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.
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?
what is the different between calculate WIP and post WIP? when should we run these batch job? should we run together?
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.