Hi All,
I have read quite many information about WIP. However, i still very confuse about what is the usage of WIP.
in this article which mentioned how WIP compliance with different party but i still not understand.
- can anyone suggest what is the basic accounting principle and entry needed for a job? what are the accounting entries when purchase and sales something for job in different stage.
Post Purchase Receipt: what are the accounting entries?
Post Purchase Invoice: what are the accounting entries?
Post Job Journal: what are the accounting entries?
Post Sales Invoice: what are the accounting entries?
As for normal trading, we have purchase, ap, inventory when purchase item and sales, ar, cogs when sales.
- in NAV, there are many WIP methods. it also got different recognized method. what is the major difference between different WIP method provided in NAV.
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can anyone give some explanation on why should we need WIP? without WIP, it seems system can still record the cost and revenue. For G/L item line, NAV seems post to G/L directly. Is this only useful for item line? How about resource line?
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what is the different between calculate WIP and post WIP? when should we run these batch job? should we run together?
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why there is no no series setting when we run calculate WIP and post WIP? it seems system only allow manual input.
thank you very much for your great help.