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Understanding the concepts of work in progress (WIP) and debtors is fundamental to managing the billing process for any practice. When a practice performs work for a client, any time spent or expenses incurred while working on client assignments (AE)/jobs (AO) is recorded. This is then used to generate a bill for that client. These timesheet and expense sheet entries and their equivalent monetary value, enable practices to keep track of and report on financial information related to client work and business practices.
WIP is considered to be any work or out–of–pocket expense recorded in the system (either as time or as an expense (AE) or disbursement) that has not yet been billed to the client.
Client WIP can be divided into two different types:
Unposted—When time, expense and disbursement sheets are entered, submitted or authorised (AE)/posted (AO), client WIP is saved in the system. This is unposted WIP and is displayed at the point of billing so that an accurate estimate can be made for interim bills.
Unbilled—Posted time, expenses and disbursements are recorded in the WIP ledger and are available for billing. This is unbilled WIP.
A detailed breakdown of WIP is available at the point of billing. However, there are a number of ways WIP can be analysed before billing, if required. See Viewing/analysing client WIP for more information about how to view WIP.
Once a bill has been posted from outstanding WIP, the billed amount is moved from WIP into debtors. Once you have received payment from the client for the bill, you can enter the receipt of payment in the system. See Debtors receipts.
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