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This imbalance (between the actual WIP and the WIP control acoount) will need to be cleared regularly to a Cost of Sale account.


Analysis Available

  • The Works Order contains both the Estimate and the Actual Values for Material, Labour and Machines.
  • Invoice Cost on the Sales Order will be as per Work Order estimate.
  • The value of the Journal to re-balance the WIP control account (AC1330 in this example) is available for comparison.

...

Transferred from WIP($10151.83)
Transferred into WIP
  • Materials (from MI)
$2786.59
  • Labour - Actual from Timesheets
$1092.10
  • Machines - Actual from Timsheets etc
$2000.00
  • Offset 1 (Labour)
$3773.14
  • Offset 2 (Machines)
$500.00
Total transferred into WIP$10151.83
Imbalance$0.00



Analysis Available

  • The Works Order contains both the Estimate and the Actual Values for Material, Labour and Machines.
  • Invoice Cost on the Sales Order will be as per Work Order estimate.
  • The offset accounts are now true offsets available for comparison against estimates.

...

Transferred from WIP($5878.69)
Transferred into WIP
  • Materials (from MI)
$2786.59
  • Labour - Actual from Timesheets
$1092.10
  • Machines - Actual from Timsheets etc
$2000.00
  • Offset 1 (Labour)
$0
  • Offset 2 (Machines)
$0
Total transferred into WIP$5878.69
Imbalance$0.00



Analysis Available

  • The Works Order contains both the Estimate and the Actual Values for Material, Labour and Machines.
  • Invoice Cost on the Sales Order will be as per Work Order Actual costs.

...