Viewing WIP Value Summaries
You can view and analyze the work in process values of a job or repetitive line by cost element, such as material, material overhead, resource, outside processing, and overhead. You can also drill down to detailed accounting transactions. Values are
displayed in your organization's base currency.
Select your search criteria.
Reported variances are recorded variances from closed jobs or schedules.
Potential variances are for jobs or schedules that are not closed or with open balances with unrecognized variances. The calculation is costs incurred minus costs relieved minus variance relieved.
Depending on the timing of issue and completion transactions, this may not represent an accurate variance.
Net activity is the total of the WIP transactions for the selected period range.
To review WIP value summary information, Navigate to the WIP Value Summary window. Do this by choosing the Value Summary button from the WIP Jobs and Schedules window.
Costs Incurred: Costs associated with material issues/returns, resource, and overhead transactions of a job or repetitive schedule.
Costs Relieved: Standard costs relieved by cost element when assemblies from a job or repetitive schedule are completed or scrapped.
Variances Relieved: Variances relieved by cost element when a job or accounting period is closed, or when a repetitive schedule is cancelled.
Net Activity: Cost element net activity, the difference between the costs incurred and the costs and variances relieved
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