Deltek Vantagepoint Help

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Set Up Job Costing Information

Job costing is the practice of adjusting and allocating job cost amounts for salaried employees to projects. The job cost frequency is how often (monthly, semi-monthly, weekly, or bi-weekly) timesheets are collected, posted, and costed to jobs and usually matches the payroll frequency.

When cost rates and pay rates differ, Vantagepoint depends on the Job Cost Variance account to increase or decrease total indirect expenses so that the labor accounts plus the variance equal the actual payroll expense. The main purpose of this account is to provide accurate job cost reports while maintaining the actual payroll expense in the general ledger.

To set up job costing information:

  1. In the Navigation pane, select Settings > Accounting > Labor Options.
  2. In the Job Costing Options section of the Labor Options form, use the Job Cost Frequency option to specify the frequency at which you want to adjust job cost amounts for salaried employees: Weekly, Biweekly, Semi-monthly, or Monthly.
    This usually matches your payroll frequency.
  3. Set the Allow Job Cost Rates to be Salaries option to Yes if you want to specify salaried rates and hourly rates in the Job Cost Rate field on the Accounting tab of the Employees hub.
    Use the Type field in the Employees hub, allowing you to specify whether the rate is a salaried rate or an hourly rate.
  4. Set the Include in Overtime Hours in Job Cost Calculation option to Yes if you want to enter overtime hours separately from regular hours on timesheets.
    Overtime hours from timesheets are included in Adjust Salaried Job Cost calculations.
  5. If you selected Yes for the Allow job cost rates to be salaries option, you must enter a rate in the Maximum Hourly Rate field.
    This is the maximum hourly rate to use when you enter hourly job cost rates on the Accounting tab of the Employees hub. If an hourly job cost rate exceeds the maximum hourly rate that is entered here, you receive a warning that the rate may not be appropriate for the job cost type. This field ensures that a salary is not entered with an hourly type.
  6. Click Save.