Monitor Progress and Performance

As a job progresses, materials, resources, and other expenses are consumed and must be posted to the job. Work in Process (WIP) is a feature that enables you to estimate the financial value of jobs in the general ledger during the progress of the job. In many cases, you might post expenses for a job before invoicing a job. When only expenses have been posted, your financial statement will be inaccurate.

To track the value in the general ledger, you can calculate WIP and post the value to the general ledger.

You can calculate WIP based on the following:

  • Cost Value

  • Sales Value

  • Recognizable Cost

  • Percentage of Completion

  • Completed Contract

If you want to view the result using a different method, you can change the method and calculate WIP again. There is no limit to the number of times that you calculate WIP. WIP is only calculated, it does not get posted to the general ledger. After you have calculated WIP, you can post to the general ledger.

The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.

To See

Determine the WIP amount that needs to be posted.

How to: Calculate Work In Process and Recognition

Learn about the different WIP methods.

WIP Method Field

Post the WIP amount.

How to: Post Work in Process and Recognition

Use a batch job to post to the general ledger.

Post WIP to G/L

Post usage of a resource for a particular job.

How to: Record Usage of Resources and General Ledger Accounts on Jobs

Get an overview of all job ledger entries.

How to: View Job Ledger Entries