WIP & Accruals Review Process

This page sets out a process for reviewing WIP & Accruals in a way that simplifies the process and allows you to deal with jobs of similar nature as a group. By dealing with jobs by Status, you will find it quicker and simpler to work through WIP & Accruals.

Overview of the process

• First review Live jobs (i.e. Proposed, Live and On Hold) - review: the costs; amounts billed to the client; do you need to make an accrual for costs that are missing?

Next review Complete Jobs - review: outstanding purchase orders and ensure all expected costs have been received on the job. If not, you will need to accrued the costs that are expected to come in. There should be purchase orders for these jobs, but if not, you can use Implied Costs to accrue the expected costs.

Finally review Dead and Cancelled jobs - review the final result on the job and investigate any results that warrant further investigation

Note: When W&A is run for the first time for a new client - If dead jobs do not have any transactions, they will not have an impact on W&A and will not appear for review and confirmation.

Summary of the process for reviewing Dead and Dead* jobs

• Open the WIP & Accruals window, and display the Filter.

Select Filters: All Job Divisions

All Job Types

Only select DEAD jobs
All Cost Types
All Includes
* Key columns to review: Outstanding POs
Accruals
External WIP Cost
WIP Value
WIP Billings
Write on
Write off
Future Invoiced (use to review DEAD* jobs)
Future Value (use to review DEAD* jobs)

Outstanding POs, Accruals, External WIP cost, WIP Value, WIP Billings should have a “zero” value. Review the Write-on and Write-off columns and investigate large amounts which may a problem. A discussion with the account manager may be appropriate.

• Write-on: this is the amount that billings (what you invoiced to clients) exceeded the value that was generated on that kind.

Write-off: this is the amount of value that exceeded the amount that you billed on the kind.

Confirm each job as you go - click on the check-box.