Work in Progress (WIP) is used to match cost with revenue. This blog discusses different methods of costing WIP and provides instructions for running the WIP process in Microsoft Dynamics Business Central or Dynamics NAV.
In Microsoft Dynamics NAV or Business Central, you can use work type codes to control your job costs and prices. On the Resources card, you can have a general rate for the resource, but for the work type, you can control the rate based on a state they work in or the type of work they do or other variation.
This was one of the topics that came up frequently while working with users at the last NAV/BC User Group Summit at Phoenix.
Many people have different opinion to setup their inventory so costing is done properly. Naturally, knowing a few things on how Dynamics 365 Business Central (aka Dynamics NAV) inventory and how inventory costing works, I participated as much of these inventory costing discussions as I could.
Running a successful business requires the ability to plan, forecast, and make strategic business decisions. To make these kinds of effective decisions you need access to reliable data: you need to know, on a real-time basis, what your costs and profits are.
Fortunately, with Microsoft Dynamics NAV, the system does that for you: it updates your costs and subsequent profits on an ongoing basis.
The information below explains the steps to follow while rolling standard costs in Dynamics NAV. The process is relatively simple, but the goal of this document is to explain the importance of each step: and what is accomplished in those steps. So while this may appear to be a long blog, stick with is as it provides a thorough explanation and rationale of each step.
What do you do if you have to update the price of your entire warehouse? Or if one vendor has decreased a specific item by a certain amount? You could manually go through and update every item, if you had endless time on your hands. Or, you could use the Adjust Cost/Price Function in Dynamics NAV.