Glossary
Work in Progress
Work in progress (WIP) is a project or unit of production that has started but has not yet been completed or invoiced. In construction and other contract-based businesses, a WIP schedule compares costs incurred and amounts billed to date against the estimated total contract value, drawing on the same job costing data used to measure percentage of completion, and is a key management and financing tool for spotting jobs that are running over budget or under-billed. Our construction and trades accounting page covers how a WIP schedule fits into monthly reporting.
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