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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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When is a job considered closed in job costing, as a status.

Resolved Question:

When is a job considered closed in job costing, as a status. When the contract has been completely billed, or when all costs have been recorded, or something else?
Thank you.
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

Customer:

I'm here.

MyVirtualCPA :

It's considered closed when all costs have been recorded

MyVirtualCPA :

under job costing

Customer:

On an accrual basis, that would be when all PO's have been submitted?

MyVirtualCPA :

Yes, that would be correct...because the payment of the expense may not come right away

Customer:

Thank you, XXXXX XXXXX billing will have nothing to do with determining the open/closed status, correct?

MyVirtualCPA :

That is correct

Customer:

Thank you for the clarification.

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks, Terri for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance or social security needs. It was a pleasure working with you today.
Customer: replied 2 years ago.

Thank you.