Overview
Use the Work in Progress (WIP) report to calculate the correct amount of recognized revenue for projects based on the Percentage of Completion method.
For a more detailed report on your active projects, see Work in Progress (WIP) Active Projects report.
Who uses this feature
Administrators, office employees, managers, accountants, and bookkeepers
Feature configuration
Account configuration is required to use this feature. Please contact Technical Support for details.
Things to know
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.
Use the Work In Progress - Percentage of Completion (Active Projects) report template if you want to generate a WIP report that provides more detailed information on your projects.
Create a WIP report
Follow the steps to create a custom report based on the WIP report template.
From the Choose report type dropdown, select All.
From the Select report template dropdown, select WIP - Percentage of completion method for the standard WIP report.
On the Set Details screen that opens, enter the report name.
From the Category dropdown, select Accounting.
You can add a description for the report if necessary.
When you're done, click Save.
Run a WIP report
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.
Go to the navigation bar and click Reports.
From the side menu, click All Reports and click WIP.
Tip: You can use the Search field to find the report you want.
Set the Project start date and As of date.
Click Run Report.
Read WIP report results
After running the WIP report, it provides cost, margin, budget details, and more, for all projects within the specified date range.
Your report results are displayed in a table based on the filters you set. By default, the standard WIP report includes the following columns:
Project number: Assigned project number. Click the project number to open the project in a new tab
Project name: Project title
Project business unit: The business unit attached to the project
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 the contract sum and the total budgeted expenses
Committed costs to date: Total of all purchase orders not yet received in the project
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: The 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 the 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 and retained): Total amount billed and retained from the first day of the project to the report date, excluding tax
Actual margin to date: Total actual expenses to date subtracted from actual revenue billed and retained
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
Start date: Date the project started
Target completion date: Date the project is set to complete
Actual completion date: Date the project actually completed
Project manager: Name of the project manager assigned to the project
Project status: The current status of the project
Project business unit: The business unit the project is assigned to