Service Titan Knowledge Base

Work in Progress reportLast updated on 03/22/2022

Use the Work in Progress (WIP) report to calculate the correct amount of recognized revenue for projects based on the Percentage of Completion method.


Things to know

  • For a project to be included in the WIP report, make sure that Percentage of Completion is enabled in the project settings.

  • The project start date on the Project Edit page should have value in order to run the WIP report.

  • The WIP report will be populated if the project completion date is either blank or after the date that is indicated in the As of date field.


Create a WIP report

  1. Follow the steps to create a custom report based on the WIP report template.

  2. From the Choose report type dropdown, select All.

  3. From the Select report template dropdown, select WIP - Percentage of completion method. Set Details opens.

  4. Enter the report name.

  5. From the Category dropdown, select Accounting.

  6. You can add a description for the report if necessary.

  7. When you’re done, click Save.


Run a WIP report

  1. Go to the navigation bar and click Reports.

  2. From the side menu, click All Reports and click WIP. Tip: You can use the Search field to find the report you want.

  3. Set the Project start date and As of date. Note: All the projects that have a start date on or after the set project start date are reflected in the WIP report.The WIP report shows the sum of transactions from the first day of the projects till the date that is indicated in the As of date field.

  4. Click Run Report.

After running the WIP report, it shows cost, margin, and budget details for all the projects in the date filters.

The report includes these columns:

WIP Report: Column Descriptions

Column

Description

Project number

Assigned sequence number

Project name

Project title

Contract Sum

Total value of the contract calculated by adding all estimates and change orders

Total budgeted expenses

Total of expenses reflected in project estimates and change orders

Budgeted Margin

The difference between contract sum and total budgeted expenses

Total actual expenses to date

Total of all expenses incurred from the first day of the project until the report date

Forecasted cost to complete

Cost to complete that is on the Project Summary screen

Forecasted total budgeted expenses

Sum of actual expenses to date and the forecasted cost to complete

Revised budgeted margin

The difference between contract sum and the forecasted total budgeted expenses

Variance from original budgeted margin

Variance calculated by subtracting the budgeted margin from the revised budgeted margin

Percentage completed

Percentage completion calculated by dividing the total actual expenses to date by the forecasted total budgeted expenses

Actual revenue (billed)

Total amount billed from the first day of the project to the report date, excluding tax

Recognized revenue

Revenue calculated by multiplying the percentage completed by the contract sum

Under billing

The difference between actual revenue and recognized revenue if the value is negative

Over billing

The difference between actual revenue and recognized revenue if the value is positive




Important note: Some features may not be currently included in your account and additional configuration may be required. Please contact technical support for details.