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For example, if you include a project, you can either keep the default description or modify it as needed.
Post the document once all the details are filled
After posting the document, the amount will be reflected in the WIP account, and the cost object will be visible in both the General Ledger and the Work in Progress register cost object.
This can be applied to various documents as outlined below:
The Cost Object, used as a dimension, is included in all documents that track Work in Progress (WIP). These documents include:
- Invoices
- Employee and expense reports
- Inventory and production records
- Payroll and benefits calculations
- Fixed asset transactions
- Custom and other expenses
At month-end closing, the process will depend on the cost object settings. You can review how costs are allocated during month-end closing by going to Cost Allocation Settings under accounting.
Select the WIP GL account and configure the cost allocation settings by cost object. Check the box for "By cost object" and add the relevant cost objects. You can choose options like closing directly to profit and loss, allocating costs, or not allocating at all.
If you choose to allocate costs, you can adjust the method and consider the cost object.
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