Reconciling WIP Accounts

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

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.
Also watch our e3 webinar on accounting best practices for more on accounts reconciliation (go to 40:27)

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.

Troubleshooting Steps

Create a GL batch and push into your accounting package
Check that there are no Pending, Transmitted, or Failed GL or AR transactions. If there are, reconcile those first
Run an Accounting Balances Report one period at a time from Projector. Compare it to your accounting package. Identify the last time the two were in sync
Once you have identified the last period that was in balance, run an Accounting Analysis Report for the next period. Compare the transactions Projector sent with the transactions in your accounting package. The discrepancy should be readily apparent.

More Help

If you cannot reconcile with your accounting package you should contact your Sales representative at Projector. One of our consultants with expertise in accounting can help you to reconcile your books as well as provide training on best practices to prevent issues in the future.