I actually did a little more digging on this and i wanted to clarify a few things.

First, for any job that doesnt have a contract yet, we create the job, book the costs, and then constantly update the contract to equal the cost so that we show no profit or loss (this is what i was told to do). This caused us to be underbilled, and the outside CPAs simply wanted to remove this balance out of underbillings. It has always bothered me why we make the contract equal the costs, but as other management has said, we would re-coop that money if the job fell through. But in order to appease the outside CPAs we simply just need to not enter a contract amount and show the loss until we have a contract. This creates no underbilling. And if the jobs falls through and we get some money back, we just post it against the job costs to reduce our loss on the job before closing it.

Hi Ralls. There is a process you can use to reallocate job costs, and this can be done in a single entry assuming you want to post the entire reallocation to the same accounting period. The steps for this are in Knowledgebase article 17437.

It appears from this article that this still has to be done on a cost code basis. i.e. you would need to input each cost code on the job costs grid to remove all old job costs. I assume there is just not a way to move the entire job to another job in one entry?

The best you can do is lump together the individual cost codes in the journal entry, but there is not a way to move an entire job with a single entry.

Use the WIP option!  Then you already have the job costs so when its time to move the costs from WIP to Direct Expense, you say No I don't need to repost the job costs (they are already there).  For this entry you are only moving the General Ledger costs.

This would work. However the WIP have to be tied to a job. So you would still have to print the GL detail from the WIP and determine what cost codes you want to post all the costs to. After more reading, it seems WIP is really more for companies developing their own projects internally. 

That is correct.  And they do want to track it by job in the WIP section.  Once the job is granted, they uncheck the WIP box and move the costs in the WIP account down to COGS.  Note:  The WIP account should have the box checked at the bottom to create the job as a subaccount of the WIP account(s).