For construction companies that perform contact work, the work in progress (WIP) is an essential financial tool and accurate way to know the true profitability of the company.
The goal of this template is to have financial reporting tool that shows if you are “Over or under billed and cash positive or negative not only for each project but when all of the individual projects are taken together, for the entire company as a whole.
The template will give the user an example how the journals should be entered as an auto-reversing journal which reverses the WIP entry on the first day of the following month.
Update the general info in the Front Page
Enter the data in the "Work in progress" sheet, fill only the green cells.
The input will dynamically flow in the following below:
Estimated cost to complete the project
% of completion to date
Profit to date
Recognized revenue or amount earned
Remaining cost to complete the project
Under/Over billed amount
Entries to record over/under billings
Conclusion and customization:
Highly versatile, very sophisticated financial template and friendly user.