Manually Release WIP to Final Accounts

Explanation

Use this activity to release cost that is in work in progress (WIP) account to its final account. This could be useful if  for example, the cost of the work no longer can be expected to bring revenue when finished. In such event, the cost should be released from the WIP account and directly be taken as a cost.

When releasing the cost from the WIP account, the work task transaction is reposted to the final account. In order for the postings to be updated in finance, the work task transaction has to be transferred to finance.

Prerequisites

System Effects

Window

Work Task
Work Tasks
Work Task Cost
Work Task Transaction
Work Task Transactions
Work Task Posting Analysis

Related Window Descriptions

Work Task
Work Tasks
Work Task Cost
Work Task Transaction
Work Task Transactions
Work Task Posting Analysis

Procedure

  1. Open the Open the Work Task Transactions, Work Task Cost, Work Task Posting Analysis, Work Tasks, window.
  2. Right-Click and select the Release WIP to Final Accounts, option.
  3. Open to Work Tak Transaction/Accountings tab to see the postings.
  4. Optionally, transfer the work task transactions to finance to committ the changes in finance.