WIP retro is a summary of costs that have not been ticked off against sales invoices as at cut off date. Any cost which is not ticked off will remain in WIP until it is ticked off. When the report is run a single cut off date is specified. Any costs that are ticked off against a sales invoice dated after the cut off date will also be counted as WIP. In this way the report can be run retrospectively, allowing you to accurately report what the WIP value for jobs / phase was as at a date in the past.
Purchase orders are a special case for WIP reporting. A PO may not be ticked off, but still not be counted as WIP, depending on its supplier invoice status:
- A PO that is not ticked off and which has no purchase invoices matched against it will be counted in the Future PO column, using the full PO cost value
- A PO that is not ticked off and which has been part purchase invoiced as at the cut off date will be counted as both purchase WIP and as Future PO. The value of matched purchase invoices are counted as WIP, the PO cost value less this WIP value is counted as Future PO.
- A PO that is not ticked off and which is final purchase invoiced as at the cut off date will be counted as Purchase WIP, using the total value of all purchase invoices matched against it.
- A PO that is ticked off is not WIP - it is not included at all.
The selection of data for the report can be based on job phase final invoiced date, or on the tick off status of individual costs:
These five options only affect which phases are included on the report, they should have no bearing on the WIP figures the report returns. The only exception to this would be a WIP cost that is transferred to a phase that is already final invoiced. That action should always be followed immediately by ticking the cost off against a new / existing sales invoice or write off.
Only the first two options in the drop-down should normally be used for WIP reporting.
- Phases not final invoiced up to cut off compares the phase (not job) final invoiced date with the cut off date. Any phases with final invoiced dates up to (and including) the cut off date are included, irrespective of them having any WIP to report
- Any unticked costs up to cut off ignores final invoiced date and instead looks at every individual cost to see if it is ticked off or not, as at the cut off date. A selection of phases is created from the costs which are still in WIP.
The latter approach is more reliable as it will pick up costs that are not ticked off, even if they are on a final invoiced phase. You also remove all the open (not final invoiced) phases that have no WIP to report, which makes for a shorter report.
In addition, if you are using revenue recognition, the WIP Retro report includes any phase with a non-zero deferred total as at the cut off, so even using any unticked costs up to cut off can include phases with no WIP, if they have a deferred balance.
The default report shows Purchase WIP (as described above), Time WIP (cost), Time WIP (hours). Materials WIP (cost) and total WIP. Future PO is an indication of purchase costs that you have not yet billed to your client and not yet received your supplier invoice for. The final column is either invoiced up to cut off, or if you use revenue recognition, deferred up to cut off.
Report specific options
In addition to the selection control described above this report has several options specific to WIP reporting:
- Only show purchase values. This option will only report purchase WIP. Time & materials are ignored.
- Only jobs which are in at the cut off. Ignores jobs with a start date after the cut off date. Rarely needed as costs would not normally be added to jobs not yet due to start.
- Show staff charge rather than quote / recommended charge. This swaps the value displayed in the PDF version to show total staff recommended charge (ie not just WIP charge) in place of the quoted price / total recommended charge figure.
- Exclude jobs with draft invoices. Costs ticked off against draft invoices are still counted as WIP - it is only real invoices that affect WIP. This option completely removes jobs from the report if there is a draft invoice present when the report is run.
- Show client order number. Swaps the value shown in the staff charge / quoted price / total charge column for the client order number (PDF version only).
- Show sub totals only. This option removes the job / phase detail from the report and only prints the sub-total values, as determined by the option selected on the sort order drop-down. There is a further summary option in the report options drop-down to only show the grand total.