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Using the WIP Reconciliation Report

The WIP reconciliation report provides the opening and closing WIP balances by hour and amount for the beginning and end of the period. The total amount of WIP transactions processed for a specific period of time, including billable time and expenses during the period, work in process billed and adjustments (write up/down) during the period are also included.

To calculate the closing balance, Time uses the opening balance from the previous period or 0.00 if this is the first period of the file. Since time and expense increase WIP, the total billable time and expenses for all clients during the period is added to the WIP opening balance. Since invoices decrease WIP, the total WIP that is billed during the period is subtracted from the WIP opening balance. The total write-up (over-billing) plus the write-down (loss of time that could not be recovered) is netted and subtracted from WIP opening balance.

Each of these calculations contributes the closing balance or the balance as at the end of the period.

To reconcile work in process, use this document and compare it with the WIP detail report. Verify that the total amount from the Work in process detail report agrees to the end of period balance in the WIP reconciliation report.

While viewing the Reconciliation report, you can drill-down from it to the details for each item in the reconciliation. For example, to look at data from the previous period's WIP, you can click on the "Balance, beginning of period" line to drill-down to the previous period's WIP summary, and from there you can click on client data to drill-down to the previous period's detailed client WIP data.