Record work in progress

This article explains how to adjust your accounts for work in progress (WIP).

FreeAgent doesn’t currently support functionality to cater for work in progress so you would need to calculate this outside of FreeAgent.

However, you can account for work in progress within FreeAgent by creating journal entries to make the necessary amendments to your accounts.

To post closing WIP at the end of an accounting period you’ll need to enter the following journal entries:

• Credit code ‘101 - Cost of Sales’
• Debit code ‘610 - Stock Adjustments’

Then, to post opening WIP on the first day of the new accounting period you would need to enter the following journal entries:

• Debit code ‘101 - Cost of Sales’
• Credit code ‘610 - Stock Adjustments’

Please speak to your accountant if you are unsure on what entries are needed.