Costing
Knowing the costs of each job, product, and project is crucial for maintaining a budget and ensuring production runs efficiently. Tracking sales orders to work orders, supplies to production, and variances that affect production, as well as the percent of completion when using progress billing, is essential in optimizing your supplies, orders, and production.
"It was my pleasure to work with the team at Info-Power/ABW. We have worked on a few projects, all related to MSSQL migration and data integrations, along with some custom MSSRS reports. Working with their team was an easy process; they were knowledgeable and great to work with, and allowed me to provide the solutions my customers needed. I wouldn’t hesitate to utilize their services again in the future."
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Ability to Calculate New Cost Without Affecting Daily Functions
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Basis for Inventory Valuation in Detail
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Supports Inventory & WIP Valuation and Comparison to General Ledger
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Used in Detail Cost of Goods Sold Posting
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Standard, Average, and Actual Costing
Product Costing
Product Costing enables businesses to precisely calculate Product Costs by leveraging the intricate details of Bills of Materials and Routing for each product. This robust standard is essential for identifying and analyzing variances in manufacturing, driving efficiency and profitability.
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Multiple Cost Models
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Material Cost
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Labor Cost
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Fixed and Variable Burden Cost
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Outside Processing Cost
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Freight and Miscellaneous Costs
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Low-Level Code Automatically Calculated
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Maintains Current, Old, and New Versions of Costs
Job Costing
Mastering Job Costing for every Work Order—whether Discrete, Repetitive, Process, Direct, or Indirect—and comprehending their associated variances is critical for achieving valuable control.
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Every Single Work Order in ABW is Tracked
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Material Input Debits WIP
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Labor Performed Debits WIP
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Labor Rate Variance is Identified Immediately
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Outside Processing Invoices Debit WIP
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Production Posting Credits WIP and Debits Inventory
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Scrap Posting Credits WIP and Debits Scrap Expenses
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Cost Adjustments Affect WIP and the Offsetting Account Input by You
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Work Order is Completed
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Indirect Work Orders are Expensed When Being Processed
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Other Work Orders: Create a Closing Variance to be Analyzed
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WIP Inventory Valuation Allows You to Identify and Fix Problems
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Report of Sales Orders for a Project
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Backlog Detail or Summary Report by Project
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Invoices by Date by Project
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Unpaid Invoices by Project
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Sales Orders and Work Orders by Project
Project Tracking
Project Tracking seamlessly integrates Sales Orders and Work Orders into a unified Project, enabling you to gain important insights. Group Numbers allow you to summarize Work Order costs by estimating categories.
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Project Entry
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Project Group Numbers to Accumulate Costs by Category
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Associate Multiple Work Orders with a Project
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Project Summary: Gives an Overall Snapshot of Status
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Project Shipping Requests
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Detail Tracking of All Work Order Transactions by Project and Group Number
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Associate Multiple Sales Orders with a Project
Percent of Completion
For companies leveraging Progress Billing based on work done to date, mastering Percent of Completion is vital for accurately managing the accrual of Cost of Goods Sold and ensuring the precise Recognition of Revenue.
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Create the Sales Order and Set It Up for Progress Billing
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Open the Work Order When Ready to Manufacture
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Cross-Reference Work Order to Sales Order and Line Number
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Define Percent of Completion Header Linking SO and WO
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Use Estimated Cost or Standard Cost as the Basis for Calculation
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Post Labor and Move Quantity on the Work Order
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Calculate Percent of Completion Based on Estimated Hours and Move Quantity
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ABW Calculates Accrued Revenue and COGS-to-Date
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ABW Creates a Progress Billing for the Amount Since Last Billing
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Complete the Production on the Work Order
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Ship the Sales Order
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Invoice the Sales Order and Previous Accruals will be Reversed