When you have completed all usage posting and invoicing for a job, you need to update the job to have a Status of Completed. For jobs with a WIP Method of Completed Contract, this will now allow you to post the recognition of revenue and costs for the job. For jobs with all other WIP methods, it will allow you to reverse the last recognition postings for the job and post the final recognized profit for the job (the invoiced sales value less the total usage cost). The operation falls in three steps: Update Job Status, Calculate and Post.
On the Job Card, change the Status field to Completed.
After updating the job status to Completed, run the Job Calculate WIP batch job.
The job WIP entries created by running the batch job will now have a checkmark in the Job Complete field to show they are completion entries.
Run the Job Post WIP to G/L batch job.
The job WIP G/L entries created by running the batch job will now have a checkmark in the Job Complete field to show they are completion entries.
Calculating Work in Process and Recognition
Posting Work in Process and Recognition