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Shannon83
September 22, 2021
Solved

Previous Year WIP

  • September 22, 2021
  • 1 reply
  • 0 views

Hello again,

I'm having a hard time figuring out how to reduce WIP from the past two years. Some general information: We are a service based business. Before we acquire a job, there are some hours that go into job prep, the quote, etc. After a client says ok, we can bill them for these hours and everything is good. However we have one job from 2019 that has hours in it, but they have had to push it back due to the pandemic. I don't want to carry this WIP any longer, and would rather reduce the existing wip and then reinstate it if they decide to go ahead. Usually, if this happens (same period) I just reduce the sales receipt value (how we move hrs to WIP from time sheets) to 0, and then it's gone from wip, and I can reverse it if they change their minds. But I'm not sure how to do that for 2019 and 2020. Any ideas? We have QB Premiere Professional Desktop if that helps

Best answer by JamesM4

Hi Shannon83,

 

Glad to hear from you again. I trust that business is going well on your end. Rest assured, I'll be happy to point you in the right direction so you can reduce WIP from the past two years. QuickBooks Desktop is a robust program that simplifies the way you manage your accounting. 

 

Based on what you've described, I see you benefiting more by contacting our support team so they can share your screen and assist you further with this. You can contact the team by dialing 1 (800) 559-0371. One of our specialists will be able to take a closer look at your account and help assist you further with this. You can also check out other contact options using this link here. You're more than welcome to keep me posted on how you make out. 

Let me know if you have other questions, I'm here to help. 

 

1 reply

J
JamesM4Answer
Level 6
September 22, 2021

Hi Shannon83,

 

Glad to hear from you again. I trust that business is going well on your end. Rest assured, I'll be happy to point you in the right direction so you can reduce WIP from the past two years. QuickBooks Desktop is a robust program that simplifies the way you manage your accounting. 

 

Based on what you've described, I see you benefiting more by contacting our support team so they can share your screen and assist you further with this. You can contact the team by dialing 1 (800) 559-0371. One of our specialists will be able to take a closer look at your account and help assist you further with this. You can also check out other contact options using this link here. You're more than welcome to keep me posted on how you make out. 

Let me know if you have other questions, I'm here to help. 

 

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