Posting WIP adjustments to GL by job

Good afternoon,

There is a section in Job Cost > Job Cost Options > Post to General Ledger - with boxes to check WIP, direct cost transactions, billings and cash receipts transations

Could someone explain the differences?   We want to have WIP adjustments posted to the project, currently we make one manual adjustments to balance the WIP.   The other items are not as much of an issue.   By checking these boxes would this allow this to be automated?   They are currently unchecked in our live company.   

We appreciate your help.

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  • 0

    This is directly from the screen HELP files in Sage 100 Job Cost Options.  Selecting Direct Cost Transactions and Billing and Cash Receipt Transactions checkbox is specific to Job Posting Entry Only.  It sounds like selecting just Post to General Ledger for Work in Process will achieve what you are trying to do.

    (Post to General Ledger) Work in Process

    Select this check box to post job costs to an account designated for work in process. When the job is billed or completed, the work-in-process account is relieved, and the balance is posted automatically to the cost of goods sold account. Clear this check box to post directly to a designated expense account.

     

    (Post to General Ledger) Direct Cost Transactions

    Select this check box to post direct cost transactions entered using Job Posting Entry to the General Ledger module. Clear this check box if you do not want to post direct cost transactions directly to the General Ledger module. This field does not affect general ledger postings made from other modules.

     

    Recognize WIP When Billing % Complete Jobs

    Select a method for calculating the work-in-process (WIP) costs to expense during job billing when using the percent-of-completion accounting method along with a fixed billing method.

    • Select Actual Costs to expense WIP costs using actual costs posted to the job that have not been previously billed as of the job billing date.
    • Select % of Estimate to expense the WIP costs as cost of goods sold by multiplying the revised estimated cost by the job's completion percentage less the previously recognized estimated costs.

    This field is available when the (Post to General Ledger) Work in Process check box is selected.

    Note If you change the selection in this field, and there are open jobs that have been billed using the original method, an adjustment will be automatically created the next time an invoice is processed for the job to avoid double-posting of expenses. Consider processing a zero-dollar invoice after making the change to process the adjustment.

     

    (Post to General Ledger) Billing and Cash Receipt Transactions

    Select this check box to post billing and cash receipt transactions entered using Job Posting Entry to the General Ledger module. Clear this check box if you do not want to post billing and cash receipt transactions directly to the General Ledger module. This field does not affect general ledger postings made from Job Billing Data Entry or from the Accounts Receivable module.

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  • 0

    This is directly from the screen HELP files in Sage 100 Job Cost Options.  Selecting Direct Cost Transactions and Billing and Cash Receipt Transactions checkbox is specific to Job Posting Entry Only.  It sounds like selecting just Post to General Ledger for Work in Process will achieve what you are trying to do.

    (Post to General Ledger) Work in Process

    Select this check box to post job costs to an account designated for work in process. When the job is billed or completed, the work-in-process account is relieved, and the balance is posted automatically to the cost of goods sold account. Clear this check box to post directly to a designated expense account.

     

    (Post to General Ledger) Direct Cost Transactions

    Select this check box to post direct cost transactions entered using Job Posting Entry to the General Ledger module. Clear this check box if you do not want to post direct cost transactions directly to the General Ledger module. This field does not affect general ledger postings made from other modules.

     

    Recognize WIP When Billing % Complete Jobs

    Select a method for calculating the work-in-process (WIP) costs to expense during job billing when using the percent-of-completion accounting method along with a fixed billing method.

    • Select Actual Costs to expense WIP costs using actual costs posted to the job that have not been previously billed as of the job billing date.
    • Select % of Estimate to expense the WIP costs as cost of goods sold by multiplying the revised estimated cost by the job's completion percentage less the previously recognized estimated costs.

    This field is available when the (Post to General Ledger) Work in Process check box is selected.

    Note If you change the selection in this field, and there are open jobs that have been billed using the original method, an adjustment will be automatically created the next time an invoice is processed for the job to avoid double-posting of expenses. Consider processing a zero-dollar invoice after making the change to process the adjustment.

     

    (Post to General Ledger) Billing and Cash Receipt Transactions

    Select this check box to post billing and cash receipt transactions entered using Job Posting Entry to the General Ledger module. Clear this check box if you do not want to post billing and cash receipt transactions directly to the General Ledger module. This field does not affect general ledger postings made from Job Billing Data Entry or from the Accounts Receivable module.

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