WSW - Podcast Job Costing Series Part 5: Billing and Revenue Recognition
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[00:00:00]
Introduction and Casual Chat
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Dan DeLong: Welcome to another workshop Wednesday, all about casual conversations for serious workflows because we certainly don't, take, things too seriously around here. But it was brought to you by school bookkeeping.com where you can keep learning QuickBooks your way. How are you, Shauna?[00:01:00]
Shanna Quinn: I am doing good. I feel like maybe there's some potential hangover from Turkey and stuffing happening.
Dan DeLong: That's right. We're on the trytophan version of the workshop Wednesday. We need that
Shanna Quinn: I am doing good though. How are you? How was your holiday?
Dan DeLong: coma. It was very good.
Shanna Quinn: Yeah,
Dan DeLong: good despite the fact, that, I was in Pennsylvania and it was cold, but glad to be
Shanna Quinn: Well, now you're back in Florida.
Dan DeLong: yep. It was
Shanna Quinn: probably a little warmer than we are. We're seven, sunny, and 70 right now, which is perfect. This is also the time of year that everyone comes to Florida and they're like, yes, I would like to move here. I love this weather. So for everyone watching and now and in the future, it's only like this for a week or two [00:02:00] and never consistently.
Dan DeLong: It's not as boring as Hawaii where it's 83 and sunny. Possible chance of showers on the north side of the island.
Shanna Quinn: Yes. I think they have better food out there too, probably.
Dan DeLong: Yeah. Yeah. And, ice, their ice is amazing. All righty.
Job Costing Overview
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Dan DeLong: So we're going to be continuing our almost a never ending story of job costing with with
Shanna Quinn: That's right. We always have more to learn.
Dan DeLong: But today is exciting because we're gonna be talking about money coming in. Like we've been talking up to this point about money going out and categorizing time and materials and expenses to make sure that you're getting the, [00:03:00] job and project profitability is, happening. But now we need the other side of the equation, of the revenue side of things and, we're gonna be talking about those things with Shauna. So this is what people get into this business for, is to not just, use their their crafts, their hands trade to to, make and build things. They actually only get paid for it, you mean they don't do it for free?
Shanna Quinn: It is not out of the kindness of your heart.
Dan DeLong: This is the the fifth in the series. And and so we're gonna be talking mostly about billing and revenue recognition [00:04:00] during this, workshop. So let's first talk about some, maybe some new terms that are specific to this this type of industry. Shauna, we're gonna be talking about some things about work in progress and retainage. So let's, lay the groundwork of, some of the unique terms that for, revenue coming in for this type of industry that would, that would be important.
Understanding Retainage and Deposits
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Dan DeLong: So let's start with retainage. What, in the world is retained niche?
Shanna Quinn: Depending on how our clients have their contracts written some of 'em will collect a deposit upfront before estimating takes place or a retainage fee. And that routine fee essentially allows 'em to go through that.
For kind of like it sounds [00:05:00] right, it retains the contractor for the business till that start date occurs, which has to obviously be agreed upon by both parties, from a scheduling standpoint. But essentially it is a money collector prior to the start of a project to retain the contract and the work to occur.
Dan DeLong: And is there usually like a best practice, like a percentage that is typically across the board, or does it, I hate to say it depends because I'm sure that's
Shanna Quinn: Oh, it always depends and it always depends. It depends on a lot of things. It depends on the scope of work that you're gonna be performing. Obviously if you're just having a bathroom remodel, done. Versus a large, new custom home retainage fees should be different. Because those retainage fees also should, as a contractor owner, cover some of the initial expenses that [00:06:00] go into acquiring that new client.
It, really does depend.
Dan DeLong: And how does Retainage different differ from like an upfront deposit retainer?
Shanna Quinn: A job deposit typically upon. Lemme start from square one. Retainage is collected, right? And then the work and the estimating is performed that retain HB as I mentioned, should technically from a contractor standpoint, cover the cost to obtain that client. Labor gone into estimating obviously.
There's expenses involved 'cause you probably have to print out some blueprints or they're working with a interior decorator or an engineer depending on the scope and everything of the [00:07:00] project. Those are expenses that start being job costed pretty much immediately upon that estimating process occurring.
Once that estimate is then provided to the prospect. They will pay a retainage fee. That should cover essentially that portion, you're not just acquiring a bunch of expenses that retain h fees sits over on our balance sheet, and then eventually, once that work is complete it moves over into earned revenue deposits are just different, and that should be based off of a certain percentage of which your contract with that client is going to be.
