The monthly WIP adjustments follow-up serves the purpose of showing all open jobs, which have expenses from before the current month, but have not been adjusted on the last day of the previous month or later.
In order to have jobs showing in the ‘Monthly WIP adjustments follow-up’, the following requirements must be met:
- The posting configuration of the job must be capitalised
- The time posting method of the job must be capitalised (sale/cost)
- The material posting method must of the job be capitalised (sale/cost)
- The purchase posting method of the job must be capitalised (sale/cost)
- Job must be billable
- Job must have expenses before the current month
- Job must not be journaziled
- Job must not contain an adjustment on the last day of the previous month or later
Additionally, in order to get it in your inbox, you must be the project manager on the specific job.
Making the adjustment
When a job has been selected, you can make the adjustment by editing the “New WIP value” or “New adjustment” fields, then write a comment and finish off by clicking “OK – make adjustment”, as shown on the image below.
The currency column shows which currency the amounts are shown as. If you wish to change this, you need to change your display currency.
Price quote approved
This column shows the total sum of all approved price quotes on the job.
The total expenditures is the sum of all job costs.
Setted expenditures via partial invoicing
This column shows the sum of the job costs that have been settled via partial invoices, as it will have already hit the balance sheet and is no longer included in the WIP value.
Previous adjustments total
The sum of all previous adjustments are shown in this column.
Actual WIP value
The actual WIP value sums up the columns “Total expenditures”, “Settled expenditures via partial invoicing” and “Previous adjustments total”, giving the WIP value of the job in sales prices.
New WIP value
In this column you can change the WIP value to the exact value you want the job to have. This will automatically change the “New adjustment” and “Completion rate” fields accordingly, so they reflect the change you are making.
In this column you can enter the amount that you want to write the job up or down with. This will automatically change the “New WIP value” and “Completion rate” fields accordingly, so they reflect the change you are making.
The completion rate shows the amount rate of the hours completed aganst the hours from the approved price quotes on the job. Changing this field will also automatically change the “New WIP value” and “New adjustment” fields accordingly to the change you are making.
Previously partially invoiced
This column shows the sum of all previous partial invoices regardless of the job costs that have been settled, and does not have any impact on the other fields.