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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
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.

This answer was rated:

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.

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 and 3 other Finance Specialists are ready to help you
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 3 years ago.

Thank you.