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Administrator Guide
Last Updated: 2023-06-23
Reconcile Work in Progress Accounts

Reconcile Work in Progress Accounts

Work in progress (WIP) accounts are the accounts (typically asset) where you record the costs of work in progress for capital projects. For transaction lines with a capital project worktag, Workday uses the
Work In Progress
 account posting rule to determine the WIP account in which to post journal entries. While configuring this account posting rule, you can use dimensions such as company and project to determine the correct WIP account. If you have enabled worktag balancing, additional dimensions are available.
Reconcile your WIP accounts to:
  • Ensure that your transaction amounts for a specified period tie out to your net ledger balance for the same period.
  • Understand the amounts capitalized or reclassified as expense from your WIP ledger account.
Workday doesn't use the Work in Progress account posting rule for capital project transactions that meet a Capital Project WIP Exclusion Rule.
  1. Access the
    Work in Progress Reconciliation Report
    .
  2. To reconcile, select the
    Company
    ,
    Ledger Period
    , and
    Ledger Accounts
    .
    When you enable multibook asset accounting, you can select the company book code to reconcile.
  3. Review the
    Ledger Details
    .
    As you review the report, consider:
    Field
    Notes
    Project Estimated Budget
    This field is informational only and has no bearing on the reconciliation of the WIP ledger account.
    Ledger Balance at Period End
    WIP ledger account balance at the end of the period.
    Total Ledger Activity for Period
    This amount should equal the
    Total Transaction Activity for Period
     amount.
    Total Transaction Activity for Period
    The
    New Transactions in WIP for Period
     minus
    Amount Reclassified as Expense for Period
     minus
    Capitalized Amount for Period
    .
    New Transactions in WIP for Period
    Doesn't include amounts reclassified as expense or capitalized amounts.
    Amount Reclassified as Expense for Period
    Credits (subtracts from) the WIP ledger account balance.
    Spend Category
    Spend category for the project asset, not the transaction.
    Capitalized Amount for Period
    Sum of transactions capitalized as a business asset for the period, crediting the WIP ledger account balance.