Reporting on Work in Progress (WIP)

Carefully managing work in progress (WIP) is important for accurate financial reporting, effective project management and informed decision-making. MYOB Acumatica Professional Services includes a range of reports to help you stay on top of WIP. The standard WIP reports included are:
  • WIP Projections Transactions Aged (MYPEG600): A detailed aged analysis of WIP, aged to a specified date.
  • WIP Project Transactions Aged+Future (MYPEG610): A detailed WIP report that includes future transactions. Can also be aged.
  • WIP Project Aged (MYPEG601): Shows aged WIP at the project level.
  • WIP Parent Aged (MYPEG602): Shows aged WIP at the project level, including WIP from child projects.
  • WIP Client Aged (MYPEG603): Shows aged WIP for each client.
  • WIP Family Group Aged (MYPEG604): Shows aged WIP for each client.
  • WIP Project Partner Aged (MYPEG605): Shows aged WIP for each partner.
  • WIP Project Task Aged (MYPEG606): Shows aged WIP for each task.

Accessing the WIP Reports

To access the WIP reports, go to the Practice Management menu and click Show All.

Running a WIP Report

When running a WIP report, choose the dates and other variable you want to report on, then select the Apply Filters checkbox to display the information.

Note:
WIP reports will not display any information unless the Apply Filters checkbox is selected.

The WIP Calculation Formula

Total work in progress is calculated by adding the following figures:
  • Allocated billable work: Released daily time cards and project-related expenses, excluding project X
  • Carry forward: Non-billed WIP from previous periods
  • Moved WIP: WIP transferred between projects
  • Credit memos: Client credits and adjustments for billing errors

Allocated billable work includes time cards that have been recorded and approved, and expenses that have been tagged as project claimable.