At month end, you may want to make sure that the WIP accounts updated in Job Cost balance with the WIP accounts updated in the general ledger (GL). You can run reports that show you which Job Cost transactions have and have not been posted through to the GL - and which transactions have been posted in the GL, but not to Job Cost.
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The following steps demonstrate how these reports can be used to help reconcile WIP and Progress Billings accounts as part of month end reconciliation.
Step 1: Run the WIP reconciliation Summary report
Run the summary version of the WIP reconciliation report to see which amounts balance; you can filter the report for the month you are reconciling. If you open the Summary Inquiry window to view GL activity (Inquiry > Financial > Summary), the Net Change for a period should match the same account's total for the same date range on the reconciliation report.
Step 2: Run the WIP reconciliation Detail report
If summary report totals do not balance, you can view transaction-level detail for the period. This may help identify discrepancies.
Step 3: Run the Exception reports
If you still cannot pinpoint the issue, these reports identify transactions that were posted to your Job WIP accounts but not to the GL, and vice versa. These reports check all accounts that are used in the current setup or data set as WIP or Progress Billing accounts, as well as AR invoices, cost tables for open and closed jobs, and the POC revenue recognition entry, will be checked.
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The exception reports identify journal entries along with the type of transaction and the user who posted it. For example, the issue may be a payable that debited WIP without the job number filled in, or a journal entry that was made directly to the GL instead of through Job Cost. The report helps you identify the transaction and assess user training needs.
Step 4: Make any adjustments to GL or Job Cost accounts
Posting setup
Before you run the WIP reconciliation reports, your posting options must be set up to create journal entries for transactions. You must set this up for the following product series: Inventory (with an origin of Transaction Entry) and Sales (with an origin of Sales Transaction Entry). These may have already been set up, but we recommend that you double-check the setup.
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If you are using SSRS reports, these Dexterity reports are replaced with the SSRS versions; refer to WIP reports for information about the SSRS WIP reports for Job Cost.
Summary
Detail
Exception Report - Job Cost costs not in GL
Exception Report - GL costs not in Job Cost