Enhanced interface

Use automated WIP relief for WIP asset balances

You can facilitate the matching of revenues and expenses with automated movement to cost of goods sold, expense, or asset account types. WIP (Work In Progress) relief moves work-in-progress balances out of WIP accounts as the corresponding costs and revenue are recognized.

Automated WIP relief ensures that assets are booked to WIP accounts. It matches project costs with revenue and reduces manual journal entry work of long-running projects..

Always apply WIP relief at the entity level for multiple-base currency companies. If you apply WIP relief at the top of a multiple-base currency company, you receive the message: No WIP was found to relieve.

Automated WIP relief adheres to the matching principle, aligning costs with revenue. The automation ensures that costs are recognized in the Profit & Loss (P&L) statement only when the corresponding revenue is recognized. This process provides a more accurate picture of your company's financial health.

Subscription	Projects: Costing and Billing Grants: Tracking and Costing
Regional availability	Australia Canada South Africa United Kingdom United States
User type	Business Project Manager Employee
Permissions	Projects WIP relief: List, View, Generate, Delete Business and Project Manager can use all permissions. Employee users can view or list only.

Step 1. Configure WIP relief in Projects

WIP (Work In Progress) relief streamlines accounting processes and improves the accuracy of financial reporting for long-running projects.

You do not need General Ledger (GL) permissions to configure WIP relief. However, GL permissions are required to view the journal transactions that are created through the relief process.

Go to Projects> Setup> Configuration.
In the new WIP relief section:
1. Select the Enable WIP relief checkbox.
2. Select the WIP relief journal.
  This must be an "account only" journal.
3. Enter the WIP account and the WIP relief account.
  - WIP account must be a balance sheet account with a normal debit balance that is non closing.
  - WIP relief account must be an account with a normal debit balance.
The Projects menu includes the options: Generate WIP relief and View WIP relief log.

Step 2. Grant permission to generate

Enabling WIP relief triggers the ability to grant permission to generate or view WIP relief. You can grant individual permission for users to generate the WIP relief.

From the Company menu, select the user or role that you want to grant permission.
In the Projects line, select Permissions.
Scroll to WIP relief and select List, View, Generate, or Delete.
Repeat for each user or role you want to grant permissions for generating or viewing WIP relief.

Business and Project Manager users have all permissions. Employee users can view and list only.

Step 3. Generate WIP relief

Go to Projects > All > Generate WIP relief.
Set the WIP relief parameters:

GL posting date
WIP transaction as of date
Your email address
The project or project group (include child projects, if needed)

The WIP relief journal, the WIP account, and WIP relief account use the information you entered while configuring WIP relief.

Select Relieve WIP to start the process.

Enter parameters to use when generating WIP relief

Intacct takes the information and creates the WIP relief entry. The entry is generated offline. When complete, a notification email is sent.

Step 4. View WIP relief log

After WIP relief is generated, you can go to the WIP relief journal to review the entry or the WIP relief log. If the journal entry requires approvals, the entry goes through the approval cycle.

The WIP relief entries are generated automatically and you are not allowed to edit them.

Select Projects > All.
Select View WIP relief log to view a list of each WIP relief generation.
Run date and time, who was emailed, and the status are included for each generation.
Optionally, drill down into each entry to view a snapshot of the relief parameters.