What is lock-up in an accounting firm?

The money tied up between doing the work and getting paid for it: unbilled work in progress plus unpaid invoices. It is usually measured in days (WIP days plus debtor days), which the KPI tracker works out. This workbook shows the items behind the number. Accounting firm KPIs explains lock-up alongside the other measures.

How do I age work in progress?

Measure from the date the first time or cost was recorded on the job to the review date, then group it into buckets: current, up to 30 days, 31 to 60, 61 to 90 and over 90. Old WIP is often scope creep or work nobody has billed.

How do I age debtors?

Measure from each invoice’s due date to the review date. Anything not yet due is current; the rest falls into the same buckets as WIP. Chase by age and size, oldest and largest first. Using AI voice agents with Xero to chase overdue invoices shows one way to automate the chasing.

Why use client codes instead of names?

So the workbook can be shared with the team, emailed or opened in an AI tool without carrying client information. Keep the key that links codes to clients in your practice management system.

Free template

WIP and debtors tracker for accounting firms

Lock-up is the money a firm has earned and not yet collected: work done but not billed, and invoices sent but not paid. The KPI tracker shows it as a number of days. This workbook shows where it is, job by job and invoice by invoice, how old it is, and what happens next, so the monthly review ends with actions rather than a total.

Updated 10 November 2026 · Excel workbook (.xlsx) · Free with a firm profile

Free with a firm profile

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How to use it

How to use this template

Set the as-at date

On Settings, usually the last day of the month. Every age in the workbook is measured from it.
Paste in WIP and debtors

From your practice management and ledger reports, one row per job and per invoice. Use client codes, not names, so the file can be shared.
Give everything over 60 days a next step

Bill it, chase it, agree a plan, query the scope or write it off. An item with no next step stays where it is. Get paid upfront covers how to stop debtors building up in the first place.
Read the summary

The share over 60 days is the number to watch. If it grows month on month, billing or collection is slipping.
Review monthly with the owners

Fifteen minutes. The KPI tracker records the trend; this workbook decides the actions. Automation for better cash flow has more ideas for the review.

The template

WIP and debtors tracker

Replace everything in [square brackets].

What's in the workbook

Four working sheets after the read me: the as-at date, unbilled work, unpaid invoices, and the summary by age.

Sheet	What it does
Read me	What the workbook is for, how to use it, and where it came from.
Settings	The date the tracker measures ages from. Change it each time you review.
WIP	Unbilled work, one row per job: what it is worth, when work started, how old it is, and what happens next.
Debtors	Unpaid invoices, one row per invoice: what is still owed, how overdue it is, and when it was last chased.
Summary	WIP and debtors by age, and the share of each that is over 60 days old: the money you have earned and not yet collected.

Shaded cells are yours to fill in. Everything else calculates from them. Nothing is filled in for you: no benchmark, rate, salary or fee is typed in as a default, so every result is built from your own numbers.

Sheet 1: Settings

The date the tracker measures ages from. Change it each time you review.

Line	Type	How it works
As at	You fill in	Usually the last day of the month you are reviewing.

Sheet 2: WIP

Unbilled work, one row per job: what it is worth, when work started, how old it is, and what happens next.

Column	Type	What it is
Client code	You fill in	A code, not a name.
Job	You fill in	For example annual accounts, tax return, advisory project.
Owner	You fill in	Who is responsible for billing it.
Work started	You fill in	The date the first time or cost was recorded.
Unbilled value	You fill in	From your WIP report, at the value you expect to bill.
Days old	Calculated	As at date minus work started.
Age	Calculated	The ageing bucket.
Next step	Pick from a list: Bill now, Bill on completion, Waiting on client, Write off, Query scope	What happens to it.

Days old: As at date minus work started.
Age: The ageing bucket.
Bottom rows (Total unbilled): totals and averages across the rows you have filled in.

Sheet 3: Debtors

Unpaid invoices, one row per invoice: what is still owed, how overdue it is, and when it was last chased.

Column	Type	What it is
Client code	You fill in	A code, not a name.
Invoice	You fill in	Invoice number.
Invoice date	You fill in	From your ledger.
Due date	You fill in	From the invoice terms.
Invoice amount	You fill in	Including tax, as invoiced.
Paid so far	You fill in	Part payments received.
Owed	Calculated	Invoice amount less paid so far.
Days overdue	Calculated	As at date minus due date. Zero or less is not yet due.
Age	Calculated	The ageing bucket.
Last chased	You fill in	The date of the last reminder or call.
Next step	Pick from a list: Reminder, Call, Payment plan, Stop work, Write off, Paid	What happens next.

Owed: Invoice amount less paid so far.
Days overdue: As at date minus due date. Zero or less is not yet due.
Age: The ageing bucket.
Bottom rows (Total owed): totals and averages across the rows you have filled in.

Sheet 4: Summary

WIP and debtors by age, and the share of each that is over 60 days old: the money you have earned and not yet collected.

Age
Current
1 to 30 days
31 to 60 days
61 to 90 days
Over 90 days

Column	Type	What it is
Age	Set for you	The ageing bucket.
Unbilled WIP	Calculated	WIP in this bucket.
Jobs	Calculated	Jobs in this bucket.
Debtors owed	Calculated	Unpaid invoices in this bucket.
Invoices	Calculated	Invoices in this bucket.

Unbilled WIP: WIP in this bucket.
Jobs: Jobs in this bucket.
Debtors owed: Unpaid invoices in this bucket.
Invoices: Invoices in this bucket.
Bottom rows (Total; Share over 60 days): totals and averages across the rows you have filled in.

Before you rely on it

The tracker only knows what you paste in. Reconcile the WIP total to your practice management system and the debtors total to your ledger each month, or the actions will be built on the wrong numbers.

This workbook is a starting point, not financial, tax, employment or legal advice. It only knows the numbers you give it, so check them against your own records and take advice on anything you are unsure of.

Common questions

Frequently asked questions

What is lock-up in an accounting firm?: The money tied up between doing the work and getting paid for it: unbilled work in progress plus unpaid invoices. It is usually measured in days (WIP days plus debtor days), which the KPI tracker works out. This workbook shows the items behind the number. Accounting firm KPIs explains lock-up alongside the other measures.
How do I age work in progress?: Measure from the date the first time or cost was recorded on the job to the review date, then group it into buckets: current, up to 30 days, 31 to 60, 61 to 90 and over 90. Old WIP is often scope creep or work nobody has billed.
How do I age debtors?: Measure from each invoice’s due date to the review date. Anything not yet due is current; the rest falls into the same buckets as WIP. Chase by age and size, oldest and largest first. Using AI voice agents with Xero to chase overdue invoices shows one way to automate the chasing.
Why use client codes instead of names?: So the workbook can be shared with the team, emailed or opened in an AI tool without carrying client information. Keep the key that links codes to clients in your practice management system.

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