So I've got clients that do, depending on, again, the scope of work that you're performing. I think the average I wanna say is around that 2020 5% upfront deposit. And then I [00:08:00] have clients that handle it very differently. I have clients that will take that deposit and apply it down till a 10% of the project amount is, that is what's remaining as a deposit.
On that balance sheet side until the final work starts occurring. And then it is applied then to those final invoices, or they hold it the entire time and they invoice the client. Their clients are getting invoiced, they're paying that out. And then at once they reach essentially that sort of. Which we'll talk about as well, like the progress invoicing.
They'll wait till around that 75% mark of completion of work to start. Then applying the deposit money to those final invoices.
Dan DeLong: Got it. Okay. And then as far as the accountant or the accounting of retainage and [00:09:00] retainers or deposits, you, had mentioned that essentially their, liabilities. Necessarily revenue at that point.
Shanna Quinn: It's unearned revenue,
Dan DeLong: Yeah.
Shanna Quinn: right? Yeah. So it would sit on my. My best practice that I do with the majority of our clients is that I create a general retainage account liability account, and a a general job deposit account, and then each project that we collect on that is a sub account to it.
That way it also makes it easier when we are reconciling our balance sheet. We do reconcile those accounts as well against the job reports that we have that also keep track of that information. So if we're taking that percentage and we're applying it a part of that deposit to the invoice, we're [00:10:00] recording it and our QuickBooks as a, some of our clients, we actually, because we're a profit first firm, we actually have a separate profit first deposit hold account. So there is an actual money movement that occurs unlike some, contractors where it just has, everything's gone into one account. I think best practice would also be because of the profit first.
We keep it separated and then that. It makes it easier, again for the reconciliation process, but it also keeps the owner from potentially maybe dipping into the funds that aren't really yet to be spent
Dan DeLong: Ah, protecting them from themselves,
Shanna Quinn: Yes. To the best that we can. Obviously, we can't tell 'em no because it's their accounts and stuff, but. There's a reason to keep it separated. Multiple reasons to keep it separated, but that's [00:11:00] one,
Dan DeLong: All right
now
Shanna Quinn: Slab that you give your client if they touch it too soon.
Dan DeLong: sorry. Come with your own ruler, like the Catholic School.
QuickBooks Workflow for Retainage and Deposits
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Dan DeLong: Now, is there a prescribed workflow that you do inside of QuickBooks when it comes to retainage retainers and deposits? Because QuickBooks Online now has this new way to request request deposits on estimates, and then sends the customer a, the whole estimate that they can approve and then they can pay for through QuickBooks payments, their deposit, and then QuickBooks then. Manages the liability account. But does that, is that too restrictive for, you and your clients or, do you prefer to have a separate line item or a separate transaction when it comes to collecting these retainer, retainage or deposit [00:12:00] fees?
Shanna Quinn: So if you send it off as an estimate, it depends if you are sending it out as an estimate, and then once they approve it, your response is done To collect a percentage of deposit, QuickBooks automatically recognizes that as earned revenue. So unless you specifically make sure that you have things pointed properly.
So I guess my point is that if you're doing a progress invoice to collect a deposit, it takes because those line items are linked to earned revenue not a deposit account, it will automatically book it as earned revenue and then you're having to journalize it to say, no, that was just a deposit.
Which. In our case, because we keep things as sub-accounts anyways, we're still having to record the journal entry to move it from the [00:13:00] main deposit account to the proper project sub-account. I guess it's one half dozen the other, but, we prefer because a lot of our clients are doing t and m, we prefer that the estimate stays separate and that they approve this estimate and then we are just sending a deposit invoice.
And then you can still, you could still attach it as a, PDF backup items, so they can still refer to it. And you can lay it out even if you wanted to say we're. Take that, convert it to an invoice, and then technically I guess you could discount it for that full amount and then add a line item.
'cause I think you could still modify an estimate that you're using the invoice off of. You can add another line on there. But I think the easiest way for our clients has been to keep those two things separate because we're doing [00:14:00] t and m and not technically that fixed fee or progress invoicing.
Also, like I said, because then we're having to still journalize to move it from earned revenue over to deposit because of how you're generating that invoice and how things are linked in the background.
Dan DeLong: Got it. So
Shanna Quinn: That was a lot.
Dan DeLong: yeah.
Fixed Fee vs. Time and Materials
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Dan DeLong: How do you determine, whether you do fixed fee or time and materials with your clients?
