Tag: Eric Dreisbach
OPINION: Why I Disagree with Work-in-Process (WIP) Accounting Part II
Do you pay attention to Work In Process? If not, you should. Creating a schedule for WIP is the best way to monitor this account and uncover errors. If you don’t have WIP on a schedule, errors and omissions are difficult to detect.
An Old New Trend in F&I
Better customer satisfaction and faster transaction times are just a couple of benefits to this old-new trend. Many dealers are also seeing an increase in product sales.
Part 2. What Are Some Common Errors in WIP?
Do you pay attention to Work-in-Process? If not, you should. The best way to monitor this is to have this account on a schedule controlled by the RO number.
OPINION: Why I Disagree with Work-in-Process (WIP) Accounting
Officially, work-in-process (WIP) labor is considered an inventory of labor purchased from technicians. Inventories are considered assets and carry a normal debit balance.