Auto-calculated WIP Provisions based on the balance of approvals

When entering WIP Provisions, the provision amount can be auto-calculated to provide for the amount of the remaining approval.

Entering approvals

The approved amounts appear in the job set up. In this example the Fee Approvals total $50,000.

Posted WIP Amount

The amount of posted WIP totals $65,000:

Auto-calculated Provision

As the amount of WIP exceeds the total of approvals, it makes sense to automatically calculate a provision of $15,000, where there may be an expectation that the creditors will not approve any further fees.

To enter the provision:

1. Click the add provision button on the WIP Provision page
   
   
   The provision drawer appears.
   
   
2. Click into the "Amount" field.
   
   Pre-populated options appear in the drop down results.
   
   
3. Select the "Net of Approval ($15,000)" option
   
   The amount is pre-populated based on the WIP amount that exceeds the approvals.
   
   
4. Click "Save Provision"
   
   The provision is now saved for the current month.