What a WIP schedule shows
A work in progress schedule lists every open job with what it is worth, what it should cost, what it has cost so far and what has been billed. From those it shows how far along each job is, the revenue earned so far, and whether you have billed more or less than you have earned. Lenders and bonding companies ask for one, and it is the quickest way to spot a job losing money while there is still time to act.
The math, column by column
| Column | How it is worked out |
|---|---|
| % done | Cost to date ÷ estimated total cost (the cost-to-cost method), capped at 100 |
| Earned | Contract × % done |
| Over (under) billed | Billed to date − earned. Positive is over billed, negative is under billed |
| Expected profit | Contract − estimated total cost |
Reading the result
- Over billed means cash in ahead of the work. Healthy in moderation, but that cash is owed in work, so do not spend it as profit.
- Under billed means work done that you have not billed. Bill it, or ask why the costs are running ahead.
- Update estimated cost when you learn a job will run over; a WIP built on stale estimates hides the problem.
This is a management tool, not tax or accounting advice. Your accountant may use a different method for your books.
More free templates
- Construction Bid: Package, lines, overhead and profit, inclusions and exclusions.
- Subcontractor Agreement: Scope, price, dates, retainage, insurance and payment.
- Schedule of Values: Percent complete, balance and retainage worked out per line.
- Submittal: Spec section, items, attachments, answer-by date and review action.
- Material Take-off: Measured quantity, waste, order quantity and cost.
- Timesheet: Hours worked out per day, the week's total and hours over 40.
- Expense Tracker: Every expense with its job and category, totalled.
- Job Sheet: Times, tasks and parts, what was found and signatures.
- Every template, including estimates, invoices and proposals for 35 trades.