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Select Job Cost Reports menu > Job Close-Out Report.

The Job Close-Out Report provides a final opportunity to check all costs before purging the jobs from the system. This detailed cost report uses a format similar to the Work in Process Report format for completed jobs (jobs assigned a completed status). A printed copy of the Job Close-Out Report must be produced and retained as the final audit trail of all unit and cost information before purging jobs during period-end processing.

Revised estimate and job-to-date units and costs are itemized for each cost code and cost type. The percentage of job-to-date cost over estimated cost is compared to the cost variance (calculated as the estimated cost minus the job-to-date cost) as a percentage of the job estimate.

The OUTSTANDING WORK IN PROC column on the report reflects the total unbilled cost posted to the Work-in-Process account for each cost code and cost type, including future period postings.

A recap of all costs and outstanding work-in-process amounts for the job, summarized by cost code, is provided for each job. If you are using Work-in-Process accounting, the General ledger accounts to debit (Cost of Sale) and credit (Work-in-Process) are included.

Review the Job Close-Out Report to verify that all dollar and unit costs are posted to the jobs, that all billing is complete, and that all general ledger account numbers (if Work-in-Process accounting is being used) are correct. If there are errors, select the appropriate maintenance option(s), make the necessary changes, print the Job Close-Out Report, and proceed with the update.

During the update process, the following occurs:

• The outstanding work-in-process amounts are cleared for the completed jobs. If the Work-in-Process accounting method is used, the necessary postings are made to the general ledger. If the Completed Contract accounting method is used, then any new unbilled costs are cleared.

• Depending on the selection you made in the Change Job Status field, the job status for completed jobs is changed to Closed and the job status date is changed to the posting date in the job master file. Closed jobs are either purged or saved to history files during period-end processing, depending on the selection in the Retain Job Cost History check box in the Job Cost Options window.

When the update is completed, a message appears prompting you to print the Daily Transaction Register. Click Yes to print the register and update the general ledger entries posted from the Job Close-Out Report.

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