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How do I set up the WIP policy defaults?

The WIP policy defaults are set up at the company level to allow users to define the WIP rule types on a per project basis. This article covers setting up the WIP policy defaults.

1. Access the System page within Financial Setup

  1. Click Setup from the Icon Bar.
  2. Select Financial from the Navigation Bar.
  3. Click System.

2. Click the Accounting button

  • Click the Accounting button to open the Accounting System page.

3. Access Company List page

  • Click the Company Setup link to open the Company List page.

4. Select a Company From the List

  • Click the company name to open the Company Edit page.

5. Click the WIP Policy Link

  • Click the WIP Policy link to open the WIP Policy Defaults page and then specify the following:
WIP Accrual Number Defaults
Under this section, define the company defaults for the WIP Accrual Batch number:
  • Current WIP Accrual number:Enter the batch number to generate the next time a WIP accrual batch is created.
  • WIP Accrual - number prefix: Enter the prefix that precedes the Current WIP Accrual number.
  • WIP Accrual - number digits: Enter the total number of digits for the WIP of accrual batch number.

Note: If the WIP Accrual Number Defaults are not defined, the settings specified at the global level are used.
Account Defaults
Under this section, define the default WIP and revenue accounts:
  • Default WIP Account *: Click the browse button (...) to select the default account from the Account List page.
  • Default Revenue Account *: Click the browse button (...) to select the default account from the Account List page.

Note: The Account Defaults boxes are required that are set, by default, to the system default account.
Time and Material Policy Defaults
Under this section, define the default settings for the Time and Materials rule:
  • Select the entry type option.
  • Click the browse button (...) to select the account from the Account List page for these boxes:
    - WIP Account
    - Revenue Account

Note:Separate WIP and Revenue accounts can be set up for each entry type. The entry types available are based on licensing. By default, the options are cleared. When a Time and Materials type WIP Policy rule is defined for a project, the Time and Material Policy Defaults defined at the company level are inherited by the project. However, if the project company changes at a later date, the rule settings are not updated.

* Required

Available as of: Tenrox 2011 R3. The Revenue Recognition link is renamed WIP Policy and the Revenue Recognition Defaults page is renamed to WIP Policy Defaults.

6. Save your changes

  1. Click the Save link to save the changes
  2. Then click the Back link to return to the Client Edit page.

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