Shanna Quinn: Our clients tell us what they do and then we advise 'em on if. Obviously after some time of working together, we're able to provide them with some feedback on whether that is the most profitable way for them to do business or if it is technically costing them more money. I think I mentioned this before, but we have a client who is doing mostly all [00:15:00] custom home builds and we suggested, or I had.
Suggested to him that for him to be able to afford to have any more inventory lots that work in progress, lots that are owned by him, that he is either remodeling or building himself. So it's all investment, all asset driven that he basically. Convert some of his future projects of looking forward to remodels instead of custom homes because I believe in his market he could get at least 7% more in his remodel work on a t and m remodel than he can on a t and m custom.
Built the market is just stronger for remodels where he is right now. So the month there's more profit there, which obviously then that profit he can convert into the investment of lots.
Dan DeLong: Makes [00:16:00] sense.
Handling Change Orders and Scope Creep
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Dan DeLong: Now do we all I think in any industry we have this concept of scope creep where, you have your initial project or your initial esti estimation and then surprise there's new. New things that, that come into the mix, whether it's, oh, we started to build this on a sinkhole, or, something
along those lines.
Shanna Quinn: here in Florida, isn't it?
Dan DeLong: There's an alligator in the, on the property that we now need to remove. Or like, how do you deal with surprises and change orders and scope creep in, in this type of industry?
Shanna Quinn: This is gonna be a reoccurring theme. I should write. Something about how it always varies. It will vary. Again, because your, clients are gonna do [00:17:00] something different. The market's gonna require them to do something different based off of where they are, the type of work that they're doing.
The change orders is I think this is probably why TNM has grown into Beco. It was, the way of doing business and then it stopped and it went to everything must be fixed fee, which was pushed really hard in our industry as well as an accounting professional. And then they were like, wait a minute.
In the construction world anyways, like we should actually start switching back to t and m because things have just fluctuated so much cost-wise. So especially when you're doing a custom home build. If you sign that contract a year ago and the plans are now final, you're just getting started. Everything is co costing more a year later, right?
Or it's gone [00:18:00] down significantly. So in one facet or another, somehow someone is being impacted positively or negatively, from, those changes. So ti time and material has crept back up into being pretty popular because you can always guarantee profit and consistency within that profit.
By doing t and m plus your markup. And I think that's why a lot of people do it too because change orders aren't technically change orders. When you're doing a t and m project, do your clients try to track that? Do we try to track it? For sure. We're trying our hardest to take changes that are expenses that were not a part of the original scope.
And putting 'em in there as a change order. So it stands out to when we're billing, like this is that extra thing that you asked for. But as most contractors know, a lot of times our client, [00:19:00] their clients are texting or showing up on job sites and being like, Hey, I need you to do this. Or, Hey, I think instead of doing this roof, I'd like to change it to this.
It just becomes a little, hard to track sometimes, and sometimes it's a little convoluted. Especially with labor and material, when we've got someone that's I just 'cause this door. It's fresh in my, face Right now. We have a client who, their client went from wanting a very specific outdoor kitchen cabinet to something extremely different, but we had already gone through with the utility runs.
And now we have to completely change all those utility runs based off of the new build and material that he's having installed for the cabinets. So there is obviously the original change order was the util the [00:20:00] utility runs for that new kitchen that he ordered last minute. And then there was another change order that's also utility runs because now we have to change.
The, piping for the gas, or we have to move things into different areas for water. The change order I, think that's just like a constant thorn in everyone's, side. Everyone who knows what I'm talking about is ugh.
Dan DeLong: Just nodding.
Shanna Quinn: those ones making those changes,
Dan DeLong: all right, so you, mentioned this a little bit earlier about progress invoicing.
Progress Invoicing Explained
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Dan DeLong: So let's talk a little bit about. About progress and, billing the, in, in stages is does that change when you're using time and material plus markup or, is it solely for [00:21:00] fee types of work?
Shanna Quinn: Progress invoicing would be specifically based off of that estimate you're creating invoices based off of completion of certain percentages, right? Some and, it's referred to as different things. So there's progress invoicing, there's draws, but either way the, Details of it are that you reached the foundation is done.
And so now we're gonna send out your invoice and it's based off of the foundation being complete. Now our next stage is plumbing and framing. Those stages now are complete. And so now we're, doing the deposit side, and then we're sending you a final, so in time and material, a build is the way. They don't change how they build a house because you invoice differently, right?
