Postings for Job Closing
When you close a job, Made2Manage calculates whether the job costs more than expected (a negative work in process) or less than expected (a positive work in process). This sample ledger shows how closing transactions post for standard or weighted average costing methods.
Standard or Weighted Average Costing
| Date | Transaction/Accounts | Debit | Credit |
|---|---|---|---|
| March 17 | Negative WIP, make to order item | ||
| Product class WIP Matl/Lbr/Ovhd | 47 | ||
| Product class COGS Matl/Lbr/Ovhd COGS | 47 | ||
| March 19 | Negative WIP, make to stock item | ||
| Product class WIP material | 68 | ||
| Variance or COGS | 68 | ||
| March 21 | Positive WIP, Make to order item | ||
| Product class COGS Matl/Lbr/Ovhd | 55 | ||
| Product class WIP Matl/Lbr/Ovhd | 55 | ||
| March 29 | Positive WIP, Make to stock item | ||
| Variance or COGS | 87 | ||
| PC WIP material | 87 |