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If the code has Justifications enabled, project managers can add appropriate justifications in Contract Work In Progress and Contract Potential Gains/Loss
Monthly Processing
The creation and review of the Work in Progress is a formal process that takes place at the end of each accounting period. This formal process could be summarised as follows:
Complete timesheets, accounts payable, and accounts receivable processing
Generate PO Accrual - for the WIP process to take account of PO accruals, the purchase order accrual process will need to be generated first
Generate Forecasts for jobs that use the Forecast Revenue WIP type
Review WIP Adjustments and Contract Work In Progress
Export accruals to update WIP journal to General Ledger
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When a WIP batch is flagged as Not For Export, the system will automatically generate the WIP Accrual Reversal |