Work In Process
I would like to know how QuickBooks uses the work in process account. I would think that any expenses or monies recieved on a job are put into the work in process until the job is complete, but since QuickBooks set it up th item list to go to cost of goods sold accounts and income accounts, nothing every really gets to work in process. Therefore, in order to get a proper financial report at the end of the month, you would have to invoice for any monies not yet recieved. Which brings me to another point. At the end of the job you would move the items from that job out of work in process into the expense and income accounts and close the job. Well, by closing the job it does nothing but tag that job as being closed. You can still post to it and whatever else you want to do to it. Once that job is tagged with the closed label you should not be able to do this. So, being that QuickBooks is set up this way (it came this way, we did not change how the items were set up) how exactly was the work in process on QuickBooks inteded to be used?