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Freelancer's Timesheets and Invoices - WIP Process
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Impact of Freelancers Timesheets and Freelancer Invoices on WIP
Usually freelancers are paid weekly and there are no outstanding time sheets at month end. However, when there are outstanding freelancer timesheets, the month end W&A system processes freelancer time sheets as below:
Outstanding Timesheets
Any outstanding freelancer timesheets as at the month end appear as an accrual (similar to an accrual for an outstanding purchase order).
If there are outstanding timesheets which are in the future, (this happens when a client is running behind on rolling their system) - these timesheets are treated as outstanding until the supplier invoice is part of the current period.
You (the user) can make WIP decisions on the outstanding time sheets.
Invoiced Freelancer Timesheets
When freelance time has been invoiced (i.e. a supplier invoice is created), the cost from the freelancer invoice is WIP cost - similar to the process of recording external supplier costs.