Overview of work in progress of projects to be generated or completely released

Header section

Project

This displays the code(s) of the selected project(s) or All.

Project type

This displays the defined type(s) of projects.

Project status

This displays the selected status(es) of projects.

Ordered by

This displays the code of the selected sales order debtor or All if no sales order debtor was selected.

Invoice to

This displays the code of the selected invoice debtor or All if no invoice debtor was selected.

Project manager

This displays the ID of the selected project manager or All if no project manager was selected.

Warehouse

This displays the code and description of the selected warehouse or All.

Scenario

This displays the code of the selected budget scenario, if any.

Date in use

This displays Reporting date or Transaction date, depending on your selection at WIP method at Projects/Projects/Work in progress while the date in the bracket is copied from the date selected at to at the same screen.

Include: Zero (Actual)

Select this check box to include transactions with a zero amount in the overview. By default, the option is copied from Include: Zero (Actual) at Projects/Projects/Work in progress.

Results section

The calculations of the results depend on the WIP method defined for the corresponding project.

Project

This column displays the codes of projects. The information cannot be edited.

Description

This column displays the descriptions of projects. You can type different descriptions for the projects.

Item

This column displays the codes of items linked to the corresponding projects.

Item (Description)

This column displays the descriptions of items linked to the corresponding projects.

Revenue (Budget)

This column displays the budgeted revenues of projects.

Revenue (Forecast)

This column displays the forecasted revenues of projects.

Revenue (Actual)

This column displays the actual revenues of projects.

Invoiced

This column displays the invoiced amounts of projects.

Costs (Budget)

This column displays the budgeted costs of projects.

Costs (Forecast)

This column displays the forecasted costs of projects.

Costs (Actual)

This column displays the actual costs of projects.

WIP (Current)

This column displays the balance amounts of the current WIP.

WIP method

This column displays the WIP method defined for the corresponding project.

WIP costs

This column displays the amounts of WIP costs in the transaction entries linked to the project and the WIP costs general ledger account defined at Project Settings.

Note: This column will be displayed only if you select the WIP cost and revenue transfer or WIP cost and revenue check box and clear the Partial release check box at Projects/Projects/Work in progress.

WIP revenue

This column displays the amounts of the WIP irevenue in the transaction entries linked to the project and the WIP revenue general ledger account defined at Project Settings.

Note: This column will be displayed only if you select the WIP cost and revenue transfer or WIP cost and revenue check box and clear the Partial release check box at Projects/Projects/Work in progress.

Generate

Select the check box(es) in this column to generate or release the WIP for the corresponding projects.

Percentage of completion

Type 0% to generate WIP entries for the selected projects. Type 100% to release the WIP entries of the selected projects.

WIP (Change)

This column displays the amounts used to release WIP entries in the transaction entries linked to the project and the Work in progess (Change) general ledger account defined at Project Settings. You can type different amounts, if required.

Recognized costs (Current)

This column displays the current recognized costs of projects.

Margin

This column displays the margins of projects.

Recognized costs (Total)

This column displays the total recognized costs of projects.

Recognized Costs (Change)

This column displays the amounts of changes in the recognized costs of projects.

WIP (New)

This column displays the amounts of WIP balance after generating WIP entries, in the transaction entries linked to the project and the Work in progess (Balance) general ledger account defined at Project Settings. If the percentage of completion is 100%, then "0.00" will be displayed.

Refresh

Click this to refresh the screen based on the latest criteria defined.

Info

Click this to display the details of the calculations of the results.

Select all/Deselect all

Click this to select all projects that you want to generate or release WIP for at once, or remove the selection from all projects.

Change %

Click this to change all the percentages of completion in the Percentage of completion column to 0% or 100% at once.

Adjust

Click this to adjust the planned cost and revenue of the selected project.

Note: You can make adjustments only to projects using the Percentage of completion cost recognition and Percentage of completion revenue recognition WIP methods.

Export

Click this to export the overview to Microsoft Excel.

Recalculate

Click this to recalculate the amounts in the Percentage of completion and WIP (Change) columns.

Change

Click this to change the WIP method of the corresponding project to a different method. Click OK to confirm changing the method or Cancel to cancel.

Project

Click this to view or maintain the corresponding project. For more information, see Creating and Maintaining Projects.

Card

Click this to view or maintain the transaction card of the corresponding project. For more information, see Viewing Project Transaction Cards.

Order

Click this to view or maintain the sales order linked to the corresponding project. For more information, see Creating and Maintaining Sales Orders.

Generate

Click this to generate or release the WIP for the selected projects. Once selected, the Generate screen will be displayed. At the screen, type or select the journal number and the transaction date at Journal and Date, respectively. Click OK to confirm generating the WIP or Close to exit. All costs and revenues per original transaction (based on our reference and transaction date) will then be transferred to the applicable WIP general ledger account.

Notes:

• This is enabled only when at least one project is selected.
• The logic for generating WIP entries for projects using the WIP cost and revenue method is as follows:
  • The WIP double entries will be generated based on the date of the original profit & loss entries of the revenue and cost and grouped by project, item, cost center, cost units, reporting date, and transaction date.
  • You can generate WIP entries for all manual profit & loss entries of cost or revenue via purchase journal, cash journal, sales journal, and general journal. However, the manual entries will be excluded in the overviews or reports.
  • No WIP will be generated if the cost amount is zero.
  • The same entry number for the generated WIP double entry will be used in combination with the project code, transaction date, reporting date, item, cost center and cost unit.
  • WIP entries can be generated if both the actual cost journal or actual revenue journal and WIP journal are in open period.
  • In case there is a change to the cost or revenue profit & loss entry, the system will delete the related particular WIP entry and regenerate the new WIP entry with the latest change.
• The logic for completely releasing WIP entries for projects using the WIP cost and revenue method is as follows:
  • The release of project WIP entries is a process for recognizing the actual cost and actual revenue. During release, the generated WIP revenue and WIP costs double entry will be reversed.
  • Release WIP is based on the current Completed contract method. Release WIP entry is created on the date of release using 100% completion release based on the generated WIP revenue and WIP cost entry.
  • The system will not check whether the corresponding entry has been processed.
  • The released IP entries will be stored under the selected general journals.
  • The same entry number for the generated WIP entries will be used in combination with the project, item, cost center, cost unit, and sum on cost or revenue during the release process.
  • Manual entries of WIP entries via general journals will be excluded.
  • If you have defined the default cost center and cost unit as the mandatory information when defining bank, cash, debtor, creditor, or VAT type of general ledger accounts and the item or project information as mandatory when creating or processing financial entries for the general ledger accounts, in the relevant general ledger maintenance screens, you can release the entries only if the corresponding information is available.

Close

Click this to exit.