WIP
This query is : Resolved
01 September 2009
Hi
Ours is an service company, everymonth we will account some portion of work executed as Work in process. Now I need to bill the same. can any one guide how to account the sales bill and whether we need to reverese WIP account.
AT THE END OF Every month i will do the following entry
WORK IN PROGRESS DR
TO INCREASE OR DECREASE IN UNBILLED REVENUE CR
can any one clarifiy this .
my email id is vanee_ind@yahoo.co.in
With rgds
Vanee
Ours is an service company, everymonth we will account some portion of work executed as Work in process. Now I need to bill the same. can any one guide how to account the sales bill and whether we need to reverese WIP account.
AT THE END OF Every month i will do the following entry
WORK IN PROGRESS DR
TO INCREASE OR DECREASE IN UNBILLED REVENUE CR
can any one clarifiy this .
my email id is vanee_ind@yahoo.co.in
With rgds
Vanee
03 September 2009
Hi Vanitha,
To my understand your query is for unbilled revenue that book every month.
If that is the case.
As and when you book the unbilled revenue,
When your finalize the bill/complete the task, you need to book the Sales entry.
example is as follows:
a) Reverse the original unbilled entry that you have passed.
b) Account for the normal revenue
Customer A/C dr
To Revenue/Income A/c.
Just ping me in case you have any further queries/doubts in this or the other.
Regards,
V R Nanda
To my understand your query is for unbilled revenue that book every month.
If that is the case.
As and when you book the unbilled revenue,
When your finalize the bill/complete the task, you need to book the Sales entry.
example is as follows:
a) Reverse the original unbilled entry that you have passed.
b) Account for the normal revenue
Customer A/C dr
To Revenue/Income A/c.
Just ping me in case you have any further queries/doubts in this or the other.
Regards,
V R Nanda
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