We’re excited to announce that the WIP Reconciliation feature is now available for Elite practices.
The WIP Reconciliation feature consists of an in-app reconciliation in Practice Ledger and a master sample report template, giving practices two ways to review and confirm their WIP reconciliation data.
The in-app WIP Reconciliation provides an overall, real-time view using all available WIP and invoice data in FYI.
The new WIP Reconciliation Report supports in-app reconciliation, providing a date-based view for reviewing WIP movement and invoice totals for a selected period, with the underlying time and invoice data included in the report.
What does this mean for FYI users?
WIP Reconciliation provides clear confirmation that WIP movement and invoicing is reconciled, whether reviewing the latest position directly in-app or reconciling a specific period using the Excel report.
In-app WIP Reconciliation
- Reconcile all available WIP and invoice data. Displayed in the Practice Ledger app, WIP Reconciliation uses all available time entries and invoices in FYI, with no date-range restriction, to compare WIP movements with invoice activity.
- Validate WIP and invoicing in real time. Display the WIP Reconciliation at any time to validate WIP entries against invoice totals, using the latest reconciliation data.
- Confirm WIP and invoice data remain in sync. A Success entry is added to Practice Activity every 24 hours, providing regular confirmation that the WIP and invoice data are reconciled.
For practices with multiple Xero ledgers, the WIP Reconciliation reconciles against all Practice Ledger data.
WIP Reconciliation Report
- Reconcile a specific period in detail. Select a Start Date and End Date to review opening WIP, billable amounts, write on/off amounts, invoicing, interim amounts, closing WIP, and invoice totals, with a zero variance confirming that the values reconcile.
- Review the source data. Separate time and invoice data tabs provide the source information used by the report, giving practices clear visibility of how each value has been derived.
- Dedicated WIP Reconciliation views. Two new Report-WIP Reconciliation system time and invoice views are automatically available, providing the data required by the report.
The WIP Reconciliation Report is automatically added to all practices as a Master Sample Report.
Who is this available for?
The WIP Reconciliation feature is available now to Elite practices using FYI as their practice management source with Time & Billing enabled.
The following permissions are required to access each WIP Reconciliation feature:
- In-app WIP Reconciliation: Users must have both the Create Reports permission and Automations permission.
- WIP Reconciliation Report: Users must have Create Reports permission.
Want to get started?
Users with Create Reports and Automations permission can open the Practice Ledger app and review the live WIP Reconciliation for your practice.
In addition, users with Create Reports permission can reconcile WIP for a specific date range by generating the WIP Reconciliation Report.