Results: forecast, revenue and reporting
Read the WIP schedule
See every contract at a month end with its % complete, revenue earned against billed, and whether it is under-billed or billed in excess, and export it for the auditors.
2 min readLast updated
In this article
The WIP schedule is the report lenders, auditors and owners ask contractors for: for each contract, how far along it is, what it has earned and what it has billed. A contract billed ahead of its work hides a cash need; one billed behind hides revenue.
Open it
Go to Projects > WIP Schedule.
Choose the month (last month by default) and, to look at one job, the project.
At the top you see the total of contract assets (under-billed), contract liabilities (billed in excess) and the loss provision. Each contract shows its method, contract value, cost to date, estimate at completion, % complete, earned, billed, its asset or liability and its loss provision.
A Posted badge means the month's revenue is already recognised; Not posted yet means the figures are worked out now and revenue recognition will post them.
Select Export CSV to download the schedule.
Reading it
Certified contracts earn what they billed, so their asset or liability is zero.
A cost-to-cost contract without an approved estimate at completion shows no % complete and is marked "No approved estimate".
A loss provision means the project's approved estimate is above its contract value.
Common questions
Why does % complete differ from the certified percentage? % complete is measured by cost against the estimate at completion; certified percentage by quantities measured. The difference is exactly the contract asset or liability.