- 10.3. Vendors & Payables Category
10.3.9. WIP Detail - 10.3.8. WIP Reconciliation
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10.3.9. WIP Detail
WIP Detail Report
This report details WIP transactions and balances by project, purchase order and line item. This report helps you identify what is in the WIP account and why.
Clicking on the WIP Detail menu option will open the WIP Detail settings window will open to allow you to select report filter criteria.
Vendors&PayablesWIPDetailOptions.JPG
| WIP Detail Report Filters | Description |
|---|---|
| What time frame should the report reflect | Select the time frame that the report is to reflect |
| Should the report be filtered to specific proposals | Enter the first few characters of the proposal number and any matches in your database will be presented. Select the appropriate entry from the list. |
| Should the report reflect paid or unpaid invoices | Leaving this filter blank will display transactions with a zero balance and transactions with an open balance. Or you can select to display transactions with a zero balance or transactions with an open balance. |
| Show Report Details | Running the report in Detail View mode will display more information in the report than in Simple View mode. |
| Output Method | You can select which output option you wish to use, You can run the report to the Screen, to a PDF or to a spreadsheet format. |
| Add this report to your saved reports | Checking this box will allow you to enter an name to save your report criteria. The name you enter will appear under the My Saved Reports menu under Reports. |
Vendors&PayablesWIPDetailReport.JPG
The example above displays two proposals in the WIP Detail report, 2010-1189 and 2010-1192. The first proposal listed, proposal 2101-1189 shows that only a single purchase order (2010-265) exists. The costs of the purchase order is $1,501.85. On proposal 2010-1192 there are three purchase orders (2010-266, 2010-267 and 2010-269). The proposal numbers and purchase order numbers displayed in the report are links to the documents. You can click on the proposal number and purchase order number and the document will open. You can then inspect the document to verify the WIP report information.
| WIP Detail Report Columns | Description |
|---|---|
| Proposal | This is the proposal number being presented and it is a link to the actual proposal. |
| PO No. | This is the purchase order number be presented and it is a link to the actual purchase order. |
| last Entry | The date that the last WIP transaction affecting the purchase order data. This could be the date that the customer invoice was created or the date that a vendor invoice was entered. |
| Total Cost | The total cost is the purchase order cost of the product. |
| Total Sell | This is the total sell amount of the product on this purchase order. |
| Profit | This is the difference between the cost and the sell. |
| WIP Debits | WIP debit transactions are created when the vendor invoice for the product on the purchase order are entered into and, of course, the WIP account is used as the expense account. |
| WIP Credits | WIP credit transactions are created when the customer invoice invoice(s) are created. |
| Reconciled | If you used the WIP Reconciliation report to write off any WIP amount on this proposal, the amount reconciled will be displayed here. |
| WIP Balance | This is the balance remaining in WIP for this proposal. |
We will review the data for the proposals displayed in the sample report above.
Proposal 2010-1189 shows one purchase order has been created for which there is WIP account activity. Creating the purchase order does not affect WIP. Entering vendor invoices for product purchased on a purchase order and creating customer invoices create WIP account transactions. The report shows that there are $1,501.85 in WIP debits. That means that the vendor invoice for the product ordered on this purchase order has been entered. Since the Cost column and the WIP Debits column amount are identical, then we know that the purchase order cost and the vendor invoice amount entered matched. If the purchase order amount and the vendor invoice amount do not match and the vendor invoice is entered with the discrepancy, the WIP account will not balance. When differences between the purchase order amount and the vendor invoice amount, the reason for the difference should be determined and corrected. The purchase order should be amended to match the vendor invoice (If the vendor invoice is correct) so there are no WIP discrepancies. Otherwise, you will have to use the WIP Reconciliation report to clear the WIP balance.
The WIP Credits column shows that there are $0.00 WIP Credits towards the product on this purchase order so we know that no customer invoice has been created on this proposal.
The WIP balance amount shows the same amount as the WIP Debits column. Once the customer invoice(s) for this proposal are created, the WIP account will be credited for the product being invoiced and the WIP account will be balanced.
Proposal 2010-1192 shows 3 purchase orders that have been created for which there is WIP activity. If we look at the information for purchase order 2010-267, we see that the purchase order cost (Total Cost) amount is $1,659.68 and that there are no WIP Debits (no vendor invoice has been entered for this purchase order) and the WIP Credits amount is $1,025.20. There is a $634.48 difference. This means that some of the product ($634.48 worth) has not been invoiced to the customer yet. The image below shows the proposal details with the line item that has not yet been invoiced.
Vendors&PayablesWIPDetailTBInvoiced.JPG
The line item above that has not been invoice has a cost of $45.32 and a quantity of 14 which makes the difference in the WIP Credits of $634.48. Once this line item is invoiced the WIP credits will match the Total Cost for this purchase order.
The other key point to note on this proposal is that there are no WIP Debits meaning that no vendor invoices have been entered for the purchase orders on this proposal. Once the vendor invoices are entered for the purchase orders on this proposal, the WIP Debits column will reflect those invoice amounts.
- 10.3.9. WIP Detail
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10.3.10. Vendor 1099 Report