Work in progress (WIP) is not properly on the balance sheet.
For projects across a year-end, WIP belongs on the balance sheet, based on hours worked versus already invoiced. Skipping it means profit volatility and accountant questions.
Try this first
- 1Determine per project at month-end: hours worked plus direct costs minus already invoiced.
- 2Positive balance (more delivered than invoiced) is 'WIP asset' on the balance sheet, negative (over-invoiced) is 'deferred revenue liability'.
- 3Use the project admin of your time tracker (Yoobi, Simplicate, Tijdpro) to export this monthly to bookkeeping.
- 4Run a fixed monthly routine: WIP calculated and booked at month-end, not just at year-end.
- 5Agree the valuation method (hours-based or percentage-of-completion) with your accountant and stay consistent.
When to bring us in
For larger projects or fixed-price contracts with risk, a structured WIP flow with your accountant helps.
See also
- Switching from Exact Online to Yuki, open items and history do not matchPackage migrations stumble on ledger mapping and open AR/AP. Without a mapping table you lose context.
- Twinfield to Exact, dimensions and cost centres go missingTwinfield uses dimensions, Exact uses cost centres and projects. The mapping is not one-to-one.
- Accountant asks for RGS mapping, your ledger does not follow RGSRGS is the Dutch standard chart that SBR filings and accountant software expect. Without mapping, every year-end is manual.
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