Time & Fees Posting Cycle

Each practice has a slightly different view on how it show post timesheets, raise invoices, and which reports should be run and when. This following routine gives an outline of what should be completed at various stages of the month. It acts as a rough guide only.

The posting cycle can involve the following stages:

Step 1 - Posting Timesheet

Step 2 - Check for any missing timesheets

Step 3 - Check the timesheets

Step 4 - Update the ledger

Step 5 - One Line per client WIP report

Step 6 - Detailed WIP report for billing

Step 7 - Posting the invoices

Step 8 - Posting the receipts

Step 9 - Printing invoices (Payment requests)

Step 10 - Statement to send to clients

Step 11 - Payment reminder to send to clients

Step 12 - Aged debtors report

Step 13 - Update Fees documents

Step 14 - Billing analysis report

Step 15 - WIP movements report (for reconciliation)

Step 16 - Time Ledger Reconciliation report

Step 17 - Fees movement report (for reconciliation)

Step 18 - Fees Reconciliation report

Step 19 - Practice Summary

Step 20 - Close the Time Period

Step 21 - Close the Fees Period