Enterprise glossary and term center

Research and understand all the intricate terms and definitions that surround the ecosystem of enterprise resource planning (ERP), enterprise software and no-code tools.

Work-in-Progress Inventory - What is a work in progress account?

The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. ... WIP is a component of the inventory asset account on the balance sheet. These costs are subsequently transferred to the finished goods account and eventually to the cost of sales.