WIP accounting classes

What is WIP accounting class ?
Which are different accounting classes in WIP ?
Which different accounts are associated with it ?

An accounting class is a group of various General Ledger accounts which allows you to arrive at job cost, production cost and maintenance costs.

The following are different accounting classes in Oracle WIP:

1) Standard discrete
Standard discrete accounting classes can be used to group job costs for building subassemblies and finished goods on shop floor. You can define and attach this accounting classes so that you can separately value and report the costs associated with subassembly and finished goods production.

2) Asset non standard discrete
If you use non-standard discrete jobs to track production costs as assets, you can define and assign an accounting class with a type of asset non-standard. Asset non-standard discrete jobs are costed the same as standard discrete jobs. Valuation accounts are charged when material is issued to a job and final costs and variances are calculated and posted to the appropriate variance and valuation accounts when the job is closed.

3) Expense non-standard discrete
Non-standard discrete accounting classes can be used to group and report various types of non-standard production costs, such as field service repair. For example to track recurring expenses - machine maintenance or engineering projects- with non-standard jobs, you can define and assign an accounting class with a type ofexpense non-standard to these jobs. The valuation accounts carry the costs incurred on these expense jobs as an asset during the period and automatically writes them off to the variance accounts at period close.

4) Repetitive accounting class
Repetitive accounting classes are used to group production costs and must be assigned to each repetitive line/assembly association that is created. Every repetitive schedule for that assembly on that line uses these accounts.

5) Standard Lot based
Standard lot based jobs control the material, resources, and operations required to build an assembly and collect costs. When you build lot based jobs, the standard lot based accounting class is used to separately value and report costs associated with yielded production at each individual operation on the routing.

6) Expense non standard lot based
Expense non-standard lot based accoubting class jobs control material and collects costs for miscellaneous activity. These jobs are used for expense work orders for testing, prototypes, and rework where operation yield costing is not considered. You can perform all transactions (moves, jumps, scrap, splits, and update assemblies or routings) with the exception of job merge.

7) Maintenance accounting class
Maintenance accounting classes are used to group costs for work orders used in Oracle Enterprise Asset Management (eAM) Module . For example, if you are creating work orders for plant maintenance activities, you can define your accounting classes to separately value and report the costs related to asset.

The following valuation and variance accounts are associated with each accounting class.

Valuation accounts
1) Material account
2) Material overhead
3) Resouce
4) Overhead
5) Outside Processing

Variance accounts
1) Material account
2) Material overhead
3) Resouce
4) Overhead
5) Outside Processing
6) Standard cost
7) Bridging
8) Expense

Standard cost account is applicable to only standard costing method and Bridging and Expense accounts are applicable to average costing method only. Rest all accounts are appliable to both standard and avergae costing methods.