How to – Balance and Month end WIP
In order to do the month end in WIP and balance the ageing and control figures do the following steps
1. Ensure that ALL transactions for the period have been captured and finalised.
2. Ensure that ALL timesheets that includes transactions for the period have been captured AND verified.
3. ON the main menu, on the right , click on the wheel icon and select Recalculate WIP Balances ( this should take not longer than 40 mins)
(TIP : do steps 1 to 3 , every week, say Tues or Wed after Timesheets up to previous week have been captured and verified, this will make the month end processing, recalculating faster)
4. Go to the WIP-Setup-WIP Period screen
5. Check that the current period is marked as closed ( this is to prevent any new WIP transactions for the period)
6. Create a new WIP period , for the next 2 months.
7. Right click on each of the fields on the record which has no amounts in them, that is the new month , eg if you closing Oct, then the record you will right click on is Dec
8. This will display a popup window showing transactions that are invalid.
9. Correct the above transactions ( for assistance , please call Accfin)
10. Do Steps 1 to 3 again
11. From the main menu Select WIP – ENQUIRY – Project WIP
12. Click on the switch view icon to show the enquiry with multiple columns.
Column 3 is the ageing and Column 4 is the Period Bal
Check that these 2 columns balance and that they balance to the total on the Wip period screen.
13. If they do NOT balance do the following
13.1 Select the filter icon and choose the filter Balance Differences
13.2 Click on the wheel icon and select Re-Calculate Balances
13.3 This should step through and re-calculate only the clients that have a balance difference, DO NOT run the recalc without setting the filter first.
(TIP : You can balance the WIP for each partner individually, by first selecting the partner and then following the above steps)
14. Columns 3 and 4 should now balance
( IF IT DOES NOT BALANCE , please contact Accfin for assistance)
15. Print the control report and check that it balances.
16. Go to the WIP-Setup-WIP Period screen
17. Ensure that the current period, is the period you are balancing and closing.
18. Click on the wheel icon at the top and select – File Month End Reports
19. Select the reports/exports that you want to file and click the green tick.
(TIP : this may a take a while to generate, suggest you run it overnight)
20. When completed, the reports you select would be generated in PDF form and filed against the WIP period. These reports can then be accessed at any time. You can select and print any report, and if you chose to file reports per partner, then the partner specific reports can also be accessed )
21. Change the current WIP period to the new moth.
