Enhanced interface

Use automated WIP relief for WIP asset balances

Facilitate easy matching of revenues and expenses via automated movement to cost of goods sold, expense, or asset account types. This enhancement is designed to streamline your accounting processes and improve the accuracy of your financial reporting for long-running projects.

Automated WIP relief ensures that assets are booked to WIP accounts, then automatically moved when cost is incurred into an asset account. This can be done when revenue is recognized.

By aligning costs with revenue, this automation provides a more accurate picture of your company's financial health. Automated WIP relief adheres to the matching principle, ensuring that costs are recognized in the Profit & Loss (P&L) statement only when the corresponding revenue is recognized.

Subscription	Projects: Costing and Billing Grants: Tracking and Costing
Regional availability	Australia Canada South Africa United Kingdom United States
User type	Business Construction Manager Project Manager Employee
Permissions	Projects WIP relief: List, View, Generate, Delete Business and Project Manager can use all permissions. Employee users can view or list only.
Restrictions	For use with Contract accounting. Not available for Construction, which uses a different WIP Management process.

Configure WIP relief in Projects

You do not need General Ledger (GL) permissions to configure WIP relief. However, GL permissions are required to view the journal transactions that are created through the relief process.

Go to Projects> Setup> Configuration.
In the new WIP relief section:
1. Select the Enable WIP relief checkbox.
2. Select the WIP relief journal.
  This must be an "account only" journal.
3. Enter the WIP account and the WIP relief account.
  - WIP account must be a balance sheet account with a normal debit balance that is non closing.
  - WIP relief account must be an account with a normal debit balance.
Enabling WIP relief triggers the ability to grant permission to generate or view WIP relief.

Now, the Projects menu includes a two new options: Generate WIP relief and View WIP relief log.

Grant permission to generate

After you’ve enabled WIP relief, grant permission for each user you want to be able to generate the WIP relief.

From the Company menu, select the user or role that you want to grant permission.
In the Projects line, select Permissions.
Scroll to WIP relief and select List, View, Generate, and/or Delete.
Repeat this for each user or role to grant permissions to generate or view WIP relief.

Business and Project Manager users can have all permissions. Employee users can view or list only.

Users and roles with these permissions now can generate or view WIP relief.

Generate WIP relief

Next, generate the WIP relief

Go to Projects > All > Generate WIP relief.
Set the WIP relief parameters to provide all the information needed:

GL posting date
WIP transaction as of date
Your email address
The project or project group (include child projects, if needed)

The WIP relief journal, the WIP account, and WIP relief account use the information you entered while configuring WIP relief.

Select the Relieve WIP button to start the process.

Enter parameters to use when generating WIP relief

Intacct then takes the information and creates the WIP relief entry. The entry is generated offline, and an email is sent when the entry is complete.

View WIP relief log

After WIP relief is generated, go to the WIP relief journal to review the entry or access it from the WIP relief log. If the journal entry requires approvals, the entry will go through the approval cycle.

These entries are system-generated and you are not allowed to edit them after they’ve been created.

Select View WIP relief log from the Projects > All menu to see a list of each WIP relief generation, including the Run date and time, who was emailed, and the status. You can drill into each entry to view a snapshot of the relief parameters.