Books That Show What Each Job Earns
Most Garland businesses we see either make something, move something or serve customers face to face. Each needs books that show where money is made: by job, by product line or by location. BOMCAS keeps books for Garland businesses remotely in QuickBooks Online or the system you already use, closed each month with reconciliations and a short report.
The Texas bookkeeping page describes our monthly routine, which here is applied to Garland's shops and stores.
Job Costing for Shops
Machine shops and fabricators quote jobs on material, machine hours and labour. Without job costing, an owner cannot tell which customers are profitable. We set up jobs or classes, record material issued to each job and allocate labour from timesheets, so the month-end report shows profit by job and customer.
Inventory
Manufacturers and distributors need inventory that matches the shelves. We keep perpetual inventory in the accounting system or reconcile to a separate system each month, record scrap and adjustments and support the year-end count. Inventory valuation feeds both the federal return and the franchise tax cost of goods sold.
Distribution and Warehousing
Distributors along the Interstate 635 and President George Bush Turnpike corridors handle freight, rebates, returns and customer chargebacks. These are recorded separately so margins are accurate, and customer deductions are tracked until resolved.
Restaurants and Salons
Restaurants, bakeries and salons take cash, cards and app payments. We reconcile daily sales reports to deposits, record card fees and tips and separate taxable and exempt sales. Salons have a particular question: whether technicians are employees on commission or independent operators renting a station. The books should match the arrangement, with booth rent recorded as income for the owner.
Contractors
Contractors track deposits, job costs, change orders and retainage. Insurance jobs after storms involve payments from insurers and homeowners, sometimes on joint cheques with a mortgage company. We match each payment to its job and keep supplier statements reconciled.
Family Companies
Family businesses often have relatives on payroll, loans between the company and owners and a building in a separate company. Each of these is recorded properly so the owners can see real profit and the return holds up.
Loans and Equipment Financing
Shops that finance machines through equipment loans or leases need each loan recorded with its interest and principal split, and leases classified correctly. Lenders often ask for quarterly financial statements and covenant figures, so a clean balance sheet is part of keeping credit available.
Grants and Utility Rebates
Garland Power & Light and other programmes occasionally offer rebates for efficient lighting, motors or equipment. Rebates are recorded against the cost of the asset or as income, consistently, so depreciation and the return are correct.
Business Personal Property
Garland businesses render equipment and inventory to the Dallas Central Appraisal District by April 15. A clean fixed asset list and inventory records make this straightforward. Manufacturers may also hold inventory that qualifies for the freeport exemption if it leaves Texas within 175 days, where the city and other taxing units have adopted it.
The Monthly Package
- Bank, card and loan reconciliations.
- Job and product profit reports.
- Inventory reconciliation.
- Sales tax figures.
- Payroll entries.
- Profit and loss and balance sheet.
Garland Bookkeeping Questions
Can you track profit by job for a machine shop?
Yes, through jobs or classes with materials and labour assigned to each.
How do salons record booth rent?
As income for the salon owner, with the renter treated as an independent business.
Do you count inventory?
No, but we reconcile your count to the books and record adjustments.
Which software do you use?
Usually QuickBooks Online, though we can work in the system you already have.
Talk to BOMCAS About Bookkeeping in Garland
Each month's close supplies sales tax figures and payroll entries, and each year's supplies the business return, the owners' personal returns and planning. Lost years are rebuilt under late filing, and foreign owners are reported through cross-border tax. For the rules that apply everywhere in Texas, read our state pages on business tax, personal tax, sales and use tax, payroll, planning, back taxes or cross-border tax, all gathered on the Texas overview.
If you run a Garland plant, shop or restaurant, or simply need your family’s return done right, send BOMCAS a few lines about it and we will tell you what to send and what the work would cost. Reach us through the contact page or the form below, by phone at 780-667-5250 or at info@bomcas.ca. All Garland services are listed on the Garland overview. What you read here is general information and not advice on your situation.