WIP Washup

Jun 8 / Clarity Street
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No one really likes to talk about WIP washup, but it's a necessary evil for every accounting firm. Whether you use upfront payment or ongoing payment functionality, mastering the WIP washup process is essential for accurate financial reporting and ensuring that your practice is profitable.
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So, what is WIP and WIP washup? WIP stands for "work in progress" and refers to work that has been started but not yet completed or billed. WIP wash up is the process of reconciling your WIP balance with your actual billings and expenses, in order to accurately reflect the true value of work completed.
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There are two distinct types of WIP washup process each approach has its pros and cons, and the best option will depend on your specific practice and client needs.
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In addition to understanding the different types of WIP washup, it's also important to know how to reverse a completed WIP washup and how to handle multi-client, multi-job WIP washup. These are both advanced topics that require careful consideration and planning.
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Mastering the WIP washup process is essential for all accounting practices. By understanding the pros and cons of each approach and knowing how to handle advanced scenarios, you can ensure that your practice is profitable and your financial reporting is accurate. Don't let WIP washup be a necessary evil - embrace it and use it to your advantage!
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Watch our session below for more details on XPM - WIP Washup!