You would save the day if you could tell us how to undo the Capture COS/WIP Activity. Someone accidentally closed a job and ran this, now they realized the mistake and we want to undo. If this is not possible, is there any alternative to undoing? The job isn’t actually closed, so it has now been reopened, and time is still being charged to it.
Thank you!!
Nate
If you Post, you’re toast…
If the job is reopened and time is still being charged, you should be fine… you’ll just capture the remaining costs after you capture WIP again.
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Is post part of that process? I will check and see if they posted after running it.
Typically it is posted automatically as part of the WIP Capture process. There is a ‘Post to General Ledger’ option that is checked by default.
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So if she ran that process and it did post, but now the job is reopened and recording more labor, what will happen? Do we still just run COS/WIP again when the job closes for real? Is there anything we need to do to correct the inadvertent post?
Nothing needs to be corrected unless there were incorrect labor/material transactions. It just means that the WIP labor that has accrued so far has been committed to the general ledger in the WIP/COS accounts.
Any more labor/material that hits the job going forward will be committed the next time WIP Capture is run.
WIP Capture is not limited to closed jobs, it affects any job.
Closing a job forces any open WIP costs to hit the COS account, if it has not already happened due to completing a job and shipping it or receiving it to inventory.
Thankfully we didn’t post to GL. So I think that part is ok. However, this accident has resulted in a negative WIP value that needs to be corrected for auditing. She pointed out a few jobs with negative WIP, and we don’t know how that happened. We assume it is related to this issue.
Can the COS/WIP process be undone if we didn’t post to GL? They want to make sure the records are correct for entries in later December.
Sorry I don’t have an answer for that. I don’t think it’s something we’ve ever attempted at our company.
I’m actually not even sure what happens in the background if you don’t post, because I thought that was the entire purpose of the process…
Where are you seeing the negative WIP amounts for certain jobs? WIP Report?
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Yes, exactly. When we run the Work In Process report for dates up through 12/31/22, the WIP row shows negative values for labor/burden. We want to correct this so it isn’t confusing for the audit.
This might be helpful.
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