Previous  Next          Contents  Index  Glossary  Library

WIP Value Report

The WIP Value Report details work in process inventory as of a particular accounting period. The system lists the value of discrete jobs and repetitive schedules for the period you specify and lists the ending balance for each discrete job and repetitive schedule in a particular accounting class and subtotals by the accounting class. In addition, the system summarizes each accounting class by cost element and lists a subtotal for each type of accounting class. For example, your can view your WIP inventory value for all standard discrete jobs.

You can submit the report using several options to determine your output. You can even list your output in a foreign currency using an exchange rate you specify.

Attention: To ensure accurate ending inventory values for discrete jobs, you must close any open periods before the one you are using for this report.

Attention: The system overstates WIP value by the value in your expense non-standard jobs and repetitive schedules. If you have not closed the period you are reporting on, you have not yet written off the balances in your expense non-standard jobs and repetitive schedules. The system automatically writes these values off to the variance accounts at period close. You can optionally set the WIP Recognize Period Variances Parameter so that only variances for repetitive schedules with statuses of Cancelled or Complete-No Charges are posted at period close. See: Repetitive Parameters.

Report Submission

In the Submit Requests window, select WIP Value Report in the Name field.

Report Parameters

Report Type

Choose one of the following options:

Cumulative to Date List WIP inventory values based on transactions entered for all periods, including those Selected before the current period.
For standard discrete jobs and non-standard asset jobs, the system accumulates job costs over the life of the job, which may cover more than one period. This option may be appropriate for these types of jobs
Period to Date Lists WIP inventory values based only on transactions entered for a particular period.
Optionally for repetitive schedules and always for non-standard expense jobs, the system automatically creates journal entries for valuation costs when you close your accounting period each month. This option may be appropriate for this type of job and repetitive schedules.

Period

Select an accounting period. Depending on the report type selected, the WIP values may be cumulative or may include only values transacted during this period.

Closed Jobs

Select Yes to include discrete jobs that were closed during the accounting period you specify. If you select No, the system includes only those jobs that were open at the end of the specified period.

Class Type

Choose one of the following accounting class options:

Asset non-standard List costs for asset non-standard jobs.
Expense non-standard List costs for expense non-standard jobs.
Repetitive assembly List costs for repetitive assemblies.
Standard discrete List costs for standard discrete jobs.

Classes From/To

To restrict the report to a range of WIP accounting classes, select a beginning and ending class. You cannot specify a class range unless you first select a value in the Class Type field.

Jobs/Schedules From and To

To restrict the report to a range of jobs or repetitive schedules, select a beginning and ending job/repetitive schedule. You cannot specify a job/schedule range unless you first select a value in the Class Type field.

For repetitive schedules, you are actually selecting a repetitive assembly value, such as an item number. For discrete jobs, you are selecting a job name.

Assemblies From/To

To restrict the report to a range of assemblies, select a beginning and an ending assembly. You cannot specify an assembly range unless you first select a value in the Class Type field.

If you are reporting values for repetitive schedules, you do not need to select both a job/schedule and assembly range unless you changed a repetitive assembly item number since you defined your repetitive assembly.

Currency Code

Select a currency code in which you want to report your WIP inventory values. The system defaults the functional currency from the set of books associated with your organization.

Exchange Rate

Select an exchange rate when you report your WIP inventory values in a foreign currency. You can choose from any valid exchange rates defined for the currency you selected in the previous field.

See Also

WIP Accounting Classes

Submitting a Request


         Previous  Next          Contents  Index  Glossary  Library