FYI PM Migration: Before You Begin - WIP Clean Up (Beta)

Before migrating to FYI as your new Practice Management system, it's a good idea to review and clean up the Work in Progress (WIP) balances before all entries are imported into FYI. Cleaning your WIP can significantly contribute to the speed and efficiency of the migration process. 

Review your WIP in Xero Practice Manager and identify any jobs with outstanding balances. This might be unbilled expenses, milestones or deliverables, or there may be incomplete or inaccurate time entries. You will need to determine whether the WIP should be invoiced or written off.

At a minimum, completing the following steps will provide a smoother transition and make it easier to reconcile your data:

  1. Review all jobs with an outstanding WIP balance
  2. Determine whether the WIP should be invoiced or written off
  3. Communicate with your clients regarding the WIP balances if needed.

Refer to the Xero article Track your work in progress.

It's recommended to implement a regular process moving forward to review outstanding WIP frequently. During the migration to FYI for practice management, you will be prompted to create a Current WIP report in FYI. This report can be used as part of a regular process to reconcile outstanding WIP balances.

Refer to your Elite Onboarding Guide to complete your migration to FYI.

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