We are building a new offic building that we will lease to several tenants. We currently only have our general ledger program which also has a fixed asset system. My task is keep track of all the costs for the new building and record it in the fixed asset system. I'm wondering if I should be using some type of software or if the general ledger system is enough. I don't have much experience with this type of thing and I'm wondering if others use some sort of construction software for this type of thing.
USA Do I need software for tracking construction costs?
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Construction software is helpful with job costing. I personally feel, if you are consistent with descriptions you can label building details with ledger/journal transactions. so when info is exported into excel, you can create a simple pivot table that groups that specific phrase or dash. sometimes you need to think about what will happen when it is to reconcile.
Can you provide some examples of what you have to include or what you want to keep details on? Create a short code for those descriptions going forward. allow for notes, so you may share with others also.
Can you provide some examples of what you have to include or what you want to keep details on? Create a short code for those descriptions going forward. allow for notes, so you may share with others also.
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I am using QuickBooks, it has a built in Customer/Jobs system, (Not their job costing software) I set up each project as a Customer and Job to track that projects revenue and cost, for the assets I establish separate (appropriately labeled) fixed asset accounts to deal with it.
bklynboy
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We have a fixed asset module that extends the GL and can track the granular spends to make sure only the right amounts are capitalized and we can report out the specific spends. However, we are a fairly large company but expect other off the shelf software can accommodate. Since you have a fixed asset system usually that can handle it and uses codes to identify what the spend if. For instance the Building May be the highest level Asset A and under that if a spend is made for plumbing you tag with A-B, spend for electric is A-B and so on. These are the subgroups that detail what you spent on that asset.