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The Time & Fees Practice Summary displays totals for postings made into each ledger. The current period tab lists items posting the current period for each ledger.
To access the Time & Fees practice summary:
Log into the Time or Fees Ledger.
Click Enquiries.
Select Practice Summary.
Select WIP and Fees display.
The Time & Fees practice summary screen will be displayed. For the Fees figures, The debit column displays items increasing the debtor balance, such as an invoice, and the credit column displays item decreasing the debtor balance, such as a receipt
The following items are displayed for Fees:
Brought forward
The brought forward field displays the debtor balance that has been brought forward from the previous Fees period. For example, a brought forward of £3000 for period 2005/10 shows that the balance as at the end of 2005/9 was a £3000.
Invoices (ex-VAT)
Displays the sum of all invoices posted within the Fees Ledger for the selected period, excluding VAT, for the current period. For example, an invoice posting for £100 with a VAT element of £17.50 will have a net figure of £117.50. The invoices ex-VAT screen will show £100.
For a break down of the invoices making this total click the magnifying glass.
Credit Notes (Ex-VAT)
Displayed is the sum of all credit notes posted within the Fees ledger for the current period, excluding VAT, for the current financial year. For example, a credit note posted for £100 with a VAT element of £17.50 will have a net figure of £117.50. The credit note (ex-VAT) will display £100
For a break down of the invoices making this total click the magnifying glass.
Receipts (Ex-VAT)
Displayed is the sum of all receipts posted within the Fees Ledger, including standing order payments, excluding VAT for the current period.
For a breakdown of receipt postings make this total click the magnifying glass.
Payments / refunds
Displayed is the sum of all refunds posted within the Fees Ledger, for the current period
For a breakdown of receipt postings make this total click the magnifying glass.
Write Off
Displayed is the sum of all write off postings made with the Fees Ledger for the current period. Included are write offs without a VAT adjustments (posted to write off proforma invoices), and writeoffs with a VAT deduction (posted to write off invoices that had added VAT to the practice VAT output).
For a breakdown of receipt postings make this total click the magnifying glass.
VAT element
Displayed is the total VAT posted for the selected period for invoices posted. For example, £10 000 invoice in the month of January will produce a VAT element of £1 750, (when all invoices are posted at 17.5%).
Others
Displayed is the sum of all opening balances, and miscellaneous credits and debits, ex-VAT posted in the Fees Ledger for the current financial year.
Carried Forward
Displayed is the debtor balance to be carried forward to the next Fees Ledger period. The debtor balance is calculated by adding the totals of postings entered into the current period (see above) to the brought forward balance for the current period. For example, period 2005/10 has a brought forward balance of £10 000. The total of invoices, receipts and credit notes is £3 000 and with no other posting made into the period, so the balance to be carried forward will be £13 000.
Transferred from VAT reserve to VAT liability
Displayed is the value of VAT transferred from the VAT reserve to the VAT liability.
For practices cash accounting VAT on invoices is posted to a VAT reserve. To transfer the VAT reserve to the VAT liability, and so declare VAT, the invoice can be matched to receipt received from the client.
Click here for further details of VAT.
Brought Forward
The brought forward field displays the WIP balance bought forward from a previous period. For example, if the end balance for 2005/10 was £20,000 then the brought forward balance for 2005/9 will be £20 000.
Time
Displayed is the total WIP value of time posted into the period. For example, £4000 of WIP posted by staff.
To display the postings making the totals click the magnifying glass next to the Time field.
Expenses
Displayed is the total value of expenses posted for the period. For example, £300 of expenses posted by staff.
To display the postings making the totals click the magnifying glass next to the expense field.
Gross WIP
The Gross WIP figure displays the total value of Time & Expenses posted for the period. For example, £4300
Interim Invoice
The interim invoice field displays the total value of interim invoices posted to this period. For example, £-200. The period to which interims, and all Fees ledger postings, are transferred to the Time Ledger is determined in the Fees Ledger Options, WIP write out tab.
To display the postings making the totals click the magnifying glass next to the expense field.
Interim Invoice adjustments
Displayed is the total value of interim invoice adjustment postings. For example, £100 As interims are finalised with a final invoice an adjustment posting is made to the Time Ledger.
To display the postings making the totals click the magnifying glass next to the interim invoice adjustments field.
Net WIP
The Net WIP figure on the Time Ledger Practice Summary is Gross WIP less interim invoice and interim adjustment postings. For example, £4100
WIP written out
Displayed the total value of WIP written out for the selected period. For example, £-1000
To display the postings making the totals click the magnifying glass next to the WIP written out field.
WIP written off
Displayed is the total value of WIP written off for the selected period. For example, £-100.
To display the postings making the totals click the magnifying glass next to the WIP write off field.
WIP write back
Displayed is the total value of WIP written back for the selected period. For example, £50. To display the postings making the totals click the magnifying glass next to the expense field.
Carried Forward
Displayed is the carry forward balance for the period. For example, £3050. The carry forward is the balance as at the end of the selected period. This balance will be 'carried forward' to the following period.
Previous Period
To display the Time & Fees Fees Ledger practice summary for previous periods click Previous Periods. If you are currently on Fees Ledger period 2005/10, then previous period return to 2005/9.
Next Period
To display the Fees Ledger practice summary for the next period click Next Period. For example, if you are currently viewing 2005/10, then Next Period will display period 2005/11.
To display this periods Time & Fees Ledger Practice summary figures click Print. This can be displayed on screen, printed, or saved as a document.
Cancel
To exit click Cancel.