Period Close Transactions
The period close process in Inventory recognizes variances for non-standard expense jobs. It also transfers the work in process period costs to the general ledger.
Costing Non-Standard Expense Job Period Close Transactions
You can close a discrete job and recognize variances for non-standard expense jobs at any time. In addition, the period close process automatically recognizes variances on all non-standard expense job charges incurred during the period. Therefore, open non-standard expense jobs have zero WIP accounting balances at the start of a new period.
If there is a positive balance in the job at the end of the period, the accounting entries for non-standard expense jobs at period close are:
WIP accounting class variance accounts
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WIP accounting class valuation accounts
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See Also
Overview of Period Close
Overview of Discrete Job Close
Defining WIP Parameters