RedTeam 9. Job Cost Report Flashcards
Wiki: Implementation: Job Cost Report:
What is a Job Cost Report?
The Job Cost Report is generated from information you and your Team members enter, such as Expense Authorizations, Labor Authorizations, Employee Expenses, and Timesheets. This gives you an accurate, up-to-date report of Job Cost details that are otherwise laborious to track.
What are EXPENSE AUTHORIZATIONS?
In order to accurately track purchases made for a job, the best practice is to authorize the expense before it is made. This can be unrealistic for companies that use outdated systems that take too long to generate a record and properly authorize a purchase, especially when the purchase must be made quickly or last minute. But with RedTeam, Expense Authorizations can be generated quickly, from anywhere you can access the application
When do you write an Expense Authorization?
RedTeam automatically generates the Authorization when you have filled out required fields such as the appropriate Cost Code, the associated Workorder (project), employee authorizing the purchase and the employee delegated the purchase.
So you write an Expense Authorization when an unplanned or employee purchase must be made.
What are Labor Authorizations?
Labor Authorizations give you more control over job cost by requiring authorization for an employee to do work on a project. Going beyond simple timesheets, Labor Authorizations allow you to specify certain tasks to an employee for a limited number of hours at whatever pay rate you choose. This information, in addition to being used for payroll purposes, will be factored into the overall Job Cost Report in RedTeam.
Why do we use Labor Authorizations?
From a job cost perspective, Labor Authorizations give you better control of employee time and how it is billed. If an employee is assigned twenty hours on a specific task for a specific project (Workorder), that number of hours and the pay rate for those hours must be submitted as a Labor Authorization and approved. If the employee expects to exceed those allotted hours, a new Labor Authorizatiion should be submitted for approval. From a payroll perspective, the employee can only enter the number of hours that have been approved by the LA, in a field which will automatically appear in his/her timesheet, which greatly reduces the odds of overpayments and employee mistakes.
When would you create a Labor Authorization?
A Labor Authorization should be created any time an employee is assigned to complete a task at a certain rate for a specified project (Workorder).
