Provisions can be made against unbillled, posted WIP when you have an expectation that you're unlikely that you may not be able to collect all fees if you were to invoice them.
You can make WIP provisions from the Time Review > Provision tab, here:
https://www.insol6.app/en-AU/apps/timereview/provision
Options
Some aspects of Provisions:
- Provisions are made monthly
You can see the change over time between the provisions made each month by viewing the audit history - Provisions can be entered on either percentage or amounts.
- When entering provisions
- The amounts are time-based and relate to the currently selected filter
- The provision amounts can be auto-calculated
e.g. you can enter provisions for- unbilled WIP above the approval level
- provide for the amount up to the remaining balance of the bank account…etc.
- Percentage provision are preserved from month to month, so when posted new WIP, the provision is automatically calculated based on the new unbilled WIP total.
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