/ Published in Knowledge Base Articles

Home Sale WIP to COGS Journal Entry Detail

Here’s the 8 (or 10 if you have labor) line item journal entry suggestion for handling the WIP to COGS process for the moment: Preliminary: If you made any changes to WIP or COGS GL accounts, 1. Reset the WIP accounts and COGS accounts as Job Cost in the Chart of Accounts with their proper
/ Published in Knowledge Base Articles

Home Builders’ Option #2

Home Builders’ Setup             Home builders have different posting requirements than other builders. With other general contractors, purchases are posted to Cost of Goods Sold and Accounts Payable. With home builders, purchases are posted to Work In Progress (WIP) and Accounts Payable. Similar differences apply to the billing side of jobs. This paper is intended
/ Published in Knowledge Base Articles

Home Builders’ Option #1

Home builders have different posting requirements than other builders. With other general contractors, purchases are posted to Cost of Goods Sold and Accounts Payable. With home builders, purchases are posted to Work In Progress (WIP) and Accounts Payable. Similar differences apply to the billing side of jobs. This paper is intended to clarify the posting