WIP Reconciliation Reports: A Comprehensive View of Your Work In Progress Activity Within The Period or Fiscal Year

Posted about 1 year ago by Giovanna Zisopulos

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Giovanna Zisopulos Admin

WIP Reconciliation reports are essential tools for gaining a detailed view of Work in Progress (WIP) activity, particularly useful for monthly or year-end reporting. These reports offer insights into your WIP based on three perspectives: Period to Date (PTD), Year to Date (YTD), and a combined PTD-YTD view.

The primary function of WIP Reconciliation reports is to display the changes in WIP over a given period. The report starts with the 'Opening WIP,' which represents the unbilled WIP from previous periods. It then includes 'Time' chargeable WIP and 'Expense' WIP entries recorded during the current period. The 'Billing' column shows the total WIP billed for the current period, as well as the 'Mark Up/Down' applied to the current period's transactions. Additionally, the report accounts for any WIP 'Transferred' to determine the 'Closing WIP' amount for the current period.

It’s important to note that WIP Reconciliation reports are period-sensitive and only include transactions that have been posted to WIP. Any time entry transactions not yet posted will not appear in these reports. By carefully analyzing these components, you can accurately determine the Total WIP for the the period, providing clarity and control over your firm’s work in progress.

The three main options available for the WIP Reconciliation reports are:

PTD - Period to Date: Current TPS Period.
PTD-YTD Period to Date - Year to Date: Includes data from the current TPS period and the fiscal year to date.
YTD - Year to Date: Represents the fiscal year to date.

Key Components and Calculation of WIP Reconciliation Reports:

	Columns	Details
	Opening WIP column	WIP for the *Prior Periods*
+	Time	WIP Chargeable transactions for the *Current Period*
+	Expense	WIP Expense transactions for the *Current Period*
-	Billing	Invoices dated in the *Current Period*
+/-	Mark up or down	WIP markup or down applied in the *Current Period*
+	Transferred	WIP Transferred *Current Period*
=	Closing WIP	*Current Period* Closing WIP Total

Understanding these components and regularly reviewing WIP activity will help you make informed decisions and effectively manage WIP transactions.

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