Odoo18 - How to Post work-in-progress journal entries for ongoing productions to record material and labor consumption in the balance sheet.
Mustufa Rahi
Odoo Certified (v13/v16/v17) Functional Consultant, Project Manager, Odoo Functional Trainer, ERP Implementation Expert
#odoo18 Work in progress Manufacturing Accounting Entry is one such most needed functionalities. With this feature now Post work-in-progress journal entries for ongoing productions to record material and labor consumption in the balance sheet.
With this feature, now you can add separate accounting ledgers to manage work in progress inventories and labor cost in the balance sheet easily. It allows you to create entries as on date for consumed materials and completed operations and auto create its reversal entries to settle the interim work in progress accounts.
Odoo's Work in Progress (WIP) accounting feature offers several advantages and benefits for businesses involved in manufacturing, construction, or project-based work.
Accurate Financial Reporting:
WIP accounting allows for more accurate representation of financial statements, reflecting the true value of ongoing projects rather than just completed work.
Real-Time Data Insights:
Odoo offers real-time updates on WIP accounts, helping management make informed decisions based on the latest financial data.
Regulatory Compliance:
Adhering to accounting standards related to WIP ensures compliance with regulations, reducing the risk of financial discrepancies.
Improved Budgeting and Forecasting:
With detailed insights into project costs and timelines, businesses can create more accurate budgets and forecasts.
By tracking costs associated with each manufacturing process, accountability is heightened, ensuring that team members are aware of their spending and resource use.
Simplified Auditing Process:
Well-maintained WIP accounts make it easier to provide necessary documentation during audits, streamlining the audit process.
Increased Profitability:
Effective WIP management can lead to improved profitability by identifying areas for cost savings and efficiency.
By utilizing Odoo’s WIP accounting features, businesses can streamline their operations, enhance financial oversight, and improve overall project management effectiveness.
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Soy Consultor funcional certificado de Odoo. Contador matriculado. Auditor. Consultor. Director en Nova Cool SRL. MBA, Master en Transformación digital.
1 个月Muy didáctico
Economical Software Consultant | Harnessing affordable software to reduce stress, improve productivity and scale-up businesses
1 个月Nice to see this finally, no more need to post manual adjustments to WIP to account for work centre labour and overheads. Although prior versions could have production location set to automatically post WIP entries it only handled the materials after MO was closed.
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1 个月Interesting to see. I know this has been requested a lot in the past, so I look forward to taking a further look into this when I can this afternoon. Anyhow, as always, thanks for doing what you do best!
Odoo Functional Consultant | Business Analyst | ERP Implementation | Ex-Odooer
1 个月Mustufa Rahi The option to manage separate ledgers for WIP inventories is particularly very useful, as it allows for a more granular view of our costs. Plus, the automation of reversal entries will eliminate manual adjustments, making the entire process smoother. Looking forward to explore these topic in detail. Thank you for en-lighting us with this new feature of Odoo 18.
Odoo Certified (V17/V16/V15)Functional Consultant||Implementer||Odoo||You Tuber
1 个月Mustufa Rahi Really "Great Insight! This approach to manufacturing in Odoo 18 is really impressive. It helps streamline WIP accounting, which can be a game-changer for businesses looking for accurate financial reports."