Overview
Cost to Complete is a field in the Project Summary section of the project page that calculates the default cost to complete a project by deducting actual expenses from budgeted expenses. You can also update the value manually if you have additional costs that are not budgeted.
Who uses this feature
Administrators, office employees, managers, accountants, and bookkeepers
Applies to all business types
Applies to all trades
Feature configuration
Account configuration is required to use this feature. Please contact Technical Support for details.
Things to know
Cost to Complete is included in the revenue recognition calculation in the Work in Progress (WIP) report to calculate the percentage of completion.
If you anticipate unaccounted budget overruns, update the Cost to Complete manually to have an accurate percentage of completion calculation in the WIP report. This can also be applicable for cases when you anticipate the remaining cost to complete the project will be less than what you had originally budgeted for.
Manually update the cost to complete
To update value manually to complete the project:
Search for the project you want to edit the cost for and click it to open it.
In the side menu, click Financials.
In the Project Summary section, in the Percent Complete column of the Cost to Complete row, click Edit.
In the Edit Cost to Complete screen that opens, select Custom Value.
Enter the cost you want to use.
When you’re done, click Save.
After updating the cost, in the Cost to Complete field you can see both the updated and default values.
Note: You can go back and change the cost value back to the default anytime.