The process is the same. So technically [00:22:00] you're still getting stage completion billing. When we're sending you an invoice, it is just based off of true expenses that we or your clients have paid for. Plus the markup is how you know we do it. I have clients though that do it every two weeks. I have clients that we invoice every week.
Based off of payroll and material and subcontractor bills received we generate invoices on a weekly basis because they wanna pay their vendors on a weekly basis. Obviously they don't wanna bankroll the jobs that they're doing. So if you're gonna have a weekly commitment to your vendors to pay, you should have a weekly commitment from your clients to get paid.
Dan DeLong: And is that part of the whole engagement process upfront that they will understand how things are gonna be invoiced or are they
Shanna Quinn: and.
Dan DeLong: gonna be surprised every week or every two weeks with a, with an [00:23:00] invoice?
Shanna Quinn: If your wife orders a change in the job and the husband's the one getting the invoice, it might be a surprise to him. But your the contract should be written for your client's contracts as a contract or subcontractors should always be. I think that's the one place I would never, advise your clients to go cheap on definitely worth the investment because it's put there to protect you or to protect your clients. So having the contract drawn up, having it be as detailed as possible. But again, you can only make your client, their clients will only do, you read all your contracts?
I know my husband is very thorough in everything he signs.
So I know he is reading every word in that contract, but I don't know if the majority of us read every line. [00:24:00] I would put it back on the client. You signed this contract, right? This is like you committed to this and this is how we're moving through.
But that information should always be relayed contract itself, and maybe even summarized, a summarized in that conversation between whoever the estimator is or owner and the their client.
Dan DeLong: Got it.
Best Practices for Billing and Invoicing
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Dan DeLong: as far as like a billable time and expenses in the markup and, visibility on those invoicing, what is your best practice when it comes to that? Do you show that on the invoices so that they are aware of, all of those factors?
Shanna Quinn: The cost on our invoices. So it varies, Dan.
Dan DeLong: I should have.
Shanna Quinn: have
clients that, we have clients that do [00:25:00] show the, margin or that markup on there is being visibly. Displayed on the invoices and in QuickBooks you can set it to either hide it or show it. And then I have clients that don't show it, but we attach every single bill and from material and subcontractor.
Everything's attached to it. So all, oh, Dan, I'm just happy. It's not me this time.
Dan DeLong: Yeah. All right. Lemme move me over here. I rudely interrupted you by leaving. Sorry.
Shanna Quinn: That was a quick comeback though. That was pretty impressive.
Dan DeLong: Yeah.
Shanna Quinn: I don't even, what was I talking about?
Dan DeLong: How
Shanna Quinn: I have some Turkey lingering too.
Dan DeLong: As far as the visibility of your costs and time and materials, what we were
Shanna Quinn: yes. Okay.
Dan DeLong: decided to leave [00:26:00] for a second.
Shanna Quinn: We have clients that display that markup, and then we have clients that don't display the markup and, but they're attaching the bills. So you could see that there's obviously a difference and they could probably easily calculate it. But that's also something that should be written in the contract. What the standard markup is, if there's an additional expense listed on there.
Like we've got some clients that do a contractor coordinator fee. On each thing that essentially is meant to cover administrative time being spent on the creation of the invoices, the management, the client relationship assistance, all that kind of stuff, like client as in we're maintaining and working with our client's.
Clients when needed that roll down. It, I think it depends, but you should [00:27:00] hopefully the clients are being upfront and honest about it with the client, with their clients. And like I said, I think when you're doing a TNM you do have to provide that proof of things that are occurring.
And so I don't have any client that is not. Upfront about it, whether it's in their contract and or also on their invoices, or in the case of the clients that we have that don't show it, we're attaching the bills. So it's easily seen to say, okay, here's what their cost was. Here's what my cost is.
Dan DeLong: Got it. Have you ever missed, in material or reimbursable cost? And if so how do you catch those things?
Shanna Quinn: We are pulling job reports on a pretty constant basis, and with our clients that are t and m, that makes it a little easier for us to go through and pull a report that [00:28:00] shows what we invoiced and what our costs should have been. So if, everything got filled out, but we forgot to check that market.
Billable. When I look at the project expense like that, just that project page for those particular clients, I should easily be able to tell what that profit is. So if it says something like, you're at 15%, and I'm like, oh, okay. We, I think something maybe got missed and we're, monitoring that pretty frequently.
