How do you treat working-capital adjustments in pro-forma financials, especially normalized working capital target?

Working-capital adjustments compare actual closing working capital with a normalized target level. If actual working capital is below target, purchase price is reduced; if above target, purchase price increases. In pro-forma modeling, show the cash / debt impact and ensure the normalized level supports run-rate revenue. The target should remove seasonality, one-offs, and period-end manipulation.