• The WIP Reconciliation Report
• Amounts shown on the WIP reconciliation report
• The Receivable Reconciliation Report
• Amounts shown on the receivable reconciliation report

Amounts shown on the WIP reconciliation report

There are several supporting WIP documents that you can view to ensure that the amounts displayed on the WIP reconciliation report are correct.

Add:

The following items are added to the Balance, beginning of period amount (opening WIP balance).

Billable time during the period

This amount matches the Total Billable line on the Time Analysis Summary document.

Billable expense during the period

This amount matches the Total Billable line on the Expense Analysis Summary document.

Carry forward

This amount represents the total amount to be carried forward to another period.

Less:

The following items are subtracted from the Balance, beginning of period amount (opening WIP balance).

WIP billed during period

This amount represents the total WIP invoices billed during the period.

Verify the "WIP invoices during the period" amount of the WIP reconciliation report with the applicable amount in the "Invoice Analysis – summary" document. This document includes all the invoices for the period. In order to see the WIP invoices only, access the document properties and in the

Filter field click the button to open the Equation Editor.

Select the following:
Table=Receivables
Field=Source
Comparison="is equal to"
Value=W

Click Validate to verify the equation and then click OK twice to close the Equation Editor and the Document Properties dialogs.  

Write up (down) during period

This represents the total of write up/down calculated from billed items, during the period. If the total amount billed is in excess of the WIP amount, it is a write up, but if the total amount billed is less than the WIP amount it is a write down.

Verify the "Write up (down) during period" of this document with the write up/down amount of the "Invoice Analysis – summary" document.

When you begin the next month, you must ensure that the closing balance on the WIP reconciliation report equals the opening balance for the new period.

Notes

• To build filter calculations easily, use the Equation Editor. Click to access it.