How to write out WIP to a Value?
Article ID
ias-6709
Article Name
How to write out WIP to a Value?
Created Date
29th August 2008
Product
IRIS Time and Fees
Problem
How to write out WIP to a Value? I want to reduce my WIP balance when I post an invoice. How does write out to a Value work?
Resolution
Contents
Introduction
Reduce WIP: Write out
Write out to a Value
Step by step guide to writing out a Value
Technical Details on writing out to a Value
Introduction
This knowledge Base article will explain how to reduce WIP with an invoice and show how to write out to a Value
Reduce WIP: Write Out
When you post an invoice it is the write out field that is used to reduce your client’s WIP balance and match the invoice to your staff member’s time. For example, if you want to reduce your client’s WIP balance from £500 to £300, you can enter 200 in the write out field (500 less 300 equals 200).
Related KB Article
KB IAS-6707 : How to reduce a client’s WIP balance with an invoice?
Write Out to a value
When you reduce WIP with an invoice, one write out method available for you is to write out to a Value. For example, you have an Accounts Job and the WIP is showing for £1000, which you wish to clear to £800 when posting an invoice. By entering a Value of £800 this will reduce the WIP amount to £200.
There a number of reasons why you may choose to write out to a value:
You may wish to make a certain profit on the client. For example, if you have £800 of staff time and want to make a £200 profit for this work; you may invoice £1000 and write out £800. (1000 less 800 equals 200).
You may wish to invoice future time. For example, you may have £200 WIP on client A001 at the beginning of May and you want to invoice your client. You know that you are going to spend another £100 of time for this client, and so you want to invoice this client ‘in advance’. By posting a write out of £300 this will produce a WIP balance of £-100 (200 less 300 equal -100).
You may wish to ‘carry forward’ a WIP balance after posting the invoice. For example, you may have £300 of WIP on a client account A001. You would like to invoice the client but leave £100 of time on the clients account. In this situation you may invoice the client and post a write out for £200. (300 less 200 equals 100)
Step by step guide to writing out to value
From the IRIS main menu, click on IRIS Fees.
The Fees Ledger screen will be displayed. From the menu, click on ‘Enquiries’ and select ‘Client Summary’ from the drop down menu.
The Client WIP/Fees Summary screen will be displayed. Type in the client identifier of the client you would like to invoice. For example, A001 and then click on the billing button.
The ‘Client Billing Decision’ screen will be displayed. You will see a grid in the middle of the screen. In the Write Out column, right click and select write out To Value. Enter the value you wish to write out, For example, to write out £50 type 50 and click on ok.
Related KB Article
KB IAS-6705 : How can I post a simple invoice?
Technical details about writing out to a value
Only when WIP has been updated to the Ledger can it be written out
Write out to Value will match time on the ‘earliest first’ basis. For example, if you have £10 WIP in January, £20 in February and £10 in March and post a write out for £10, then time in January will be written out.
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