What is WIP – Work in Progress and Work in Process?

In manufacturing WIP is referred as Work in Progress in manufacturing, where we have unfinished goods. Costs are calculated upon completion of a predefined milestone achievement. Invoices can be processed upon completion of each milestones such as each certain percentage of work completion as determined in the contract.

Whereas Work in Process is referred to the materials that are turned in to goods as scheduled.

Our Master Production Module In ioNob ERP has a module which is designed to manage large-scale and small-scale manufacturing process. Shift based labour Manhours, material consumption etc are captured and involved in WIP inventory account.

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