Reconcile Work in Progress (WIP) Accounts

Create a capital project. See Create Projects and Steps: Manage Capital Projects.

(Optional) Create rules to automatically assign transactions to WIP accounts. See Steps: Create Capital Project Work In Progress (WIP) Exclusion Rules.

Work in progress accounts are the accounts (typically asset) where you record the costs of work in progress for capital projects. For transaction lines with a capital project worktag, Workday uses the Work In Progress
account posting rule to determine the account in which to post journal entries.

When you create work in progress account posting rules, you can use dimensions such as company and project to determine the correct account. If you have enabled worktag balancing, additional dimensions are available.

Reconcile your work in progress accounts to:

Ensure that your transaction amounts for a specified period tie out to your net ledger balance for the same period.

Understand the amounts capitalized or reclassified as expense from your work in progress ledger account.

Workday doesn't use the Work in Progress account posting rule for capital project transactions that meet a Capital Project Work in Progress Exclusion Rule.

Access the

Work in Progress Reconciliation Report

To reconcile, select the

Company

Ledger Period

, and

Ledger Accounts

When you enable multibook asset accounting, you can select the company book code to reconcile.

Review the

Ledger Details

As you review the report, consider:

Field	Notes
Project Estimated Budget	This field is informational only and has no bearing on the reconciliation of the work in progress ledger account.
Ledger Balance at Period End	Work in progress ledger account balance at the end of the period.
Total Ledger Activity for Period	This amount should equal the Total Transaction Activity for Period amount.
Total Transaction Activity for Period	The New Transactions in WIP for Period minus Amount Reclassified as Expense for Period minus Capitalized Amount for Period .
New Transactions in WIP for Period	Doesn't include amounts reclassified as expense or capitalized amounts.
Amount Reclassified as Expense for Period	Credits (subtracts from) the work in progress ledger account balance.
Spend Category	Spend category for the project asset , not the transaction.
Capitalized Amount for Period	Sum of transactions capitalized as a business asset for the period, crediting the work in progress ledger account balance.