Any new work should be opened as a job ticket, as it happens. A job ticket can be opened anytime after it is conceived, and certainly before the work begins. It's important to open new jobs as soon as possible, since purchase orders and time can't be tracked without a job number.

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The Overhead Allocation Worksheet helps calculate the true cost of servicing your clients.

It works by first adding up the total hours worked by staff members on each client account, using entries from time sheets and time cards. Then the agency’s total overhead is calculated from the income statement. The agency’s total overhead is then divided up by client using one of four formulas: agency direct service costs, agency billings, agency income, or agency direct client hours. Based on the formula you’ve chosen, Clients & Profits allocates each client’s share of the overhead expenses.

✳️ The Overhead Allocation Worksheet is run for one accounting period at a time. Clients & Profits compares the agency’s overhead expenses with client hours and the actual payroll costs to calculate each client’s share.

👉 Overhead expenses are allocated based on four different formulas. There are no restrictions on how you use these formulas (for example, you can run four separate reports for same month using each of the four different formulas).

🔹To use the Overhead Allocation Worksheet, choose Accounting > General Ledger then click on the G/L Tools toolbar button then choose Overhead Allocation Worksheet.

HERE'S HOW IT WORKS

• The Overhead Allocation Worksheet utility works by analyzing your G/L journal entries transaction-by-transaction.
• It adds up the total of each transaction’s debits and credits (i.e., JEs with the same reference number), then highlights the ones that don’t balance.
• The report only shows the transactions that need fixing.
• The Overhead Allocation Worksheet only finds unbalanced entries that need to be corrected.
• It does not change your general ledger in any way.
• You’ll need to make your own judgments about how to correct an unbalanced entry (that is, making the appropriate debit or credit adjusting entry).
• The total debits and credits for each reference on the Overhead Allocation Worksheet report correspond to the total debits and credits in the G/L window for that transaction.

✳️ What you'll see at the Overhead Allocation Worksheet report At the top of the report you’ll see the month-to-date total over-head expenses, direct service costs (i.e., staff salaries), net overhead expenses (i.e., total overhead less staff salaries), and total client hours.The report then shows two sections: one for client hours and one for overhead allocation. The “client hours” section lists clients and their month-to-date total hours, in order by hours used. The “overhead allocation” section lists clients and their share of the agency’s overhead expenses.

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Listen to a podcast about how to get the most out of Clients & Profits's most useful project management features (5:06 mins)

TO USE THE OVERHEAD ALLOCATION WORKSHEET

1️⃣ From the General Ledger window, click on the G/L Tools toolbar button, then choose Overhead Allocation Worksheet.

The Overhead Allocation Worksheet window opens.

2️⃣ Choose an accounting period from the pop-up menu.

3️⃣ Choose an allocation formula, then click Calculate.

It might take several minutes for the overhead allocation calculations to finish, depending the quantity of time entries for the selected period, as well as the speed of your computer and file server. Once finished, the allocation worksheet will appear on-screen. Each staff member with time entries for the accounting period will be listed.

4️⃣ Enter the payroll amounts for each staff member from your external payroll report.

The MTD payroll amounts will be deducted from the month’s total overhead to give the net overhead. The net overhead will be disbursed amongst your clients based on the formula selected.

5️⃣ Click Save.


🎯 The amounts in the Overhead Allocation Worksheet report will appear on the Client P&L report For security reasons, the staff salary and client overhead allocation amounts aren’t saved. Also, they only appear on the overhead allocation worksheet report. The allocation amounts are recalculated each time the worksheet is run.

TIPS

📌 Financial statements can be printed for previous periods -- even if the period is locked -- by choosing the period from the drop-down menu.

📌 If your audit trails and journals don’t equal the financial statements, posting may have crashed during the month. Use the verify G/L account balances utility to recover the correct totals.

FAQs

💬 Can I delete a task from the Add/Edit window? No. To delete a task, close this windowFrom the Task Table window, click on a task then click the Delete toolbar button. A task can be deleted from the Task Table as long as it isn’t used on any job.

💬 Can I change the staff member's initials? Yes, the Re-number utility will change all of a staff member's time entries, job tasks, etc. automatically. If the staff member also has a vendor account (which is used for expense report reimbursements) it will be renumbered as well.

SEE ALSO
How to do estimates
Overhead Allocation Worksheet FAQ FAQs

EXPLAINERS
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