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
You may view WIP Provisions from Time Review.
Add new provision
To add a new provision:
- Clicking on the + icon
The Provision detail drawer appears.
- Enter a provision percentage or amount
- Enter a memo/comment
- Click Save
The provision is now saved.
Entering a provision percentage
When entering a percentage:
- Click the Rate field.
A pre-populated percentage option appears.
- 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:
- 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.
Creates a provision for the rest of the unbilled WIP.
Creates a provision for the WIP that will exceed the current fee approved total.
- Select or enter the amount
As you make changes in different months, an audit history will be created.
You may edit the history.
You may filter the WIP Provision based on:
- Practice (Office)
- Job Type
- Jobs that have provisions/do not have provisions
Use the export feature to download the provision detail.