Auto WIP Reverse when Milestone is invoice is confirmed

WIP Amount Reversal and WIP Details

When a milestone invoice is posted, the WIP amount will be reversed for Revenue Recognition milestone projects. A negative fee line will be created on posting the milestone invoice for the total invoice amount.

A new section ‘WIP details’ is created under the summary tab with new fields to track WIP amounts and WIP balance for the project.

To access this functionality, navigate to:

Projects > Revenue Recognise > Select the line > Details > Summary (tab)

WIP Details Fields

Negative fee lines will be created on confirm of milestone invoice for projects where Revenue recognition & Invoice milestone only are enabled.

A new tab was added as WIP Reversal lines in the Revenue recognition form to verify all WIP reversal lines for the respective project.