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Work In Progress

Work In Progress

Maximize your project value analysis with Cienapps, available on WooCommerce. This powerful tool offers an in-depth accounting report, allowing you to balance expenses against billings for any given period, ensuring comprehensive financial oversight.

Key Features:

1. Work in Progress (WIP) Analysis: Understand your ongoing projects better by tracking orders with sale amounts, direct business costs, real-time labor, and materials dedicated to each project.

2. Detailed Reporting Parameters: The report covers estimated and actual costs of materials and labor, order sub-totals, and billed amounts, offering a thorough financial snapshot.

3. Real-Time Information: Generate up-to-date reports, reflecting the latest data at the time of creation, to make informed decisions.

4. Flexible Reporting Options: Choose between ‘All orders’ for a broad overview or ‘Targeted order’ for specific insights. The ‘Detailed’ option further expands to show work orders under each order.

5. Excel Export Capability: Conveniently export the report to Excel for archival purposes, with automatic currency conversion to euros (modifiable to your preferred currency).

6. Comprehensive Calculation Breakdown: Find detailed information like customer name, order number, material and labor costs, invoicing details, and the calculated value of work in progress.

7. Configurable Report Generation: Tailor the report generation and backup according to your scheduling needs in the configuration settings.

Cienapps transforms complex financial data into actionable insights, making it an essential tool for businesses seeking to optimize project value and financial management. Get it now on WooCommerce for a clearer understanding of your project finances.

$3,999.99

Work In Progress

$3,999.99

You want to consider the value of your projects in production! Easy, Cienapps offers you an accounting report so you can balance your expenses versus your billings, and this for a given period.

What is the work in progress?

Quite simply, the work in progress is the orders with a sale amount, with a related work order that accumulates direct business costs. Both in terms of the direct labour worked in real time as for the materials purchased, received and reserved for this project. Always taking into account the evolution of billing of this project. Once the project is fully billed, it is no longer part of the work in progress. Several elements of the data in this report come from actual activities in the work order related to the order.

The work in process report considers the following parameters:

  • Estimated cost of materials and labour related to an order;

  • Actual cost of materials reserved on all work orders related to the order;

  • Actual cost of activities recorded on labor-related work orders;

  • The sub-total of the order;

  • The amount charged and billed versus the sub-total of the order.

The value of the work in progress is calculated using the sub-total of the order multiplied by the rate of total direct costs incurred, to this total we subtract the amounts already invoiced. Note that if the total direct cost rate incurred is greater than 100%, 100% will be used in the calculation.

You will find this accounting report under accounting of the tools tab.

Possible options

When you generate the report, it considers the information in real time, so at the date and time the report is generated.

There are two options available to you to meet your search needs.

  • All orders: By selecting  All in the order dropdown, the report will generate all activities related to an order that meet the inclusion requirements in the report.

  • Targeted order: You want information about targeted order, you just need to press the arrow or the three points to open the Order Vision file where you can make your selection.

  • Orders and Work Orders: The “Detailed” option will display work orders under each order. The information displayed is similar to that of the commands.

Note: Even if you select orders, they will only appear if they meet the inclusion requirements in the report. A double click on a line will open the Order / Work Order file.

Export of the report to Excel

This accounting report can be generated as needed at any time or can be exported into a file and automatically backed up according to a recurrence that needs to be set in the configuration settings.

The report is easily exported to Excel so that it can keep the information in archive.

Note: When imported, it converts the currency into euro by default, so you simply must change the format of the currency cell with the currency of your choice.

Explanation of calculations and information

In the report you will find the following information:

  • Customer: Customer’s name

  • Order #: The order number in Cienapps

  • Estimated material cost: The estimated total of material costs required to complete the order.

  • Real material cost:
    The sum of the material costs set aside for the fulfillment of the order.

  • % Material costs incurred:
    Result of the difference between the actual costs of the reserved materials versus the original estimate.
    (Real material cost ÷ Estimated material cost = %Material costs incurred)

  • Estimated Labor cost : This cost is based on the time estimate, multiplied by the hourly rate of all the manpower needed to complete the order.

  • Real labor Cost: The actual labor cost is the sum of all time recorded for all employees as well as their hourly rates.

  • % Labor:
    This percentage is the comparison between the actual and estimated cost for the labor for a given order.
    (Real cost Labor ÷ Estimated cost Labor = % Labor)

  • Actual project cost:
    Sum of actual material and labor cost.
    (Real material cost + Real cost Labor = Actual project cost)

  • % of direct project cost incurred: Sum of actual material and labor costs versus estimated costs for the material and labor in connection with the project.
    ( Real material cost + Real labor cost)  ÷ ( Estimated material cost – estimated labor cost) = % Of direct project cost incurred 

  • Order sub-total:
    Sums of all products of the order in Cienapps, without taxes.

  • Invoiced amount:
    Amounts of all invoices issued in Cienapps and related to an order.

  • % Amount invoiced:
    This percentage is the comparison between the amounts charged versus the sub-total of the order.
    (Invoiced amount:÷ Order Sub-total = % Amount Invoiced)

  • Balance to invoice:
    This amount is the difference between the sub-total of the order versus the sub-total of the amounts charged to date.
    (Amount invoiced – Sub-total of the order -Balance to be billed)

  • % Balance to invoice: This percentage is the balance between the amounts to be charged versus the amounts charged to date. (Balance to charge  ÷ Order Sub-Total  = % Balance to Invoice)

  • Value of work in progress: This calculation uses the sub-total of the order multiplied by the rate of total direct costs incurred, to this total we subtract the amounts already invoiced.
    ((Under-total order x % Direct costs incurred from the project) – Amount charged – Value work in progress)

Note: If the total direct cost rate incurred is greater than 100%, 100% will be used in the calculation.