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Info

Projector makes use of two control accounts called Time WIP and Cost WIP. If these accounts are out of balance with your accounting system then you may have a big issue on your hands! WIP represents incurred labor or expenses that have generated revenue, but for which you have not yet invoiced. They are a liability.

You should be running an


Tip
titleTip
  1. To catch discrepancies early you should be running an Accounting Balances Report after you close and transmit a period to your accounting system. Projector's balance should match your accounting system's balance.
  2. Also watch our e3 webinar on accounting best practices
.
  1. for more on accounts reconciliation (go to 40:27)


Warning

Do not manually alter transactions in your accounting package to "fix" them. Projector is self-correcting. If things are ever out of balance, it won't be because Projector is making mistakes, but because someone is altering transactions and throwing the two systems out of sync.

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