Required GL Accounts: Work-in-progress (WIP)

The WIP account is the most important account that is used with Eralis Job. Every transaction that is recorded against a job, except for quotes or purchase orders, will create a journal entry that impacts the WIP General Ledger account. As such, it is extremely important to ensure that no other posting is done to this account outside of Eralis Job. The balance of this account reflects the cost of all transactions processed against a job that have not been invoiced, written off or cancelled. The balance of the account should agree with the total WIP values reflected in Eralis Job WIP reports.  

Eralis Job WIP is made up of the cost of all job transactions that have not been completed, excluding quote lines and purchase orders against a job that have not been completed. Completed transactions include those that have been: 

• Invoiced to a customer 
• Written off to the income statement 
• Cancelled off the job 
• Used in a revenue recognition process 
• Used in a custom make-to-stock process 

The WIP value includes all the following transactions. 

1. Staff timesheets 
2. Resource use entries 
3. Material entries 
4. A/P transactions linked to the job. 

The system will also include the cost of non-inventory transactions.