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Tracking Soft Costs without Accounting Effect until Billing

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Hassan Maje Posted: Tue, Feb 8 2011 12:26 PM

Is there a way in PCLaw we can track soft expenses before billing but without it having any accounting effect until Billing time whilst keeping track of what has been billed and what has not been billed (something like a Memorandum account)? We are on Accruals.

Using the Expense Recovery function creates a credit in the income statement and that means all ‘soft’ disbursements recognized as WIP has income effect even before the bill has gone out to the client. Apart from Accounting concerns this creates a VAT/Tax exposure with our authorities. This forces us to create Expense Recoveries during billing but the problem is that at that point we can only guestimate as we cannot possibly remember the consumables.

We want to be able to track such costs but we want the ‘accounting effect’ to happen only at time of raising the invoices.

Hassan Maje Anjarwalla & Khanna PCLawPro Ver 9.10d, Accounting Method: Accruals
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