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Calculate and post job WIP in Microsoft Dynamics 365 Business Central Microsoft Quiz Answers
Get Calculate and post job WIP in Microsoft Dynamics 365 Business Central Microsoft Quiz Answers
Do you want to learn about job WIP in Business Central? This module discusses WIP methods, how to calculate it, and also how to close a job.
Prerequisites:
- Basic understanding of how to navigate in the Dynamics 365 Business Central application
- Understanding of job costing and work-in-progress concepts
Module 1: Explore job WIP methods in Dynamics 365 Business Central
Do you want to know how to calculate job WIP in Dynamics 365 Business Central? This module explores the job WIP methods and explains the concepts of work in process (WIP) in Business Central.
Learning objectives:
In this module, you will:
- Learn about the available WIP methods in Business Central.
- Discover how each WIP method calculates WIP and recognizes sales and usage.
Prerequisites:
Basic understanding of how to navigate in the Dynamics 365 Business Central application and job costing
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. In which of the following WIP calculation methods are revenues and costs not recognized until the job is finished?
- Completed Contract
- Percentage of Completion
- Cost Value
- Sales Value
Q2. You only want to allow the Sales Value and Completed Contract job WIP methods for your projects. What can you do to prevent users from selecting one of the other job WIP methods when they set up a new job?
- On the Job WIP Methods page, delete the WIP methods that aren’t allowed.
- On the Job WIP Method Card page, select Blocked for the WIP methods that aren’t allowed.
- When setting up a new job, users can always select any job WIP method that they want.
- On the Job WIP Methods page, clear the Valid field for the WIP methods that aren’t allowed.
Module 2: Calculate job WIP in Dynamics 365 Business Central
Do you want to be able to calculate WIP for your jobs? This module explains how to calculate the work in process (WIP) for a single job or for all jobs at the same time.
Learning objectives:
In this module, you will:
- Calculate WIP for a single job.
- Calculate WIP for all jobs.
- Analyze the results.
- Post WIP to the general ledger.
Prerequisites:
Basic understanding of how to navigate in the Microsoft Dynamics 365 Business Central application and job/project costing
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. You calculated WIP for a new job for the first time by running the Job Calculate WIP function. While analyzing the results, you realize that the job is set up with the wrong WIP method of Cost Value instead of Sales Value. What do you need to do to calculate WIP for the correct WIP method?
- Use the Copy Job function to create a new job, update the WIP method for the new job, and then run the Job Calculate WIP function for the new job.
- Run the Job Post WIP to G/L function and make sure that the Reverse Only field is selected. Next, update the WIP method on the job card and then run the Job Calculate WIP function again.
- Run the Job Calculate WIP function and make sure that the Reverse Only field is selected. Next, update the WIP method on the job card and then run the Job Calculate WIP function again, but without the Reverse Only field selected.
- Run the Delete WIP Entries function, change the WIP method on the job card, and then run the Job Calculate WIP function.
Q2. How can you post WIP entries to the general ledger?
- Run the Job Calculate WIP function and then the Job Post WIP to G/L function.
- Run the Job Calculate WIP function, which calculates the WIP amounts and automatically posts them to the general ledger.
- Run the Job Post WIP to G/L function, which calculates the WIP amounts and automatically posts them to the general ledger.
- Select an option in the Post WIP to G/L Recurrence field on the Jobs Setup page, for example, Month. This approach ensures that every month, WIP is automatically posted to the general ledger.
Module 3: Close a job in Dynamics 365 Business Central
Do you want to discover what to do in Business Central when the actual work for the job is completed? This module explains how to close a job in Business Central.
Learning objectives:
In this module, you will:
- Learn how to close a job in Business Central.
- Calculate and post the job completion to the general ledger.
Prerequisites:
Basic understanding of how to navigate in the Dynamics 365 Business Central application and job costing
This module is part of these learning paths:
Quiz 1: Check your knowledge
Q1. Why should you change the job status to Completed when a job is finished?
- To reverse the WIP that is posted to G/L and to post the final revenue and cost recognition entries for the job
- To automatically block the job
- To send the final invoice to the customer
- To reverse the usage and sales that are posted to G/L and to post the final WIP entries for the job
Q2. Which field prevents users from unintentionally posting to a job?
- Ending Date
- Status
- Job Posting Group
- Blocked
Conclusion:
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