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Reconcile WIP balance (WIP Take Up)

This guide explains how to write off or take up WIP balances as revenue in Accountability.

Step by Step Guide: 

Reconcile WIP Balance – WIP Take Up


The WIP Take Up function in Accountability enables finance teams to reconcile Work in Progress (WIP) balances in a job by finalizing remaining values as revenue, writing off outstanding balances, accruing revenue, or offsetting costs against WIP billing amounts. This process ensures jobs are financially accurate, cleanly closed when appropriate, and that all postings are correctly reflected in both the general ledger and the WIP sub-ledger.



Tip: Use cases include:

  • Taking up the balance as revenue

  • Writing off remaining balances

  • Accruing revenue to a job

  • Offsetting costs against WIP billing amounts

1. ## Launch the WIP Take Up Wizard

> Navigation:
> **ACCOUNTING > General Ledger > WIP Take Ups

2. Click Create a New WIP Take Up

3. The WIP Take Up Wizard will launch

4. ## Enter Job and WIP Take Up Details

Complete the fields shown on the first screen:

  • Job No. – Enter or search for the job to reconcile

  • WIP Take Up Type – Select a type to categorize the transaction (this does not impact posting)

  • Date – Defaults to today; change if needed

  • Accounting Year and Accounting Month – Populated based on the selected date

  • Description – Optional field to add context

Choose a WIP Take Up Method

Select one of the following options:

  1. Job Balance
    Use this if the job is complete and you want to take up all remaining WIP as revenue (or write it off).

  2. Selected Balances
    Use this if you only want to take up specific WIP transactions on the job.

  3. Accrual
    Use this if you want to manually enter a fixed revenue amount to accrue.

  4. Offset
    Use this if your WIP is split between debit and credit accounts and needs to be offset.

After selecting the method, click Next.

5. ## Step 4: Review the WIP Take Up Summary

You will see the summary screen. It includes:

  • Header Info: Job No., Client, Office, Job Type, WIP Take Up Type, Date, Description

  • Line Items: Displays selected transactions or manual entry fields (for accruals)

Alert: If no lines appear:

  • Return to Step 3 and confirm method and selections

  • For Accrual, manually enter:

    • Task Type

    • Description (optional)

    • GL Account

    • Amount

    • Click More Lines to add additional entries

6. ## Finalize the WIP Take Up

Use the buttons at the top right:

  • Click Save to save progress

  • Click Post to approve and create the journal entry

  • Click Unpost if you need to reverse a posted entry

  • Click Delete to remove an unposted entry

  • Click New WIP Take Up to start another one

Tip: ✅ Once posted:

  • The WIP Take Up appears in the general ledger

  • The WIP sub-ledger is updated

  • The entry is locked and cannot be changed

7. ## Special Notes by Method

Job Balance

  • Automatically selects Make Job Inactive

  • Uncheck if you don't want to close the job

Selected Balances

  • Review WIP transactions on the job

  • Select specific entries or drill into Task Types

Accrual

  • Use this to recognize a fixed amount of revenue

  • Add as many lines as needed using More Lines

Offset

8. ## Approval Behavior

  • Unposted WIP Take Ups don't affect accounting

  • Posted entries:

    • Are recorded in the GL

    • Update the WIP sub-ledger

    • Cannot be edited or deleted