WIP/AR Reconciliation
The WIP/AR Reconciliation report provides an overview of account activity for clients with beginning and ending WIP and AR balances for a specified date range. This report is a two-sided report, showing WIP on one side and AR activity on the other side. You can compare both and determine what is available to be billed and what is left on the clients' accounts to be paid from prior billings.
Permissions Required for this Report
In the staff profile, staff must be assigned to a security group that is granted View functional rights for the following:
- Security group profile > Functional rights > Reports > Shared Library > Shared Views
- Security group profile > Functional rights > Reports > Firm Library > Custom
- Security group profile > Functional rights > Reports > Firm Library > Standard > Firm
- Security group profile > Functional rights > Reports > Firm Library > Standard > Practice
- Security group profile > Functional rights > Reports > Firm Library > <report name>
- Security group profile > Functional rights > Administration Manager > Client Manager > Approved Clients
Reports in Foundation that are Comparable
In Practice Management, the comparable report is WIP/AR Reconciliation, or the WIP Reconciliation and AR Reconciliation. In Practice Advantage, the comparable reports are WIP Reconciliation and AR Reconciliation.
Report Specifications
The following report options and filters are available to determine the report contents.
Options and Settings | ||
---|---|---|
Option | Setting | Description |
Include Progress in Realization Percentage |
Yes/No |
Includes or excludes the progress bill amounts in the calculation for realization percentage. |
Use AR Adjustments in Realization Percentage |
Yes/No |
Includes or excludes the AR adjustment amounts in the calculation for realization percentage. |
Hide Comma |
Yes/No |
Includes or excludes commas in numbers. |
Hide Penny |
Yes/No |
Includes or excludes pennies in amounts. |
Include Deleted Clients |
Yes/No |
Includes or excludes the deleted client information. |
Default Filters | ||
---|---|---|
Field Name | Operator | Value |
Transaction Date |
Between |
First Day of Current Fiscal Year, Last Day of Current Fiscal Year |
Optional Filters | ||
---|---|---|
Available Fields | ||
Accounting Period Date |
Primary Partner | Transaction Date |
Adjustments |
Client Billing Group |
Client Sub ID |
AR Beg Balance |
Client Business Unit |
Client Type |
AR End Balance |
Client ID |
Expenses |
Billings |
Client ID.Sub ID |
Finance Charges |
Business Code |
Client Name |
Financial Reporting Client Group |
Client |
Client Office |
Hours |
Client – Principal |
Client Primary Service Type |
Invoice W/Sales Tax |
Client Bill Manager |
Client Region |
Transfers/Corrections |
Line of Business |
Real Percent |
WIP Beg Balance |
Manager |
Return Group |
WIP End Balance |
Payments |
Tax Type |
Write Up/Down |
Posted Date |
Time |
|
Grouping | ||
---|---|---|
Available Fields | ||
Business Code |
Client ID.Sub ID |
Financial Reporting Client Group |
Client |
Client Name |
Line of Business |
Client – Principal |
Client Office |
Manager |
Client Bill Manager |
Client Primary Service Type |
Primary Partner |
Client Billing Group |
Client Region |
Return Group |
Client Business Unit |
Client Sub ID |
Sort Name |
Client ID |
Client Type |
Tax Type |
Sorting |
---|
Available Field |
Client |
Report Fields
The following fields are available for this report. The fields that display and the position of fields are based on the report's settings, grouping, sorting, and filters.
Report Fields | |
---|---|
Field | Description |
Client |
The client name and ID in Last Name, First Name (Client ID.Sub-ID) format. |
WIP Beg Balance |
All open WIP as of the first date in the date range selected. |
Hours |
All hours entered for the date range selected. |
Time |
The total amount for all time entered for the date range selected. |
Expenses |
The total amount for all expenses entered for the date range selected. |
Billings |
The total amount for all posted billings with the write up/down amount for the date range selected. |
Write Up/Write Down |
The total amount for all write up/ down transactions for the date range selected. |
Transfers/Corrections |
The net amount for all WIP transfers and corrections for the date range selected. |
Real Percent |
The realization percentage for the client. The formula is: Billings + Write up/down / Billings If you select to include progress or AR adjustment, the formula could possibly be: Billings + Write up/down + progress / Billings w/progress or Billings + Write up/down + AR Adjustment / Billings + Write up/down – Adjustment |
WIP End Balance |
The sum of all WIP that has not been billed as of the end date of the report. |
AR Beg Balance |
The AR balance as of the first date in the date range selected. |
Invoice w/Sales Tax |
The billing amounts plus any sales tax. |
Adjustments |
The total amount of adjustments for the date range selected. This includes credit memos, debit memos, AR write-offs, and adjustments. |
Miscellaneous Charges (MISC) | The total amount of adjustments for the date range selected. This includes credit memos, debit memos, AR write-offs, miscellaneous charges and adjustments. |
Finance Charge |
The total amount of finance charges for the date range selected. |
Payments |
The total amount of payments posted for the date range selected. |
AR End Balance |
The sum of Beginning AR + Invoice w/Sales Tax +/- Adjustment + Finance Charge - Payments. |
WIP/AR Reconciliation Sample Report