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drstrong0813

Quickbooks Link - Does Any One Understand the GL Entries Timeslips is Making Regarding WIP

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Does anyone understand the GL entries Timeslips wants to post regarding WIP.  They make no sense.   In an accrual set of books, income should be book when time is entered and booked to WIP.  When time is actually billed, WIP is reduced and AR is increased.  The entries Timeslips wants to post does not do this and when posted does not total my total revenue for the month or WIP.  Receivables are correct, but the others are not.

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  • 0

    First,  why do you want to send WIP to QuickBooks? To me that is absolutely useless. Would really need to look at your setup and allocations to see what is going on.

    Second for anyone doing the link on an accrual basis it is VERY important that you go into QuickBooks and apply payments to the invoices. This does not happen automatically. You can tell if you haven't done it by running an open invoices report. If you see invoices and payments listed then the payments are not matched to the invoices. If you don't match the payments to the invoices and you run any reports on a cash basis, the information may be wrong.

  • 0 in reply to Caren2

    I am trying to send WIP from Timeslips to Quickbooks in hopes of automating the process with less manual journal entries through TAL.  WIP needs to be in Quickbooks for financial sfatement purposes.

  • 0 in reply to drstrong0813

    Are you a law firm? If you need WIP in QuickBooks for financial statements you are the first law firm I have worked with in 20 years that needed this. AR yes but WIP I have never needed.

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