V9 - Using Work in progress (WIP) report for reconciliation
If your organization is on the Pro plan and uses work centers, the Work in progress report (Operations > Reports > Production > Work in progress) accounts for transactions in other work center stages.
Any build or process transaction in a work center other than Finished goods will not reflect in the Inventory value report.
The values in the Work in progress report, when combined with the results of the Inventory value report (Operations > Reports > Inventory > Inventory value), should balance with the asset account(s) total in QuickBooks. To produce the Work in progress report needed for reconciliation, follow these procedures:
- Run the Work in progress report for the same date as the Inventory value report. Download the report.
- Download the item export (Tools & settings > Data export > Inventory > Items) that includes the item Name and Type columns.
- Combine both reports into an Excel workbook and use the VLOOKUP tool in Excel to retrieve the item Type data and add it to the appropriate line in the Work in progress report.
- Use the data filters in Excel to show only the line where the Type is Service or Expense. Then delete those lines of data.
- The Work in progress report should now show only the Inventory or Assembly items. The total value of this report should now reflect only your assets currently in manufacturing.
See Using the Inventory value report for reconciliation for details on how this report can be used in tandem with the Work in progress report when reconciling your books.
