As shown in the below fig. in WIP we mainly do three types of transactions

• 1. Component  Issue - Material transaction
  
• 2. Move transaction 
• 3. Resource transaction
  
• 4. Shopfloor status update
• 5. WIP job completion - Material transaction
  

With above transactions in WIP, you can:
- Maintain accurate supply and demand information
- Track and report inventory accurately
- Track activity costs
- Value work in process

Basics of Material transaction

1. Component Pick Release
2. Replenishment transaction
3. Backflush Transaction
4. WIP Component Issue
5. WIP Component Return
6. WIP Negative Component Issue
7. WIP Negative Component Return
8. WIP Assembly Completion
9. WIP Assembly Return

WIP Assembly Completion
The JOB is completed and the fnished good is moved to the finished sub inventory
Inv valuation Dr @Cost of FG
                                   WIP Valuation Cr @Cost of FG

Accounting Summary in WIP
1. When component is issued the first transaction takes places and the accountings are
WIP Valuation A/C Dr
                              Inv Valuation A/C Cr
2. When we do the move transavtions - Resources, Overhead and OSPs are charged
WIP Resource Valuation A/C Dr
                                        Resource Absorption  A/C Cr
WIP  Overhead  Valuation  A/C Dr   
                                          Overhead  Absorption  A/C Cr
WIP OSP valuation A/C  Dr       
                                          Receiving  A/C Cr   
                                          Purchase Price Variance A/C  Dr/Cr
Scrap  A/C Dr   
                                            WIP valuation  A/C Cr

3. When the JOB is completed all the costs are relived in WIP
Organization  Material A/C Dr    
                            WIP Material Valuation A/C Cr     
Organization  Resource  A/C Dr    
                                 WIP  Resource  Valuation  A/C Cr    
Organization  Overhead  A/C Dr    
                                   WIP  Overhead  Valuation  A/C   Cr 

4. Following accounts 'll hit when the WIP job is closed
Dr      Material usage variance A/C
                                          Cr      WIP Material Valuation A/C

Dr     Resource effy. variance A/C
                                         Cr     WIP  Resource  Valuation  A/C                

Dr     Overhead  variance  A/C
                                        Cr     WIP  Overhead  Valuation  A/C