As a job progresses, materials, resources, and other expenses are consumed and can be posted to the job enabling profitability tracking of a job or project. Work in Process (WIP) is a feature that enables you to estimate the financial value of jobs in the general ledger while the jobs are ongoing. You can calculate WIP based on cost value, sales value, recognisable cost, percentage of completion and completed contract.
If you want to view the result using a different method, you can change the method and calculate WIP again. There is no limit to the number of times that you calculate WIP. WIP is only calculated, it does not get posted to the general ledger. After you have calculated WIP, you can post to the general ledger.
You can view job usage up to the completion of a project. Track and compare your budgets or original estimates against actual results and make modifications or new entries as needed. For example, you can add on extra resource time to the existing journal line or create a new journal line to report these hours as overtime, which is another work type. The appropriate cost and price are calculated, and you can then post to the journal. The same applies to item entries, which create item ledger entries and reduce the inventory quantity. This then transfers the cost from inventory to the general ledger.
Once you have created and completed several projects in Business Central, you can build up a knowledge bank of which ones were most profitable and then copy these to use as templates for future projects.