Work in Progress workpaper (WIP)

The Work in Progress (WIP) workpaper reconciles the opening balance, movement, and closing balance of work in progress for the year.

Data extraction

●        Account Code is picked from the General Ledger for account codes with an account type of Current Assets and an account name containing "WIP" or "Work in progress."

●        Description is fixed as "As per document" where a supporting document is available, or the account name from the General Ledger with "- As per General Ledger" appended where it is not.

●        GL Value is the initial closing balance of the account code, picked from the General Ledger and held frozen from that point.

●        Supporting attaches the document used to prepare the workpaper, or the account code ledger detail if no document was received.

Note: As with Stock on Hand, GL Value freezes at first population and will not pick up later movement in the General Ledger on its own. A genuine change to the underlying balance needs a manual refresh.

Auto-triggered journals

As with Stock on Hand, two journals trigger automatically: reversal of the opening WIP, and recording of the closing WIP. Validate or amend the closing value as advised by the client.

Balance per GL

Sum of account codes mapped to Work in Progress in CoA Mapping.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select WIP on the Workpapers Dashboard.