The difference of. Our exp their, the project expenses and the, and what we've invoiced for. So that stuff is constantly, and like I said, we're also always reconciling our deposit accounts. So just like that in the job reports, everything gets reconciled at minimum monthly. But sometimes for clients that we have large jobs, we're doing it ending or every other weekend.
Dan DeLong: so if [00:29:00] you,
Shanna Quinn: I definitely don't wanna be responsible for them to pay a $10,000 bill and not get paid a $12,000 income,
Dan DeLong: but in, in with this kind of workflow, especially where you have them billing weekly or biweekly, those types of things are, catchable. not like it's well past the, point of being able to catch them on the next billing,
Shanna Quinn: Honestly, it's a little bit more frequent that we have a sub subcontractor that sends us a bill for work they did two months later
or two
Dan DeLong: No.
Shanna Quinn: Than it is for us to have missed something to be marked billable,
Dan DeLong: Always a, an issue when you're dealing with people,
Shanna Quinn: especially small subcontractor laborers. And yeah there's just a. [00:30:00] A lot of them are operation, operating on the side of, oh, my bank's getting a little low. I wonder who I forgot to invoice.
Dan DeLong: E especially if you're, dealing with subcontractors who aren't under the, Shawna Quinn umbrella of, managing all of that.
Shanna Quinn: It's a big part of I think why I enjoy working with contractors. There's so much information and you have to be so detailed and specific, about it. Obviously we don't, I don't want myself or my girls to be like the ones that are impacting our, their, our clients getting paid. So we've put things in place to make sure that those things are constantly being reconciled and are being caught at, like I said, at minimum monthly.
When you're doing these weekly or [00:31:00] biweekly ones and the time and material, it definitely makes it a lot easier to catch, with the keeping up and the constant. Because that project screen does provide you with that information, you're able to take that labor out. It's in a separate spot, your internal labor, 'cause you've got your billable rates that you hopefully calculated accurately to know what they cost you versus what you should bill 'em out at.
And then you're able to take that income and that amount of expenses and say, here's what my, here's what that should be. Unless you have absorbed costs, which are few and far between, but you do sometimes if
Dan DeLong: Yeah.
Shanna Quinn: I don't know. Let's just say you're, you accidentally broke a pipe and so now you were responsible for the fixing and the cleaning up of that in a project, right?
It happens a lot. So that's an expense that we're obviously gonna get charged for, or our, their [00:32:00] guys are gonna have to go out there and fix it. So it's an expense that occurs against that job, but we're putting it towards the class that says, eh, this is our fault, so we're waiving it.
Dan DeLong: Any any other topics that as far as the money coming in that we might have glossed over or missed that you wanna talk a little bit more about?
Work in Progress (WIP) and Job Costing Reports
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Shanna Quinn: I guess the all other side of it is because we had talked about WIP before, and WIP is the. It is work in progress, right? So that's where expenses that are on lots or homes that are owned internally, so they're building or working on their own projects. So everything and wip are, your, those are your assets.
So [00:33:00] I guess when you're, even in that case, if you've, if you're a home builder or a home builder, that's the best scenario. For wip. And then you've got a deposit that you've received from a prospect that wants to move into that house upon completion. You've got the balance of it sitting all those expenses sit in w because you still own that lot or your clients still own that lot, so it's just gonna continue to build as the house.
Becomes a house. And then once that closing actually occurs, that's when the WIP moves down to cogs and your asset moves to cogs and your liability of that deposit then moves over to your earned revenue. I think that was the only thing we missed over.
Dan DeLong: glossed. Yeah. And, I guess in, in, terms of a non [00:34:00] contractor special trades type of situation, this could also be utilized in the same fashion of a manufacturer that is manufacturing of finished goods and they want to track. Process internally until they have a finished good to sell as a finalized project, right?
Shanna Quinn: Yeah, absolutely. Or in my case, 'cause I've been dreaming about it lately a lot. As my car is reaching like 130,000 miles on it, I'm like I don't really wanna deal with computer issues in cars. and there Seems to be a lot of computer issues in cars 'cause there's so much computers and cars now.
I've been dreaming of having an old Bronco built out. I think that would be in the same right. They would sit there whoever the, whoever I hire, this is a dream, so it's probably never actually gonna happen. But, [00:35:00] sits there. The, whoever owns the vehicle builds it out for me.
I probably have to pay them a deposit sits on that liability, and then everything gets moved over.
Dan DeLong: And
Shanna Quinn: in just in case my husband's watching and he wants to know what I.
