Work in Progress (WIP) is billable time and expenses that have not yet been billed on a client invoice. It is work that is already completed, or expenses already incurred, but it is in the progress of being billed.
WIP provides an additional piece of information for project managers to evaluate the progress of their projects. To effectively manage a project’s budget, project managers must know what has been billed and what is available to bill (WIP). Project managers can utilize this information to proactively manage a project’s budget, help guide billing, and help identify any potential overruns.
These articles will guide you through the process of configuring WIP Policies: