This is the chart of account for WIP (Work in Process). WIP is the place where a part is issued into a Work Order. Some companies may not carry WIP on the Accounting Balance Sheet and do not want to generate GL entry for the issued parts, monthly or manually. If this is the case, then leave this entry empty.
Rules for this account:
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- Account type must be "AC"
- Direction must be "Debit"
- Use the drop down box to select the proper account
- If WIP is not used by your company, leave this field empty
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Receive WO with WIP account
WIP Account -> Inventory Account
Create GL, Debit: Inventory Account, Credit WIP Account.
Receive WO without WIP account
Material Account -> Inventory Account
Create GL, Debit: Inventory Account, Credit Material Account.
For Part Issue into WO
2BizBox™ does not generate a GL automatically when a part is issued into WO because that would create too many GL entries and is difficult to review. If you use the WIP account and move balance from Material Account into WIP account, a GL entry can be created manually.