Work in progress is posted to the ledger
What moves
When you post an approved work-in-progress snapshot, Accounting books one entry for the contract asset or liability, the revenue and any loss provision, reversing the last posted position, so the ledger always equals the latest snapshot.
Before you start
- Construction and Accounting in your plan
- Posting switched on in the construction settings (off by default)
Step by step
- Quantity surveyorConstruction & Contracting
Takes a snapshot at the period end.
You see:The figures are worked out from the cost recorded to that date.
- Construction managerConstruction & Contracting
Approves the snapshot.
You see:It can no longer be recalculated.
- AccountantConstruction & Contracting
Posts it to the ledger.
You see:The snapshot shows as posted.
- SystemAccounting & E-Invoicing
Books one balanced entry that reverses the previous position, once.
You see:The ledger equals the latest posted snapshot.
Related
- Accounting & E-Invoicing
- Construction & Contracting
- A certified claim becomes an invoice in Accounting
- A completed return drafts a credit note
- A contract is approved through Accounting's approval chain
- A device is connected by one person and used by another
- A flagged entry or bill is investigated
- Connections between modules