Separate Advance Billing/Pre Billing WIP A/C

Separate Production WIP postings into two separate GL control accounts for WIP (Debits) and Advance/Pre-Billing (Credits)

You may elect to adopt this change at any time. Following are the steps required to implement this change.

1. Create a new liability GL Account for ‘Advance Billing’
2. Go to Accounting/ General Ledger/ General Ledger Accounts and click on the link “Posting GL Accounts”. Then click on link to “Default Posting Accounts”
3. At the point of the update of this feature, this field will display the same account as the “WIP Acct”, meaning that WIP entries are being posted to this account.
4. In the field ADVANCE BILLING ACCOUNT assign the new  “Advance Billing Acct:”
5. Once you make this change all future WIP entries created from Client Invoicing will post to this account.
6. At the point this change is made Journals will need to be processed (one for each office) to re-allocate the current ‘Advance Billing’ balance from the WIP Account. The best way to do this is as follows:
   1. From Job Reports, print the ‘Aged Work In Progress & Advance Billing Report’ – select the option ‘Advance Billing Only’.
   2. A journal should be processed for each Office for the balance shown on this report, being Debit WIP/Credit Advance Billing. In effect this journal brings the ‘Advance Billing’ GL account in line with the sub ledger at that point. As these journals affect Control Accounts, you will not be able to approve them – simply email support@accountabilityaccess.comadvising us of the Journal No’s you have created and we will approve/post the journal(s) for you.