Period totals for work in progress

To gain insight into the state of the WIP, every project entry is updated in the Work in progress period tables table. This table tracks the totals of the work in progress per project per period. The table is updated after every action in Profit that affects the work in progress.

Note:

You can only view data if you link a period table for the work in progress in the general settings of the project.

Description

The following applies to the data displayed:

• The work in progress is maintained using the sales value and the base currency;
• The hours entered are included in the work in progress, whether or not they have been approved;
• The costs and revenues are entered in the period in which they have been incurred or received.

Note:

If a period has been reported on and you add hours/costs for this period, these costs are not included in a new period, but in the period already reported on.

To have the WIP end value of the previous report match the WIP start value of the new report, proceed as follows:

• Check if the hour lists are complete;
• Use the Date enteredto explain any differences.

The hours/costs incurred in period X, are also invoiced in this period, and not in period X + 1.

• If you use drafts, we assume that the cross check is used to make certain that the period totals balance.

To complete the period table:

The table containing the period totals for work in progress is updated at the following points:

• When you enter or change an actual costing line.
• When you enter or change a draft line.
• When you enter a project revenue (project invoice, financial invoice, subscription invoice, advance note, etc).
• When you enter an invoice in Profit Financial that is charged to a project.

Note:

When WIP period totals are entered, there is no check to see if the period in question has been closed / blocked because the period table for entering can deviate from the period table for the totals. So it could then be possible to enter in a period, but that the totals are no longer logged because that period has been closed.

As long as entries can be posted, the totals are updated.

In a diagram:

Procedure

• WIP period totals in project properties

  You can enter the WIP start values for current projects. This is only necessary if you think that the entries registered in Profit will not result in a correct determination of the work in progress for that project.

• View the period totals for work in progress

  The Work in progress view contains the totals of the work in progress per project per period.

• View the WIP period totals report

  You can view the work in progress using various reports.