I am new to the Construction industry. We are a General Contractor using Sage300 CRE.
When closing a job, I was told that I need to get the over/under billings to zero on the WIP report. In order to do this, I am making adjustments to the Estimated amounts to equal the actual cost to date and the Contract amounts to equal the actual billing amount. When making the adjustments to the Estimated amounts I am using a misc expense cost code. This is then changing the Job Cost Summary report to show budget variance column zero. When the PM/Owner is looking at the report after the entry it is not accurate.
Is this the correct way to close the job? What should the Job Cost Summary actually reflect?
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Bari Fulton
Controller
WHITEHEAD CONSTRUCTION
Winter Haven FL
(863) 293-6473
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