What Time ledger period are Fees invoices and credit notes transferred into?
Article ID
ias-11928
Article Name
What Time ledger period are Fees invoices and credit notes transferred into?
Created Date
24th April 2015
Product
IRIS Time and Fees
Problem
In IRIS Fees, how does the system know what Time ledger period the invoice should go into?
Resolution
Contents
Introduction
Fees Option Settings
Fees Ledger
Introduction
Postings made into the Time Ledger are placed into a period. For example, Period 2013/01. This period may cover a set period time, for example, January. The time periods may then be used for reporting purposes. For example, to report on all postings made in January, you can run a report for the period of 2013/01.
Postings made into Fees Ledger are placed into a Fees Period. The Fees Periods are independent of the Time Ledger. For example, it’s possible to have a Fees Period of 2013/02 and a Time Period of 2013/01.
Some postings in the Fees Ledger can be transferred to the Time Ledger. This includes the invoices and credit notes. The time period which these postings are transferred into is set by your fees options.
Time and Fees periods will usually be set up to be in sync with one another, however because they are independent of one another, a period that is open in one ledger, will not necessarily be open in the other ledger.
Fees Options – Time Period to Write out WIP
The Time period into which the invoice will go depends on a setting in the Fees ledger. To view/edit this option:
Log onto IRIS Fees from the IRIS Main Menu as MASTER.
Click on Options | Fees Ledger
Select the ‘WIP write out’ tab.
Under the heading ‘Time period to which to write out WIP’, there are three settings:
Same as Fees period
This option selects the same Time Period to write out WIP to, as the Fees Period.
For example, if you are posting an Invoice to period 2013/01, it will look for period 2013/01 in Time Ledger and process the write out to that period. If there is no such period, then a message is displayed as follows
“The selected Time Period is after the latest period in existence. To continue with the billing you need to create the Time Period.” This would mean that you would need to open a new Time period
On the basis of the invoice date
The invoice will go into the Time ledger period relating to the invoice date. If a period is not available (i.e closed or does not exists) that covers that date you will have the option to: a) create new periods b) use the most current period c) abandon the posting.
Always current time ledger period
The invoice will go into the most current Time ledger period except if there is a Time ledger period marked as ‘in reconciliation’. The reason for this is that the current period could be interpreted as the one ‘in reconciliation’. For example, if an invoice is posted that had been forgotten and needs to go to the period in reconciliation.
The recommended option would be “On the basis of the invoice date”.
Fees Ledger Posting
When posting an invoice via the On Screen Billing, provided that you have the permissions to “open /Close/Reconcile fees ledger periods,” and if there is a period in reconciliation, it will prompt you to select a period; else the system will automatically post the invoice to the most current Fees period.
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