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Hi Community,
May I find out how do we use WIP Costs Account vs WIP Accrued Costs account?
When do we use this two and why do we need to use this two?
I asked my partner but he also not so sure.
Appreciate if you can advise.
Thank you!
Hi, hope the following helps.
| Account field | Description |
|---|---|
| WIP Costs Account | The WIP account for the calculated cost of the job WIP, which is a balance sheet capital asset account. |
| WIP Accrued Costs Account | An account for the Cost Value or Cost of Sales method of WIP calculation, which is a balance sheet accrued expense liability account. This will be posted to when the WIP adjustment requires that usage costs posted to the income statement be increased. |
Thanks.
ZHU
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