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Evo-ERP and DBA Classic >> Accounting >> work in process not zeroing out
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Message started by jsapp on 06/10/05 at 07:06:59

Title: work in process not zeroing out
Post by jsapp on 06/10/05 at 07:06:59

We have discovered that our Work in Process account didn't zero out at the end of May. It normally does. Advice please??? We don't know what to do with the amount to get our financials correct, so this has to be dealt with soon.

Title: Re: work in process not zeroing out
Post by lmk223a on 06/10/05 at 11:05:38

If there are dollars remaining in WIP, then the total investment was not properly passed through to finished goods as a work order receipt, or to costs of goods sold when the sale was recorded (if you don't use finished goods) or there are still open work orders with unfinished quantities.

I am not sure of your work flow, industry or costing method.