As a job progresses, materials, resources, and other expenses are consumed and must be posted to the job. Work in Process (WIP) is a feature that enables you to estimate the financial value of jobs in the general ledger during the progress of the job. In many cases, you might post expenses for a job before invoicing a job. When only expenses have been posted, your financial statement will be inaccurate.

To track the value in the general ledger, you can calculate WIP and post the value to the general ledger.

You can calculate WIP based on the following:

• Cost Value
  
• Sales Value
  
• Recognizable Cost
  
• Percentage of Completion
  
• Completed Contract
  

If you want to view the result using a different method, you can change the method and calculate WIP again. There is no limit to the number of times that you calculate WIP. WIP is only calculated, it does not get posted to the general ledger. After you have calculated WIP, you can post to the general ledger.

The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.

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