When work in process is taken, you are taking this option to process invoices in service that are open, but would like to go ahead with the general ledger postings so your accounting records are accurate. Following are the things this option will do for you:
Posting WIP will post all transactions entered at the time the option is taken.
No A/R posting is done.
Posting to the WIP (Normally account 13700) is done for the asset posting in place of the 100/102, or 111 etc postings.
Transactions on the invoice will be untouchable after this option is taken so that accounting is tightly monitored. If changes are to be made to a transaction that was already on an invoice and posted, then you are to back out this entry with a negative adjustment.
Equipment items associated with an invoice are affected at the time of postings, whether it be WIP or regular daily posting.
Expense accounts for an internal associated with an invoice is affected at the time of posting.
Once a ticket is closed and the next invoice posting is done, the invoice that had already gone through WIP will post only new transaction at this time. It will also move the amounts from account 13700 to the correct asset account at that time.
This is when the customer account is affected and/or the 100/102 account.
Select Service Shop Menu>>Processing >>Post Work in Process.
Enter your password. On the first screen you will answer general questions regarding the posting date and the ending invoice number to post.
Verify your entries, press enter to post.