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• # 100023
• Tue 03 Jun 2014 09:22 AM

Hello, 

Can anyone kindly advise me with regards the above?

I am setting up Sage Instant for the current financial year for my new client. I have the Opening balances from the accountant. These include Trade Debtors and Trade Creditors, which I have initially inputted via the Wizard. These are then reversed to clear the suspense account. The wizard then asks you to enter the OBs from the TB. There is an OB for 'Work In Progress' which I will now enter along with all the other OBs to obtain a TB matching that of the accountant's.

What I am scratching my head about is this: The WIP is provided by the accountant, outside of the TB, per customer, just like the Trade Debtors and Creditors - how do I enter these separately into Sage, if at all?

Many thanks as usual for any assistance!

Vanessa

• Vanessa
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• # 100101
• Fri 06 Jun 2014 07:09 PM

Hi Vanessa,

You don't enter WIP separately in your ledgers.  It is a 'best estimate valuation' of the materials and labour that have been expensed on jobs that have not been invoiced at period end.  The value on your TB is entered into the balance sheet as a debit.  When you come to prepare the next period's accounts you will reverse this by posting Cr to BS and Dr to P&L Cost of Sales.  If there is any new WIP to value, that will be posted in the usual way.  Hope this helps.

• Roz

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• # 100102
• Fri 06 Jun 2014 07:44 PM

Hi Vanessa,

Work in progress is an opening stock of wip and closing stock of wip. because it is a stock of wip you set it up alongside your other stock account in the ledger, hope this helps,

kind regards

Paula Welsh

• Hello all,
  
  i just noticed we have a forum, just poking around the members area.  My name is Paula welsh and I have been a member since 2005, starting with Associate member and now a full member

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• # 100221
• Tue 17 Jun 2014 10:11 AM

Thanks all - your help is much appreciated!

• Vanessa
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