Media Cost Reconciliation Summary

Gain quick insights into media schedule balances with the Media Cost Reconciliation Summary.

What is it?

The Media Cost Reconciliation Summary (or Media WIP Summary) provides an at-a-glance view of the variances between the amounts billed to clients and those invoiced by media suppliers to date.

A Media Schedule may show a WIP balance under the following conditions:

• Pre-billed Media Costs: Costs have been billed to the client based on the media schedule, but the supplier's invoices have not yet been cleared for payment.
• Pending Client Billing: Supplier invoices have been cleared for payment, but the corresponding media costs have not yet been billed to the client.

Why Does it Matter?

This summary is a streamlined solution for agencies utilizing Mediaocean or Accountability's native media functions. It simplifies the media cost reconciliation process by providing a summary view, eliminating the need for detailed report running. The summary allows the Media finance team to quickly identify and address discrepancies without delving into the full report, saving time and simplifying monthly reconciliations.

How Does it Work?

1. Navigate to Media Summaries:

   • Go to Media > Media Summaries from the main menu.

2. Open the Summary:

   • Select Media Cost Reconciliation Summary from the available options.

3. Review the Balances:

   • The summary page will display the current Work-In-Progress balances for each media schedule.

4. Use Filters for Precision:

   • Apply filters such as Accounting Period, Office, or Client to narrow down the view to specific areas of interest.

5. Interpret the Data:

   • Analyze the variances between billed and invoiced amounts directly from the summary. Look for large discrepancies that may require further investigation.

6. Take Action:

   • Use the insights gained from the summary to make informed decisions about billing adjustments, payments, and client communications.

Visual Overview

Refer to the screenshot provided for a visual guide to the Media Cost Reconciliation Summary page. Key features to note:

• Filtering Options: At the top, you can select criteria such as Media Estimate No., Client, Display Currency, and Accounting Period.
• Summary Table: The main table displays each client with corresponding media schedule details, including balances and variances across different time periods.