Making month-end work-in-process or WIP adjustments is a critical accounting task.  WIP refers to partially finished vehicles awaiting completion.  It takes into account the labor and parts costs that have been incurred and effectively moves them to the accounting period where the sale will be recognized.

By the end of this course, you will:

• Learn what is WIP and why it is necessary to make month-end WIP adjustments
• Understand which reports need to be run on the last day of every month
• Know how to make the month-end journal entries and how to reverse them at the start of the following month