WIP (Work In Progress)

WIP (work-in-progress) is a report that tracks the progress and financial performance of active jobs. It assesses if a task is overbilled or underbilled in relation to its progress, in addition to looking at the percentage of completion and the cost to complete. Companies incorporate a WIP schedule with their financial statements when employing the percentage-of-completion technique for revenue recognition.

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Related Terms

Job Costing

Overhead

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