Work in Process continually maintains the value of work in process, updating it with each transaction. This means that you can report work in process costs quickly and accurately.
Cost Elements
Work in Process maintains and reports work in process values by distinct cost element (material, resource, and so on) even if you assign the same general ledger account to each cost element. You can also report work in process value by cost element within specific WIP accounting classes.
and dividing by the number of assemblies you produced on that line during the period. Valuations and variances are calculated when you close a period. You do not need to close repetitive schedules. Repetitive variances are calculated by comparing an assembly's period cost with its standard cost. Variances can occur due to scrap, additional resource and overhead charges, and changes in daily quantities. The period close process writes the variance values to the variance accounts associated with the WIP accounting class you assigned to the repetitive line/assembly association. You can specify which repetitive schedule variances to post to the general ledger when you close an accounting period using the WIP Recognize Period Variances parameter. See: Repetitive Parameters. Journal Entries Whenever a job or schedule is charnged, relieved, or closed, journal entries are created. When transactions are transfered to the general ledger or the accouting period is closed, these journal entries are transaferred to the general ledger. See: General Ledger Transfer and Period Close.
See Also
WIP Accounting Classes WIP Accounting Class Elemental Costs WIP Value Report Discrete Job Value Report Repetitive Value Report Viewing WIP Value Summaries