WIPLIST - Financial listing for WIP accounts

What is WIPLIST

These report styles allow the user to analyse the WIP ledger to provide trial balance type reports for the WIP control account in the BAL. The form can be totals only by account, department or company. Alternatively the transactional detail provides the most comprehensive reporting.

The selections are sufficient to report accounts that have accounting balances in a specified range or have net weight in a specific range.

Using the posting date range selection, you can action regular audits on what has been posted to the WIP ledger.

The standard ITAS reporting of consolidated currency balances is complemented by a feature to apply month exchange rates to the individual transactions and so reflect the effect of exchange movements when you are handling FX on a bucket basis.

WIP Control Balances

The BAL will show the nominated ‘Incomplete Contracts Control’ account values in their entirety, if there is no nominated Stock control account (S01).

If there is a nominated Stock account, the BAL analysis will explode the ‘Incomplete Control’ into 2 elements, using the WIP ‘account type’ = Stock /Blends-Transit types to separate Stock balances.

Use WIPLIST to view the detail of the BAL WIP balances. Important parameters/selections to be made are: Include ‘Current AND Archived’, include ‘Open, vessel complete, frozen and Closed, ensure use same cutoff period as BAL and same target currency and the same Exchange rates. The reason that there is a need to include Archived and Closed is that a WIP account can be closed/liquidated after the BAL cutoff period and the BAL control account will reflect the balance at that cutoff period.

To further restrict the list for only Stock classified accounts, apply correct filter on Account Inclusion Criteria.