How to reduce a client's WIP balance with an invoice?
Article ID
ias-6707
Article Name
How to reduce a client's WIP balance with an invoice?
Created Date
29th August 2008
Product
IRIS Time and Fees
Problem
How to reduce a client's WIP balance with an invoice?
Resolution
Contents
- Introduction
- How to reduce WIP with an invoice: Write out
- Write out methods
Introduction
This knowledge Base article will explain how to reduce WIP with an invoice and show the write out methods available to you.
How to reduce WIP with an invoice: Write Out
When you post an invoice it is the write out field that is used to reduce your client’s WIP balance. For example, if you want to reduce your client’s WIP balance from £800 to £500, you can enter 300 in the write out field (800 less 300 equals 500).
Related KB Article
KB IAS-6705 : How can I post a simple invoice?
Write Out Methods
There are a number of ways of reducing your WIP balances when posting your invoice. These have been categorised into Basic, Intermediate and Advanced. It is recommended that you follow these in turn and gradually increase your knowledge of reducing WIP.
Basic
KB IAS-6709 : Write out to value
KB IAS-6711 : Write out all
KB IAS-6706 : Unspecified Write out
Intermediate
KB IAS-7016 : Write out all jobs with an invoice
KB IAS-5665 : Clear negative WIP with an invoice
Advanced
KB IAS-7152 : Introduction to interim invoicing
KB IAS-6344 : An example of using interim invoices
KB IAS-6927 : How to post an interim invoice
KB IAS-6928 : How to finalise interim invoices
KB IAS-7161 : I have finalised interim invoices incorrectly
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