A WIP schedule that builds itself from job cost

WIP is a month end scramble because the inputs are scattered

The WIP schedule is simple in concept and painful in practice. Contract value is in one file, cost to date in the ledger, and cost to complete in a PM's head. Someone has to collect all three for every job, and the close slips while they do.

CFOS keeps the inputs together. Contract value and change orders are on the job. Cost to date is read from QuickBooks Online every hour, so it's current when the month ends. What's left is the PM's estimate of cost to complete, which only the PM can give.

From cost to complete to earned revenue

At month end each PM enters cost to complete by job. A reviewer approves it, and the numbers lock for that month. Percent complete is cost to date against the sum of cost to date and cost to complete, and earned revenue is that percent applied to the contract.

Billed to date is read from your invoices. Earned revenue less billings gives over or under billing for the job, shown by job and in total. The schedule is ready when the last PM is approved, not when someone finishes the spreadsheet.

One master WIP across every job

The master WIP lists every open job with contract, cost, percent complete, earned revenue and over and under billing. Total overbilling and underbilling are one line each, so you can see what the balance sheet is holding. A controller can scan it in a few minutes and drill into any job that looks wrong.

Changes in cost to complete are visible month over month. If a PM changes a number by a large amount, the schedule shows it. You can ask why before the bank does.

A WIP your bank and surety can tie out

Your surety and your bank will compare the WIP to your financial statements. Because CFOS reads cost and billings from QuickBooks Online, every figure on the schedule traces to a ledger balance. When the underbilling total doesn't match the balance sheet, you can find the job that's off.

That's the difference between a WIP you built for the lender and a WIP that comes from the books. You give them a schedule that already reconciles. The first conversation with the surety gets easier, and so does the renewal.

Where it fits

WIP is part of job costing, which is always on and included in the one price. It pairs with the over and under billing view and with the 13 week cash forecast. If you're still deciding, /job-costing-software explains the whole set.

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What people ask

• Job costing software that runs on QuickBooks
• Over and under billing on every job, every month
• A WIP your surety accepts, every month
• PMs who own their margin
• Your surety asked for a WIP. Now what.
• One price. Every module. Priced by your revenue.
• Use all of it, or just the part you need

QuickBooks is a trademark of Intuit Inc. Run On CFOS isn't affiliated with Intuit.