Bookkeeping · 5 min read
WIP Schedule Explained for Contractors
A WIP schedule, or work-in-progress schedule, helps contractors track the financial status of active projects. It compares contract value, costs incurred, estimated costs, billings, and project completion.
Details
A WIP schedule may include:
- Contract amount
- Estimated total cost
- Costs to date
- Estimated gross profit
- Percentage complete
- Billings to date
- Overbilling
- Underbilling
- Remaining cost
- Projected profit
Details
Contractors use WIP reports to understand whether jobs are on track financially.
Details
Overbilling may mean the contractor has billed more than the work completed. Underbilling may mean completed work has not been billed yet.
