Work in Progress (WIP) is the project value that has not been completed but has already incurred a capital investment from the project.
In principle, a value is only redeemable for a released sales document. This value can vary in some cases because its total amount is not known at the point of sale (for example, if charging on a Time & Material basis, the sales value is only an estimate).
The observed value can vary at any time of the project, the ascertaining of the value depends on the applicable legal framework. Usually an evaluation is based on cost, but a valuation could also include additional profit shares valued over the cost mark.
The valuation enables the profit and loss statement to be prepared in a timely manner for the period and the expenses can be linked to the right accounting period.
The following table describes a sequence of tasks, with links to the topics that describe them.
|Learn the data source information that is used in the WIP calculation.||Project Evaluation and Activation (WIP)|
|Learn about the WIP Basis and WIP Method settings used for processing WIP.||WIP Setup Overview|
|Learn about the fields and actions on the Job WIP page.||Job WIP Page|
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