Advanced WIP

Autor: IT Clad LLC

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Allows you to specify percent of Actual WIP to recognize, and recognize Vendor Prepayments as WIP.

* First, You must install the "IT Clad Base" extension before you install this extension, or the install will fail.
This prerequisite can be downloaded from AppSource here. This extension handles licensing.

Companies that would benefit from this extension include those who do large projects and need to control how much WIP is posted to a job, so that all WIP is not recognized, just a specified percentage of it. And also companies that have large vendor pre-payments for jobs and would like to recognize the WIP for those before they are invoiced to the job.
Companies may also benefit from being able to recognize Vendor Pre-Payments as WIP for jobs. If you've invoiced it, you should be able to recognize it, and with this app, you can.
Companies may also benefit from being able to recognize costs for Production Orders associated with making items for jobs. This app allows you to specify per Job Planning Line, the Production Order and Production Order Line, and recognize costs posted to the production order.

Here are a few reasons why you may wish to 'Underbill' WIP.
  1. Revenue Recognition Timing: Companies may choose to underbill WIP to defer revenue recognition to a later period. By doing so, they can align revenue recognition with the completion of specific project milestones or contractual obligations.

  2. Cash Flow Management: Underbilling WIP can help companies manage their cash flow by delaying the recognition of revenue until the customer makes payments for the work completed.

  3. Contractual Agreements: Some contracts may allow for underbilling WIP based on specific terms and conditions agreed upon with the customer.

The WIP Setting is not stored in the Job table but in its own table, allowing for permission to be set on who can change and who can view.

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