WIP (Work in Process)
The cost of partially-completed work — production orders in progress, project costs before revenue recognition — held as a balance-sheet asset.
Work in Process (WIP) is the cost of partially-completed work that has been incurred but not yet matched to revenue. In production, it's the materials consumed and labour applied to a production order that's been started but not yet finished — held in a WIP balance-sheet account until the production order completes and the finished item is received into inventory. In projects (Business Central Jobs, Project Operations, F&O Projects), WIP defers project cost to the balance sheet until revenue is recognised — on completion, on milestone, or through percentage-of-completion calculations. WIP is what keeps the P&L honest while work is in progress: cost doesn't hit expense until the matching revenue is recognised.