Work in Progress

Accounting
1

Hi, How do I account for Work in Progress (WIP). The situation is I have a contract that will be billed in two parts. Some soon, but the balance within 12 months. How do I account for this and presumably I have to issue two invoices? I have created project tags to help with tracking, but I’m sure I’m missing a trick!

Many Thanks for a great product.

Martin

2

WIP is bit like your closing stock, you value the work at end of year and treat it like closing stock

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