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Work in Progress
The purpose of the Work in Progress report is to provide for an analysis of work in progress for selected projects/jobs as of a specific date, based upon industry standard calculations of % complete and revenue earned job-to-date. The report also provides for a breakout of prior year and current year information.
The first step in preparing your WIP Report is to enter the "as of date" and select which projects and jobs you want to include in your report.
As Of Date: Enter the date you want to set as the date beyond which no accounting and job cost transactions will be included. This is typically either "today" or a fiscal period ending date. Note: If you use this report in conjunction with others in the system, such as the Project/Job Billing/Receipts Summary, you will need to use some care in insuring that you have selected dates that are "in sync" with each other.
Project "Ribbon": Listed here will be all of the projects that have been setup in your system for which there are transactions recorded in the system for the as of date you have specified. In a manner similar to the selection process explained in Job Cost Reports, use the ">" and ">>" buttons to select one or more projects that you want to generate reports for.
Job "Ribbon": Listed here will be all of the jobs that have been setup in your system for which there are transactions recorded in the system for the as of date you have specified with Select/de-select those jobs you want to include/exclude from your reports.
Note: WIP Reports are not provided at the cost code level in this system.
Sort By: Click on either Name or Number to specific how you want your projects and jobs sorted. Name sorts alphabetically by descriptions you have defined, number by the numeric code you have defined.
The columns on the report are as follows:
Contract Value: This column reports the sum total of the contract you have entered into your system for a given project/job plus all change orders that have entered through the as of date for that contract. Only approved change orders will be reflected in the total.
Estimated Cost: This is the total estimate of costs you have entered into the system for a given project/job.
Estimated Cost to Complete: This is the total estimated cost to complete you have entered into the system for a given project/job. This information can be entered through the Add/Edit Job Master Information Module step on the Job Cost Module - Data Entry tab.
Estimated Profit: If you have not entered any estimated cost to complete, this is calculated as the Contract Value less Estimated Cost. If you use the estimated cost to complete feature, this is calculated as the Contract Value minus Job to Date Cost minus Estimated Cost to Complete.
% Complete: If you have not entered any estimated cost to complete, this is calculated based upon the Job To Date Costs as a percentage of the Estimated Cost. If you use the estimated cost to complete feature, this is calculated based upon the Job To Date Costs as a percentage of the Job to Date Costs plus the Estimated Cost to Complete.
Revenue Earned (Job To Date, Prior Years & Current Year): This is calculated as the (% Complete x Contract Value).
Costs (Job To Date, Prior Years & Current Year): This is the total of all costs for all labor, material, equipment, sub contract, and other AP costs recorded in your system through the as of date you have setup. Note: When cross-checking this total with other reports in your system use some care in insuring that you have selected dates which are "in synch" with each other.
Profit (Job To Date, Prior Years & Current Year): This is calculated as the Revenue Earned Less Costs.
The WIP Report will total only those jobs you have selected and print that as a final total for all jobs at the end of the report. Note: If you need a grand total for a Project, make sure you have selected all the jobs comprising a project during the WIP report setup.