Specify WIP Settings

How to Set Up Financial Management › How to Create Supplemental Financial Data › Specify WIP Settings

Specify WIP Settings

WIP transactions let you adjust and review transactions before invoicing them. The WIP transactions also add actuals in the cost plans. The investment managers use the latest data in the cost plans to make business decisions and to prepare for chargebacks.

To classify financial data in chargebacks, transactions posted to WIP, and in cost plans, specify the WIP settings. Verify that you select the same value for entity, location, and department (that is, Project, Client, or Employee) as shown in the following table.

WIP Setting	Configuration Option 1	Configuration Option 2	Configuration Option 3
Entity	Project Entity	Client Entity	Employee Entity
Location	Project Location	Client Location	Employee Location
Department	Project Department	Client Department	Employee Department

Note: If the values do not match for entity, location, and department, you can get unexpected results in the WIP transactions.

Follow these steps:

Open Administration, and from the Finance menu, click WIP Settings.
Complete the following fields:

Entity

Defines the entity that determines how financial data is classified in chargebacks, transactions, and cost plans.

Location

Defines the location that determines how financial data is classified in chargebacks, transactions, and cost plans.

Department

Defines the department that determines how financial data is classified in chargebacks, transactions, and cost plans.

WIP Aging Levels in Days

Defines the number of days for each WIP level. The value is used in reporting to classify chargeable transactions that have not been billed.
Click Save.