Use of WIP Class and Investment Class codes

Clarity PPM SaaS Clarity PPM On Premise

How can I make my Financial Reporting / cost data more granular
Why would we need to create a 'WIP Class' or an 'Investment Class' code for use in Financial Management?

Release: Any Supported Release
Component:

Use the fields: WIP Class and Investment Class
The main function of the classifications is to help to categorize WIP or Investments.

Work in Process (WIP) Classes allow for an additional method of categorizing companies and investments.
WIP Classes are defined in the Administration Menu, through the Finance Setup pages.
The WIP Class is assigned at both the company and investment levels.
A company and an Investment may only belong to one WIP class at any given time.
An Investment 'WIP Class' value may be different from the 'WIP Class' defined on the company with which the Investment is associated
WIP Class may be used in the application of rates and costs for an organization and or the calculation of recognized revenue. This is accomplished by adding the 'WIP Class' attribute to the Rate Matrix column configuration and defining rows with specific rates.
WIP Class is a required field for financially enabling both Companies and Investments so at least one value must be defined within the system.
WIP Classes may also be used in operational reporting.
Example of WIP class - a company with different investment revenues separate them in categories: less of 100 000 USD, 100 000 to 500 000 USD, and greater than 1 000 000 000 USD.

Investment Classes allow for a logical categorization of work within an organization.
Investment Classes can indicate the types of services provided by the organization to their clientele or the type of investment.
Examples would be Upgrade, Enhancement, Maintenance and Administration. (These classifications are just examples)
Investment Classes are defined in the Administration, Finance Setup pages.
The Investment Class is assigned at company and investment levels.
An Investment's 'Investment Class' value may be different from the 'Investment Class' defined on the company with which the Investment is associated.
Investment Class is a required field for financially enabling both companies and Investments so at least one value must be defined within the system.
Investment Classes may also be used in operational reporting or as part of the Rate/Cost Matrix. This is accomplished by adding the 'Investment Class' attribute to the Rate Matrix column configuration and defining rows with specific rates.
Example of Investment Class: if a company has many business investment fields like "Baking bread" and "Building software" the different Classes set will help to differentiate them.