WIP Take Ups
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      2. General Ledger
      3. WIP Take Ups

      Reconcile WIP balance (WIP Take Up)

      Write off or "take up" WIP balance as revenue

      Overview 

      Accountability's WIP Take Up function allows you to reconcile the WIP balance on jobs by taking it up as revenue or writing it off.  This function also includes an option to accrue revenue on a specific job or offset costs on a job against a WIP billing amount. 

      Steps

      The WIP Take Up Wizard walks you through this process. 

      1.     Navigate to ACCOUNTING > General Ledger > WIP Take Ups

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      2.     Select CREATE A NEW WIP TAKE UP

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      3.     This will load the start page for the WIP Take Up Wizard

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      4.     Select or Enter the Job No. 

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      5.     Select the nature of the WIP Take Up 

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      WIP Take Up Description
      Job Balance  This method is used where the job is completed, all costs have been received and entered, and any remaining Production Work In Progress (WIP) balance is to be taken up as revenue (or written off in the case of a job with a net un-billed WIP balance)
      Selected Balances This method is used where there are selected WIP transaction(s) that need to be taken up as revenue (or written off in the case of un billed costs in WIP)
      Accrual This method is used where a specified amount of revenue is to be accrued for the job
      Offset

      This method is used if your WIP balances are split over two posting accounts ie one for Debit balances and the other for Credit

      Take Up Job Balance

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      1.      Select JOB BALANCE

      a.     Select the WIP TAKE UP TYPE - this is for categorization only and does not              impact the postings

      b.     Enter a DESCRIPTION (Optional) 

      c.     The WIP TAKE UP DATE defaults to today's date.  Override if needed. 

      d.     The  ACCOUNTING YEAR defaults to the the WIP Take Up date.

      e.     The  ACCOUNTING MONTH defaults to the WIP Take Up date.  Override if needed. 

      Make Job Inactive?

      This option is automatically checked when taking up the Job Balance.  When the Take Up is approved and the job has no balance, it is automatically made inactive (closed).

      If the job should not be closed at this time, uncheck this box. 


      2.     Select NEXT

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      3.     This page is a confirmation of the amounts taken up (or written off in the case of negative amounts) It also displays the GL Account No each line of the WIP Take Up will post to.  Select one of the following options: 
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      a.     Select Approve if it is ready to be approved 
      b.     Select SAVE or SAVE & CLOSE to approve at a later point. 
      c.     Select CREATE ANOTHER WIP TAKE UP  to bring up the wizard for another WIP Take Up transaction. 

        Take Up Selected Balance

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        1.      Select SELECTED BALANCES

        a.     Select the WIP TAKE UP TYPE if your agency created various types to categorize different transactions for reporting purposes only.  This does not impact how the transaction is posted. 

        b.     Enter a DESCRIPTION (Optional) 

        c.     Enter the WIP TAKE UP DATE

        d.     Enter the ACCOUNTING YEAR 

        e.     Enter the ACCOUNTING MONTH 

        2.     Select NEXT

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        3.    ​The next page lists all transactions on the job that have a WIP balance. Check the box next to  transactions to be taken up or drill into the Task Type to select specific transactions within that Task Type.  Click Next. 

        4.   Once you have selected the specific balances to "take up",  select Approve, Save/Save and Close or Create Another WIP Takeup.

         

        Take Up Approval

        A unapproved WIP Take Up has no accounting impact. Once a revenue take up has been approved: 

        • The revenue take up  is ‘posted’ to the general ledger (a journal entry is created in the general ledger)
        • The Production WIP sub ledger is updated to include the details of the revenue take up
        • The revenue take up is locked, so that it can’t be deleted

        See  How to approve or un-approve a WIP take up

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          Take Up - Accrual Option

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          1.      Select ACCRUAL 

          a.     Select the WIP TAKE UP TYPE 

          b.     Enter a DESCRIPTION (Optional) 

          c.     Enter the WIP TAKE UP DATE

          d.     Enter the ACCOUNTING YEAR 

          e.     Enter the ACCOUNTING MONTH 

          2.     Select NEXT

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          ​In the next screen

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          a.     Enter TASK TYPE CODE 
          b.     Enter a DESCRIPTION
          c.     Enter the GL ACCOUNT NO. 
          d.     Enter the AMOUNT 
          e.     To enter more than 5 available lines, select MORE LINES to create an                        additional 5 more lines 
          3.     Select SAVE or SAVE & CLOSE 
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          4.     Select the WIP TAKE UP NO.
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          5.     Select the following 
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          a.     Select APPROVE if it is ready to be approved 
          b.     Select SAVE or SAVE & CLOSE when additional WIP Take Up and approve at           a later point
          c.     Select CREATE ANOTHER WIP TAKE UP  if another take up needs to be                    created ​

          Take Up - Offset Option 

          This function allows you to match off (offset) costs on a job against a WIP billing amount.  See WIP Take Ups: How to Offset for detailed steps.