Printable WIP worksheet
Fill one row per open job. Calculate the shaded columns with the formulas underneath.
| Job | Contract value | Est. total cost | Est. gross profit | Cost to date | % complete | Earned revenue | Billed to date | Over billing | Under billing | Cost to complete |
|---|---|---|---|---|---|---|---|---|---|---|
| Totals |
| Column | Formula |
|---|---|
| Est. gross profit | Contract value − est. total cost |
| % complete | Cost to date ÷ est. total cost |
| Earned revenue | Contract value × % complete |
| Over billing | Billed to date − earned revenue, if positive |
| Under billing | Earned revenue − billed to date, if positive |
| Cost to complete | Est. total cost − cost to date |
How to use the template
Update it monthly, after the month’s bills are coded and posted and project managers have re-estimated cost to complete.
- 1Download the CSV and open it in Excel or Google Sheets; the formulas calculate automatically.
- 2Replace the two example jobs with your open jobs. Add rows above the Totals row and copy the formulas down.
- 3Enter contract value including approved change orders, the current estimated total cost, cost to date, and billed to date.
- 4Review percent complete, earned revenue, and over/under billing for each job, then the totals.
- 5Save a copy each month so you can see how estimates and over/under balances move over time.
Where the inputs come from
Contract value and billed to date come from your contracts and progress billings; cost to date comes from the job-cost ledger; estimated total cost comes from the project manager.
The template is only as good as cost to date, which depends on every vendor bill being coded to the right job before month-end. For the full explanation of the report, see WIP reports in construction.
Frequently asked questions
Which percent-complete method does the template use?
Cost-to-cost: cost to date divided by estimated total cost. If your CPA uses a different method for some contracts, overwrite the % complete column for those jobs.
Should billed to date include retainage?
Yes. Use gross billings before retainage is withheld; retainage changes when you collect, not what you have billed.
Can I use the template with QuickBooks Online?
Yes. Export costs and billings by customer or project from QuickBooks Online, then paste the totals per job into the template.
Related guides and tools
Sources
Template provided for general use; it is not accounting or tax advice. Confirm your revenue recognition method with your CPA.
Run construction AP on QuickBooks Online
Aequo Build is the construction AP layer on top of QuickBooks Online: invoice capture, job-cost coding, approvals, lien waivers, retainage holds, and subcontractor compliance checks before payment.
Part of the Construction AP Knowledge Centre.