Report the completion of the work in progress

You can report the work in progress as completed per project, meaning that the work in progress balance becomes zero.

Description

If you use WIP integration, a journal entry is used to enter all costs and revenues on the balance sheet. At a certain moment the WIP can, for each project, be transferred from the balance sheet to the profit and loss account. You can choose to immediately report the project complete, so that costs and revenues can no longer be entered on the project, or you can choose to leave the project open so that the work in progress value on the balance sheet can again accrue. The latter option is also called 'realising an interim profit'.

Note:

Once an actual costing line has been reported complete, you can no longer adjust it. Once a revenue line has been reported complete, you can no longer adjust the associated invoice (or financial entry).

Procedure

• Report the WIP complete

  You can report the completion of the work in progress for multiple lines or projects in one go.

• Report the WIP partially complete

  You can report the completion of part of the work in progress.

• Project entry when reporting the WIP complete

  Various data collections are available for the work in progress.

• Negative lines when reporting the WIP complete

  Negative lines that result from reporting the completion of WIP, are shown in red.