Journalise work in progress

After the configuration has been completed, you can post work in progress entries. Carrying forward the various types of WIP journal entries, is performed in a number of steps. Perform these steps regularly to keep the work in progress in the ledger up-to-date.

One exception to this is reporting the completion; you only perform this step if you want to see the actual project result in the accounts, for instance in case of month- or year-end closing.

Costs and revenues

The work in progress is split up into two components:

• Cost price:

  The cost price is calculated when the actual costing is entered. If this is done using the hour registration, the cost price amount of the entries is entered as work in progress. If you carry costs and purchase invoices forward from Profit Financieel, the amount carried forward is entered as work in progress.

• Revenue:

  The revenue is realised when you invoice projects. During invoicing the sales amount of the invoices is entered as work is progress.

Cost and revenue accounts for the projects:

The cost and revenue accounts are the ledger accounts (profit and loss) on which the costs and revenues are entered when the the completion of the WIP is reported. The entry types are:

6 - Project costs

7 - Project revenues

Journalise the WIP cost price or revenue

Perform the below steps to journalise the WIP entries. If you do not specify an entry date, the journal entries are created with the actual costing date.

To journalise WIP entries:

1. Go to: Projects / Invoicing / Journalise.
2. Select the administration(s) for which you want the journalise the work in progress entries.
3. Click on: Next.

   You see a view with all WIP entries to be journalised and WIP entries to be reported complete.

4. Select the entries.
5. Click on: Next.
6. If required, enter a value for Invoice entry date.

   This is the date that is displayed in the journal entry.

7. If required, enter a value for Date entry.

   If you do not enter a date here, the date of the WIP integration is copied from the actual costing line. If this line was entered on 17-12-2012, that is the date used. But if you do enter a date in this field, the journal entries are created with the date entered.

8. Click on: Finish.

   Click here for the sample journal entries.

   Note:

   If, in addition to Profit Projecten, you also use Profit Subscriptions or Profit Course Management, you can journalise all invoices using this function: project invoices, subscription invoices and course invoices. However, this does not apply to Profit Order management. If you include the Integration type field in the view, the source of the invoices is shown. If you want to journalise the various types of invoices separately, you can also use this integration type in a filter.

Determine the journal entry description

To determine the journal entry description:

The journal entry description is determined as follows:

• For a debtor line: Description = [xxx] + Debtor name
• For another line with a project number: Description = [xxx] + Project number + dash + Project description
• For another line without a project number: Description = [xxx] + Integration type description

Determination [xxx]:

• For integration types 1, 3, 10: [pro]
• For integration type 2: [abo]
• For integration type 4: [ohw]
• For integration type 5: [afm]
• For integration type 6: [cur]
• For integration type 7: [vrd]