Amazing video! Super thank you One question: Why the interim accounts you created (interim received and delivery) are activated the "allow reconciliation " option in chart of accounts?
Thanks Kevin. Is it possible to set an account on a Work Center? That would be the counterpart to the WIP account. In New Zealand we call this "wages recovery". Debiting WIP account and crediting Work Center account.
Great video! I just discovered your video and are super easy to understand them! :) i have a question : the analytic account in the BoM->Miscelaneous -> Analytic account.. should behave the same? or is totally something else!? thanks
The journal entry that was created for the final good credited WIP (decreasing the value) and debited your finished goods account (increasing the value). The value of labor has to come from somewhere. When you pay your employees typically that will be a credit against your bank and cash and a debit against some employee salary account. However, the cost of that labor is an asset because it went into creating your manufactured item. You would want to create a manual journal entry debiting WIP (increasing the value likely to 0 in a simple scenario) and crediting your salary expense account (decreasing the expense account because that value from the employee's work should be on your books as an asset, not an expense). **DISCLAIMER: I am not an accountant, this is not financial advice. If you are unsure ask an accountant. **
Great Video!!!! Thankyou
Very good. Thanks your for your sharing
Excellent video thank you so much Kevin😄
this is excellent thanks for contribution
Amazing video! Super thank you
One question: Why the interim accounts you created (interim received and delivery) are activated the "allow reconciliation " option in chart of accounts?
Excellent Kevin
Excellent
Thanks Kevin. Is it possible to set an account on a Work Center?
That would be the counterpart to the WIP account. In New Zealand we call this "wages recovery".
Debiting WIP account and crediting Work Center account.
Hi Ref, please see my most recent manufacturing and inventory accounting video. If a question still remains after that let me know!
Great video! I just discovered your video and are super easy to understand them! :)
i have a question : the analytic account in the BoM->Miscelaneous -> Analytic account.. should behave the same? or is totally something else!?
thanks
Thank you! Putting an Analytic Account on a BOM just allows you to set the default Analytic Account when a MO is created.
bro you so helpful thanks
Good one. Thank you.
can you show me how to record for labour cost in this cases if i put it in total in Manufacturing ?
Can you show me manufacturing with labor cost and overhead cost ? how it work and how to do it please?
is wip account always minus on balance sheet?
Absolutely valid question, I have same question......
The journal entry that was created for the final good credited WIP (decreasing the value) and debited your finished goods account (increasing the value). The value of labor has to come from somewhere. When you pay your employees typically that will be a credit against your bank and cash and a debit against some employee salary account. However, the cost of that labor is an asset because it went into creating your manufactured item. You would want to create a manual journal entry debiting WIP (increasing the value likely to 0 in a simple scenario) and crediting your salary expense account (decreasing the expense account because that value from the employee's work should be on your books as an asset, not an expense). **DISCLAIMER: I am not an accountant, this is not financial advice. If you are unsure ask an accountant. **