This week's session focused on the crucial WIP Wash Up process, which is essential for all accounting practices, particularly those utilising upfront payment or ongoing payment functionality. We covered the pros and cons of each approach and the relevant WIP Wash Up process to employ, depending on the circumstances.
This session covered:
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What is WIP and WIP Wash Up: Which stands for Work in Progress refers to unfinished tasks or projects that still need to be billed within an accounting practice. The WIP Wash Up process entails reconciling time and disbursements against previously received invoices to determine efficiency and profitability.
The two distinct types of WIP Wash Up process: Highlighting the two different types of WIP Wash Up processes (Quick Wash-Up and Invoice-Based Wash-Up).
The pros and cons of both process options: The session also discussed the benefits of each approach and addressed the associated challenges.
How to reverse a completed WIP Wash Up: The process of reversing a completed WIP Wash Up. This skill is invaluable for addressing any mistakes or changes in project scope.
Multi-Client Multi-Job WIP Wash Up: The intricacies of Multi-Client Multi-Job WIP Wash Up using the invoice-based approach.
