Making Provisions for Posted Time Billed

Features

WIP provisions allow you to:

• Cater for the risks assessment of expected future billing income
• Account for events
• Set a percentage provision
• Use a monthly time-based provision system (transactional), so you can see how provisions change over periods

View provisions

You may view WIP Provisions from Time Review.

https://www.insol6.app/en-AU/apps/timereview/provision

Add new provision

To add a new provision:

1. Clicking on the + icon
   
   The Provision detail drawer appears.
   
   
   
   
2. Enter a provision percentage or amount
3. Enter a memo/comment
4. Click Save
   
   The provision is now saved.

Entering a provision percentage

When entering a percentage:

1. Click the Rate field.
   A pre-populated percentage option appears.
   
   
2. Select the rate
   Enter a provision percentage or amount
   
   
   Entering a percentage allows the system to auto-calculate the provision as WIP accumulates.

Entering a provision amount

When entering an amount:

1. Click the Amount field.
   The Amount options appear.
   
   The provision options are:
   Net of Assets
   Creates a provision up to the amount of available cash.
   Remaining WIP
   Creates a provision for the rest of the unbilled WIP.
   Remaining approval:
   Creates a provision for the WIP that will exceed the current fee approved total.
   
   
2. Select or enter the amount

Provision History

As you make changes in different months, an audit history will be created.

You may edit the history.

Filters

You may filter the WIP Provision based on:

• Practice (Office)
• Appointee
• Manager
• Job Type
• Jobs that have provisions/do not have provisions

Reports

Use the export feature to download the provision detail.