Reverse a previous period progress bill
You can use a negative invoice and positive time transaction to reverse a progress bill entered in a prior period without disturbing the original invoice, activity totals and the WIP and Accounts Receivable balances in that period.
Adjusting the Accounts Receivable Balance
To reverse a $1,500.00 invoice entered in a prior period, create a negative invoice by following these steps:
- SelectActions, then selectBilling.
- Select the client with a progress bill to reverse and selectDetail Bill Selected.
- On theTime & Expensetab in detail billing, right-click and selectAdd Adjusting Entry.
- Enter the engagement, project, activity, staff, and the negative amount of the original progress bill.
- SelectOK.
- The application will add an adjusting entry.
This invoice will offset the original $1,500.00 invoice by adding $-1,500.00 to the A/R balance.
Adjusting the WIP Balance
The original progress bill created $-1,500.00 in WIP to offset the billing that did not relieve any WIP. Therefore, you'll want to reverse this negative WIP created by the original progress bill.
- SelectActions, then selectTime & Expense Entry.
- Enter a line of time for 0.00 hours using the same staff, engagement, project, activity, and amount as was entered for the original progress bill.
