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Create Opening Balance for Job

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Posted on by yossy55 87
Hi,
I am wondering what is the good way to create WIP opening balance for Job. Each job needs WIP record.
When posted WIP amount from General Journal, no WIP is recorded on each Job.
 
So, the following is the way of opening balance for Job WIP, which I did.
1. Create Job Ledger Entries for Jobs.
2. Calculate WIP for Job
3. Post WIP to G/L
 
Is there a way to create opening balance for Job WIP via General Journal or Configuration Package?
 
 
Thank you.
  • Suggested answer
    yossy55 Profile Picture
    yossy55 87 on at
    Create Opening Balance for Job
    I think the opening balance for JOB are unnecessary.
    The amount is set on Job WIP debit side in Gen. Journal as opening amount.
    The corresponding expenses or adjusted account are set on credit side.

    Actual cost for each JOB is posted on Job Journal.
     
    Thank you.

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