The WIP Take Ups functions allows you to make adjustments to the work in progress detail for individual jobs. WIP Take Ups can be viewed on the Job Transactions Summary screen and Production Job Cost reports to give you a complete view of job transactions on a job.
Three kinds of WIP Take Ups are possible:
1. Job Balance: All transactions that have been posted to WIP will be written off to the account designated as the Markup Revenue Account. When writing off the WIP job balance, you can also choose to mark the job as inactive when WIP is adjusted using this method.
2. Selected Balances: You can select an individual charge or multiple charges to be written off to the account designated as the Markup revenue Account.
3. Accrual: Unlike the Job Balance or Selected Balances entries, the Accrual option allows you to make a WIP adjustment entry that does not directly tie to any individual costs on a job. By using negative or positive WIP Take Up amount, you are able to to write-off unbilled costs or recognize additional job income for any amount that needs to be adjusted.