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The WIP Reconciliation Report provides a date-based view of WIP and invoice activity, allowing practices to validate that WIP movements reconcile with invoice totals for a selected period.
While the WIP Reconciliation displayed in Practice Ledger uses all available Time entries and invoices with no date-range restriction, the WIP Reconciliation Report allows practices to specify a Start Date and End Date for the reconciliation.
If you have modified the original WIP Reconciliation sample templates that was deployed to your FYI platform, a copy can be downloaded from the Download Files section at the bottom of this article.
Report Data
Report - Reconciliation tab
The Report - Reconciliation tab displays WIP movement and invoice activity for the selected Start Date and End Date, and calculates the variance between the two.
The tab follows the same reconciliation approach as the WIP Reconciliation in Practice Ledger, while allowing practices to reconcile WIP and invoices for a specific date range.
By default, the Start Date is set to the first day of the calendar month immediately before the Report Date, and the End Date is set to the last day of that month. These dates define the period used by the calculations on the Report - Reconciliation tab.
To report on a different period, update the Start Date or End Date in the Report Settings.
| Calculation | Details |
| Start Date | Sets the Start Date to the first day of the calendar month immediately before the Report Date. |
| End Date | Sets the End Date to the last day of the calendar month immediately before the Report Date. |
| Opening balance |
Calculates the WIP amount carried into the Start Date from Time, Disbursement, and Interim entries dated before the Start Date that were still Submitted or Locked, or were invoiced on or after the Start Date. It also adjusts for certain Interim and imported or synchronised invoice entries between the Start and End Dates where the relevant FYI invoice ID is missing. Calculates the WIP amount by adding submitted, locked, and relevant invoiced time, disbursements, and interim amounts, including prior-period WIP invoiced after the start date. It then subtracts invoiced WIP imported or synced during the reporting period where no FYI Invoice ID exists. |
| Billable amount | Calculates the total billable amount for Time and Disbursement entries dated on or after the Start Date and on or before the End Date, where the status is Submitted, Locked, or Invoiced. |
| Write On/Off | Calculates the total Write On/Off amount for Time, Disbursement, and Interim entries with an Invoiced Date on or after the Start Date and on or before the End Date. |
| Invoiced amount | Reduces WIP by the total invoiced amount for Time, Disbursement, and Interim entries invoiced on or after the Start Date and on or before the End Date. It also subtracts Interim billable amounts dated between those dates where no FYI Interim Invoice ID exists. |
| Interim amount | Calculates the total billable amount for Interim entries dated on or after the Start Date and on or before the End Date, where the status is Submitted, Locked, or Invoiced. |
| WIP Movement | Calculates the overall change in WIP between the Start Date and End Date by combining the Billable amount, Write On/Off, Invoiced amount, and Interim amount. |
| Closing balance | Adds the Opening balance and WIP Movement to calculate the WIP balance at the End Date. |
| All invoices | Calculates the total amount of invoices dated on or after the Start Date and on or before the End Date, excluding Credit Notes and invoices with a status of Draft, Deleted, or Voided. |
| Excluded Invoices | Subtracts invoices dated on or after the Start Date and on or before the End Date where the Filing Status is Excluded, while applying the same Credit Note and invoice status exclusions as All invoices. |
| Unfiled Invoices | Subtracts invoices dated on or after the Start Date and on or before the End Date where the Filing Status is Unfiled, while applying the same Credit Note and invoice status exclusions as All invoices. |
| Total invoices | Calculates the invoice total used for reconciliation by taking All invoices and removing the Excluded Invoices and Unfiled Invoices. |
| WIP movement from invoicing | Calculates the net change in WIP caused by invoicing by combining the Invoiced amount and Interim amount. |
| Variance | Compares Total invoices with the WIP movement from invoicing. As the WIP movement from invoicing is recorded as a negative amount, the two values are added together, with a zero variance indicating that they reconcile. |
Data - Time tab
The Data - Time tab displays the columns from the Time View configured in FYI. The data in this tab is used to calculate the WIP values displayed on the Report - Reconciliation tab.
If Include All Columns was selected when generating the report, all columns available to the View will be included in the tab.
The Data - Time tab doesn't contain calculation formulas. It displays the Time data returned by the configured View, including status, job details, type, category, amounts, dates, and source information.
The FYI Job Link column contains direct hyperlinks to the corresponding Jobs in FYI.
Data - Invoices tab
The Data - Invoices tab displays the columns from the Invoices View configured in FYI. The data in this tab is used to calculate the invoice values displayed on the Report - Reconciliation tab.
If Include All Columns was selected when generating the report, all columns available to the View will be included in the tab.
The Data - Invoices tab doesn't contain calculation formulas. It displays the Invoice data returned by the configured View, including dates, amounts, invoice type, Filing Status, invoice status, and source information.
The FYI Job Link, FYI Invoice Link, and Xero Invoice Link columns contain direct hyperlinks to the corresponding information in FYI or Xero.
Report Settings
The Settings worksheet is used to manage the configuration options for the report, and a Change Log to track updates made to the report.
Variables
The Variables contain data that is used in the Report - Reconciliation tab. Making changes to the Variables can affect the accuracy and layout of your report, and should only be modified by experienced users.
By default, the Start Date and End Date are calculated automatically as the first and last day of the calendar month immediately before the Report Date. To report on a different period, overwrite either date with the required Start Date or End Date.
| Variable | Details |
| Report Name | The Report Name is displayed on the Report tab, in the top left corner. |
| Practice Name | The practice name configured on the Settings tab will be displayed on the Report tab under the Report Name. By default, the practice's name from FYI will be inserted, but can be updated if required. |
| Report Date | Displayed only on the Settings tab. This is the date the report was run. |
| Start Date | Displays the first day of the previous calendar month. |
| End Date | Displays the last day of the previous calendar month. |
Change Log
The Change Log displays a record of all modifications to the template. When FYI releases new versions of reports, a summary of the changes will be added. Practices can also use the Change Log to document any custom changes they make to their own reports.
Default View
The Report Template configuration in FYI allows users to select the views to be included in the report. Each selected view in FYI will generate a corresponding "Data" tab in the Excel report.
By default, the WIP Reconciliation report will have the following system views selected. These should not be changed, to ensure an accurate WIP Reconciliation report is generated:
- Time View: Report - WIP Reconciliation
- Invoices View: Report - WIP Reconciliation
Practices should consider setting a Period Lock Date in FYI and a Lock date in Xero to prevent changes to finalised data, safeguarding the accuracy of reports.
When creating the report:
- The Include All Columns toggle is disabled by default. Only columns included in the view selected will display in the Data worksheet. By ticking this option, all available columns in the report, not just those currently displayed in the View will be included when the report is generated.
- The Opening Balance option is displayed. While typically used when creating a WIP Control report, if enabled, users can define an Opening Balance period using either a fixed or a relative date range. Time entries fully invoiced before the start date are excluded, while time entries within the selected period are included when the report is run.
Reports created using an Opening Balance period cannot be refreshed. To change the period, a new report must be created.
Updating the WIP Reconciliation Report
When a new version of the WIP Reconciliation is available, you can download the latest version and upload it to your practice.