How can I transfer Work In Progress (WIP) from one client to another?

how-can-i-transfer-wip-from-one-client-to-another

How can I transfer Work In Progress (WIP) from one client to another?

11th January 2022

IRIS Time and Fees

How can I transfer Work In Progress (WIP) from one client to another?

• Decide how much WIP to transfer

• Post a credit adjustment to reduce the balance

• Post a debit adjustment to increase the balance

• Update the time ledger

• Check the WIP balance on each job is correct

• Match your postings. 

It is possible to transfer WIP from one client job to another client job using General Adjustments. This can be used to move WIP balances from one client job to another. For example, moving a credit WIP balance. 

Decide how much WIP to transfer 

The first step is to decide on the value of WIP on each job you wish to transfer:

·  Log into IRIS Time Ledger:

·  Click Enquiries | Client Summary.

·  The Client WIP Fees summary will be displayed. Enter Client ID.

·  Check the WIP balance on the jobs and decide how much to transfer.

·  Click Close. 

Post a credit adjustment to reduce the balance 

The next step is to post a credit General Adjustment to remove WIP from one job:

·  Log into IRIS Time Ledger

·  Click Post WIP | General Adjustments.

·  Select the Period the posting is to go into.

·  Choose Credit in Posting Type.

·  Enter the amount to Credit in Amount (WIP).

·  Enter the Posting Date.

·  Enter the Client ID.

·  Enter the Job to remove WIP from.

·  Entering Work Type, Staff ID, Cost of WIP, and Narrative are optional.

·  Click Post. You will see the credit posting appear in the box at the top of the screen. Now you can post the debit General adjustment. 

Post a debit adjustment

·  Set Posting Type to Debit.

·  Enter Amount of WIP to add to the other job.

·  Enter Posting Date.

·  Enter Client ID.

·  Enter Job to add WIP to.

·  Entering Work Type, Staff ID, Cost of WIP, and Narrative are optional.

·  Click Post.

·  Click Close. 

Update the time ledger

Now that the credit and debit general adjustments have been posted on different jobs you need to update the Time Ledger:

·  Click Pending Queue | Update Ledger.

·  Tick Other Postings.

·  Click the OK button. 

Check the WIP balance on each job is correct

·  Log into Time.

·  From the menu, click on Click Enquiries and Client Summary from the drop down box.

·  The client WIP / Fees summary screen will be displayed. Enter the Client Id and you can check job WIP balances

 Match your postings

 If you would like to match the postings made to transfer the WIP.

·  Log into IRIS Time

·  Click Post WIP | Matching and choose Tidy postings to open the matching screen

·  Enter the Client ID.

·  Enter the Job identifier.

·  Choose the type of posting you wish to have displayed. For example, debit or credit.

·  Highlight the posting you wish to match.

·  Click the Match button.

·  The Match Time Ledger posting screen will be displayed. Highlight the posting you wish to match with.

·  Click Fully match.

·  Click Back.

·  Now click the Update button and the matching will be saved.