (under general stock) and just take what you used on that job for the billing and taxes?

How do you account for "truck stock"? Sometimes extra material gets purchased for one reason or other. How do you keep this material and find the prices for the next few jobs that it gets distributed into?

Thanks
Don't go crazy just keep all your receipts and deduct them as expenses
Just like everything else.:thumbsup:
 

· Electrical Contractor
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Scenario: material is purchased from a supply house. One receipt. This material is used on more than one job, different bills.

When doing your accounting, do you copy said receipt and keep a copy with both jobs' paperwork? Or do you just keep one copy, (under general stock) and just take what you used on that job for the billing and taxes?

How do you account for "truck stock"? Sometimes extra material gets purchased for one reason or other. How do you keep this material and find the prices for the next few jobs that it gets distributed into?

Thanks
I try to make a point of tagging every supplier's invoice with the a job designation. On very few occasions, there are some multiple projects on one invoice, but those are usually very small, dollar wise. If you really want to separate a combined purchase, than copy it for your files
Your suppliers should not have a problem with many invoices to you. All of my suppliers email my invoices and monthly statements.
I like to be able to cost my jobs, both material and labour. Lets me know where the profit/loss is occurring.
Small tools, I will cost out to jobs. I found that on average, the cost of replacement usually balances out.
Stock for the trucks? Just tag it as such and cost against the miscellaneous or cost plus jobs.
 

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If you're gonna try to keep track of the material you use on a job, are you also keeping track of how much you spend on gas for that same job? How about pro-rating your insurance, licensing, bonds, vehicle maintenance, office supplies, cell service, advertising..................?
 

· Electrical Contractor
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If you're gonna try to keep track of the material you use on a job, are you also keeping track of how much you spend on gas for that same job? How about pro-rating your insurance, licensing, bonds, vehicle maintenance, office supplies, cell service, advertising..................?
Out of town jobs, or any job to which i can keep track of, I charge all expenses.
My fixed costs of insurances, truck leases, etc, are part of my overhead, which go into our hourly bill out rates. These are costs which we incur whether we do 100K or 600K a year. Obviously, the more work, the less per hour our overhead is.
Most of our work is tendered, and expenses that go into each job are charged to it. ie. performance bond, local permits/trades business license.
There is a point of being overly anal about costs per job.
Of course there is a point of having no specific records. But that would only occur if one was 'forced' to do cash jobs.:whistling2:
 

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Scenario: material is purchased from a supply house. One receipt. This material is used on more than one job, different bills.

When doing your accounting, do you copy said receipt and keep a copy with both jobs' paperwork? Or do you just keep one copy, (under general stock) and just take what you used on that job for the billing and taxes?

How do you account for "truck stock"? Sometimes extra material gets purchased for one reason or other. How do you keep this material and find the prices for the next few jobs that it gets distributed into?

Thanks
I use quickbooks and setup the prices as I get material. I am constantly adjusting wire but for the most part the other stuff I just check periodically. It is not perfect but that is what I do. Some people will sell the product at the higher price if it went up after you purchased it.
 

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Discussion Starter · #9 ·
Thanks for the replies.

I have been going nuts trying to find on what slip I bought the PAR motion flood, as it was not with the receptacles and switches that I also bought for that customer. They asked for that later and I was going to the SH for something else.

I have been on quarterly statements so I needed to find out how much (I thought), each job was labor rate and material. I know I have to lump it all together at the end of the quarter.

I havn't been adding/subtracting "stock" from the overall sum. Looks like I should have been doing this.
 

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Discussion Starter · #10 ·
I have QB, but got scared off setting it up since someone mentioned that if it isn't set up correctly, it can really cost later.

Really need an accountant I guess. My hair's thin enough.
 

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If you have to buy material for multiple jobs, you should do it on seperate tickets. I know it's difficult, but you should strive to job cost every job so that you know where you're making your money.
 

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All material goes into inventory when it is used it is then invoiced to the job. The only time I buy for a single job is if it is tax exempt then I keep the ticket with the job packet.
 

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If you have to buy material for multiple jobs, you should do it on seperate tickets. I know it's difficult, but you should strive to job cost every job so that you know where you're making your money.
You can still track material without buying on a seperate ticket I will buy a pallet of 12/2 romex if I can get a bulk price even before I have jobs.
 

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Discussion Starter · #14 ·
All material goes into inventory when it is used it is then invoiced to the job. The only time I buy for a single job is if it is tax exempt then I keep the ticket with the job packet.
I like that idea, that makes more sense than what I have been doing. It helped me see how to do what the others said as well.

How do you inventory? QB or something else?
 

· I own stock in FotoMat!
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If you have to buy material for multiple jobs, you should do it on seperate tickets. I know it's difficult, but you should strive to job cost every job so that you know where you're making your money.
You should be able to figure job costs before you even sign the contract. If you wait until after the warranty expires to see if you made a profit, you're way too late.
 

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You should be able to figure job costs before you even sign the contract. If you wait until after the warranty expires to see if you made a profit, you're way too late.
I'm talking about job costing after you do the work to know what you actually spent to do the work vs what you estimated. This is an important thing to do & many contractors I talk to don't do it.
 

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I'm talking about job costing after you do the work to know what you actually spent to do the work vs what you estimated. This is an important thing to do & many contractors I talk to don't do it.
I'm one of them! But that's about to change. Hiring an accountant was the best thing I ever did. Outsourcing this was a wise decision.
 
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