Transferring Lump Sum WIP

You can transfer a lump sum of WIP from a single client to any number of clients. The WIP will be transferred to the receiving client or clients. The final transferred WIP is prorated, if needed, to reach the specified amount or hours. A portion of the last transferred WIP transaction is typically left with the transferring client.

The WIP date and accounting period date of the WIP being transferred will not change when it is transferred.

Tip: We recommended that you review the results of the transfer before continuing the billing process. The age of the transaction is the only factor used in determining how to distribute the transfer among the receiving clients

To begin the process by selecting a client and choosing your transfer methods and options, do the following:

  1. Open Dashboard, click Application Links on the navigation panel, and then click WIP corrections/transfers under Administration.
  2. Click Transfer lump sum WIP in the navigation panel.
  3. Select a client from the list whose time or expenses will be transferred. Enter text in the box. As you type, matching results display. If there is an exact match, it is highlighted in the grid. For more information, see Using Advanced Lookups.

    Note: You cannot transfer from a billable client to a nonbillable client and vice versa.

  4. Make your selection in the ClosedWIP information section.
    • Time by fixed dollar amount. Select to transfer a fixed dollar amount to one or more clients. This option allows you to transfer expenses. For example, your client requests separate billings for several departments and specifies the amount to charge to each department.
    • Time by percentage of dollar amount. Select to transfer a percentage of dollar amount. For example, you have WIP charged to an estate and the heirs ask you to split the billing evenly among them.
    • Time by hours. Select to transfer WIP based on hours. This option allows you to edit the rates of transferred hours. For example, you need to create billings for several departments with different hourly rates for each department.
    • Expenses. Select to transfer expenses.
  5. Choose a Closedtransfer method.
    • First in, first out. The transfer starts with the oldest selected transaction.
    • Last in, first out. The transfer starts with the most recent selected transaction.
  6. Enter a memo for the transaction, if desired.
  7. Click Continue to go to the next window. The Transfer WIP window displays.
  8. By default, all WIP hours are selected to transfer. If only selected WIP transactions should be transferred, click Filter WIP to select specific WIP items. See Selecting WIP Transactions for Transfer for more information.
  9. Select one or more clients from the list who are receiving the transferred WIP. Enter text in the box. As you type, matching results display. If there is an exact match, it is highlighted in the grid. For more information, see Using Advanced Lookups.
  10. Enter the amount or percentage to be transferred to each selected client and click Accept. Repeat if you will be transferring the WIP to multiple clients. The total remaining WIP to be distributed displays at the bottom of the window.

    11. Note: To clear the grid and begin client selection again, click Clear grid. You can also print the grid by clicking Print.

  11. Click Transfer to complete the transfer of WIP to the selected client or clients.
  12. If your firm requires project or worksteps for time entry, select the project and workstep to transfer the WIP to, and click OK.