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.

Note: If you have time, expense, or progress bills with a transaction date that is after the final bill invoice date of billed WIP, your closing WIP balance may not match your opening WIP balance for the following report date range. WIP transaction dates and invoice dates for billed WIP must be included in a single report date range to ensure your ending and opening WIP balances match.

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

Note: The Manager and Primary Partner field names are the default values defined for client responsible staff. The first ten client responsible staff List values that are defined by your firm are available field options.

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

Note: The Manager and Primary Partner field names are the default values defined for client responsible staff. The first ten client responsible staff List values that are defined by your firm are available field options.

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