Use this function to perform Work in Progress. Work in progress is defined as project transactions that are invoiceable (including delayed invoicing) but not yet invoiced. This means that accrued income for the time period between the registration date and the invoicing date of a transaction is handled. The purpose of this is to make it possible to include this accrued income in the financial follow up.
The Work in Progress routine shouldn't be run until all invoicing for the period is finished.
The selected end date will indicate the last date of the Work in Progress Accounting. All uninvoiced invoiceable (and delayed invoicing) transactions that are are registered on this date and earlier will be included. The chosen date will also be used as voucher date for the first voucher.
Note that all univoiced invoiceable transactions even from closed projects will be included when performing Work in Progress. Also note that no consideration is taken to Max Invoice Amounts that are specified on the projects. Only projects that are marked for Work in Progress Revenue in the PrePosting settings on the project will be included. It is possible to enter an estimated value on the invoice plans to include them in the calculation for work in progress.
When you execute the Work in Progress function a background job is created in which the following will happen: All uninvoiced transactions, up until the end date, that are invoiceable will be recalculated to accounting currency as per the currency rate valid on the end date. The Estimated WiP Revenue Amount Currency from Invoicing Plans will be recalculated the same way. A voucher will be created with these values according to how Posting Control is set up, normally this should be posted as revenue and assets.
Another voucher that reverses the first voucher will be created on the first day of the next accounting period. This voucher reverses the postings of the first voucher. The reason for this is to avoid double postings for the uninvoiced project transactions, as these might be invoiced during the coming period. Work in Progress is supposed to be run at each time the books are balanced and will then handle the current status as per the end of the accounting period.
If you need to rerun Work in Progress for a period there is a correction function. This should be used if Work in Progress has been created for a period and you then create new invoices or make changes to invoices or project transactions for this period. Since this means that the basis for Work in Progress is changed, you need to correct the current Work in Progress vouchers before you can run the routine again, otherwise you will get double Work in Progress vouchers. You only need to correct one of the vouchers, the other will be corrected at the same time.This creates a background job that creates two new vouchers, one reversing the postings of the original work in progress voucher and one reversing the corresponding work in progress voucher in the next period.
As a result of this entry, Work in Progress vouchers are created in the Accounting Rules for the uninvoiced transactions.