Dan DeLong: Okay. But I guess and, as far as like a QuickBooks reporting type of situation with regards to work in progress versus. Project, job costing. Are there prebuilt reports or do you create custom reports or do you not even worry about the reports inside of QuickBooks when it comes to the j?
The job costing slash work in progress reports, for, those diff two different types of scenarios.
Shanna Quinn: So the project summary screen is not gonna give you any information until that lot, until everything sells, because then it moves over [00:36:00] from the balance sheet to the p and l. So you can't do it in QuickBooks, unfortunately. What you can do though is create customer reports
that will, that you can either auto export.
Into a workbook or export manually into a workbook. And then an easy pivot creation to say, here's based off of per cost code, here's where everything is at. And if you've got cost codes a little bit more detailed and you're using your categories, you could even use the category export to give you a little bit more of a refined layout of what that detailed transaction pivot could look like.
The summary. But unfortunately we, for all of our clients that do that, we are exporting out of QuickBooks.
Dan DeLong: Got it. Okay. In desktop there are WIP reports that are listed there, but up until today [00:37:00] I didn't know the difference between wip WIP reports and job cost reports. This doesn't make any difference, or it doesn't seem like it makes any difference in the sample company. This was super helpful to understand the, true difference of in the real world scenario and the QuickBooks world scenario
Shanna Quinn: Yes, and
Dan DeLong: reports.
Shanna Quinn: for clients that you have, if you've got clients that are dabbling in both project costing and whip. You do have to have two separate sets of cost codes. You can't utilize the same set because you, and when you're setting up your cost codes, you're directing them towards the proper income and the expense account.
And obviously income and expense on the line items for a whip item is not gonna be the same as a job costing. [00:38:00] You'd have to re. But you can export, manipulate it, and then import it and just have it directed towards your liability or your asset accounts.
Dan DeLong: Yeah. And speaking of scope creep, we are actually creeping into next week's topic, which is all about reporting in job
Shanna Quinn: No.
Dan DeLong: So we'll talk a little bit more in detail next week when we talk about reporting, in for job costing. So sneak peek. You already got a little bit of that taste today. Fill us in?
Bookkeepers for Contractor Group Updates
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Dan DeLong: With what's happening with the Bookkeepers for Contractor Group.
Shanna Quinn: Oh my gosh, so much. It's just grown into a lot more than I initially had the thought of. But all good things all really good things and all great things for everyone wanting to become a [00:39:00] member. There's more application, partnerships that are occurring, which is great for you because then you get the discount on it.
Just a lot and. As of last week I now am offering a firm level membership, which I wasn't initially going to be offering. So the firm membership are, is for small, medium firms who obviously don't need the here's how to get started as an independent bookkeeper. Paperwork or email templates and stuff like that.
They are looking for just true. Help my staff learn how to properly job cost coaching. So I am working with another application who Del is supporting this, for the firms already. We're not ready to I'm not ready to announce who the partnership is yet. But it's, it [00:40:00] is really exciting and there's gonna be some great benefits to it.
It just continues to. Grow. All great things.
All great things though. So I'm very excited and of course I'm appreciative. This is the season of being thankful, right? So I don't think I got this out there last week before we pre-recorded. And I also was cutting out a lot. So also I'm thankful that it's Dan this time and not me.
That I am thankful because Dan has obviously been a big part of helping me get to this point as well and supporting me and letting me hijack his Wednesdays to talk about job costing, which is super exciting for me. And, but maybe not so much for Dan. So it's been really awesome and I'm very thankful for that.
Dan DeLong: Awesome. It's and I'm not, [00:41:00] I'm not getting nothing out of this either.
Conclusion and Upcoming Topics
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Dan DeLong: Because this is something that we've been wanting to do at School of Bookkeeping is having this job costing fundamentals as a, course for all of our students, not just all of the ones not just the ones that are members of the Bookkeeping for Contractor Group. So this is a symbiotic relationship. I don't know who's the shark and who's the little fish that's cleaning off the barnacles. But, but either way I'm glad that we're doing this together because, we're all about learning
Shanna Quinn: Yes.
Dan DeLong: to learn because eventually when you stop learning, then things just seem to pass you by.
This is this is a great ex exercise and experience and so we will look forward to seeing you seeing you all next week where we'll talk about reports in job costing. And until then, have a great [00:42:00] week and we'll see you next time.
Shanna Quinn: Happy Wednesday. [00:43:00]
