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LABOR & OVERHEAD ALLOCATION METHODS

This document outlines the labor and overhead allocation methods used in Kansas soybean accounting projects. It includes detailed project budget numbers and names, weekly totals for each project, and grand totals for hours worked. Daily time accounting is emphasized, requiring minimal manual entry for each day's activities. The section also elaborates on Indiana's allocation method, including how time and overhead costs are charged to projects, with specific percentage breakdowns for costs associated with different initiatives.

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LABOR & OVERHEAD ALLOCATION METHODS

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  1. LABOR & OVERHEAD ALLOCATION METHODS

  2. Kansas SoybeanTime Accounting

  3. Project Budget Areas • This section includes the project budget numbers and names along with the weekly total for each project and the weekly grand total for all hours worked. • The daily project totals and daily grand totals feed into this column from the formulas in the daily hour cells.

  4. Daily Time Accounting • The individual day is all that should require any manual addition. • Each cell under the day heading is a quarter hour. Put the project number and a short description of the task in this column corresponding to the time of day. • Whenever you decided to total a day, count how many cells were committed to a certain project number and enter that number (in hours) in the narrow cell just to the left of the description column and horizontal to the project number and name row at the far left of the timesheet.

  5. INDIANA ALLOCATION METHOD

  6. Time Entry – What happens when 900 is charged?

  7. Once all time is entered, it is then totaled and a percent of the total per initiative is calculated.

  8. If 10 hours are charged to 900. This results in.... 3.5hrs or 35% 0.5 hrs or 5% 1.5 hrs or 15% 2.0 hrs or 20% 1.5 hrs or 15% 1.0 hrs or 10%

  9. If $10,000 in Overhead was charged to 900. This results in.... $3,500 or 35% $500 or 5% $1,500 or 15% $2,000 or 20% $1,500 or 15% $1,000 or 10%

  10. Overhead Allocated 900 • Overhead costs • Rent • Depreciation • Amortization • Expenses for which all entities benefit. • Training of Financial or Administrative staff that is financial in nature and will benefit all entities. • Vacation/Sick/Holiday for Financial or Administrative Staff.

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