Updated: Jun 3
Now onto reconciling job costs to the trial balance! Building on your billing reconciliation completed in the previous step, copy and past the associated current year costs into column O. The total for that column should correspond to the related job cost accounts, typically labor, materials, subcontractors and general expenses. This will vary as your books may have been set up differently. There's a small reconciliation set up for you under column O, rows 46-51, to see if you did it right. As mentioned previously, the AJE columns (Columns P-Q) are for entries made after compiling the report, like job cost accruals noted after the fact, but that's more relevant for your outside CPA. Now! Set up a v-look up and pull in your prior year costs to have your costs to date from inception calculate under column S.
We're moving fast but hopefully it'll all come together when we wrap up the lesson!