WIP Processing

Overview:  How To Process WIP

WIP is processed monthly by the Financial Manager after the Project Manager has completed Contract Forecasting.



STEP 1: Click Job Costing

STEP 2: Click Forecasting

STEP 3: Click Work-In-Process Adjustments

STEP 4: Click Enter and Post Adjustments


Storing the Forecast

Ensure the Company is correct, then input the job number or select other filtering parameters (e.g. Jobs with or without Posted WIP).  Note the current Period.

Press Page Down and the job data appears.  If the background color is grey, that indicates that the PM did not store the job forecast, so click the Store Forecast button.  



You will be prompted to select the appropriate Row or Rows.  Since the cursor resides on the current row (see red box below), 

click the Current Row button. 



Notice that the grey background disappears.


If the background color is not grey, which indicates that the PM stored the job forecast, click the Refresh button.


If you need to change the Contract (Projected Revenue), input the gross amount in the Contract Override field.  To revise the Projected Cost, input the gross amount in the Projected Cost Override field.


If Spent (Actual Cost) or Billed must be adjusted, input the difference in the Unposted Cost or Unposted Billing fields, and proceed to the Overrides and Accruals/Deferrals section on page 6. Otherwise, please continue…


Do not input in the Projected Profit Override, % Complete Override, or WIP Adjustment fields. 


If you input a Contract Override and/or Projected Cost Override, click the Refresh button, the click Current and No at the prompts.



Processing WIP with no Accruals/Deferrals


Click the Populate WIP button, and select Current.