FAQ: Can I show WIP on my Balance Sheet?

Modified on Mon, 2 Jun at 4:29 PM

A: Follow these steps:

Create a new account in the Office Journal
This will reflect the value of unbilled WIP
Navigate to the Aged WIP report
Go to Reports > Aged WIP to view the current unbilled WIP balance.
Record a general journal transaction
Use the Office Journal to post a manual journal entry that reflects the value of unbilled WIP into the newly created account.

Your accountant will need to advise you on the journal entry format and account type to ensure it aligns with your financial reporting.