Field descriptions: WIP schedule project fields

The end of year WIP schedule for the prior year. You can drill down to view it.

If there's an end of year WIP schedule, it's used to determine YTD values in the current WIP schedule (such as YTD billed and YTD earned).

If there isn't an end of year WIP schedule, YTD values are the same as job to date values.

The WIP schedule for the prior reporting period. You can drill down to view it.

When you create a new WIP schedule, PM and CFO forecasts from the prior period WIP schedule are automatically copied into the new WIP schedule. If there isn't a prior period WIP schedule, PM and CFO forecasts are blank.

You can always reset PM and CFO forecasts to those from the prior period using the buttons Update CFO values with CFO values from prior period and Update PM values with PM values from prior period.

Values from the prior period WIP schedule are also used to determine some other values for the current period (such as Period costs and Period billings).

If there is a prior period WIP schedule, the Prior period section appears and shows information from the prior period WIP schedule.

The date and time that the WIP schedule was last updated with the latest project data and any changes to which projects are included in the WIP schedule.

To get the latest project data, edit the WIP schedule, and select Refresh. When you refresh, the WIP schedule is saved automatically.

For each selected project, replaces the current CFO forecasts with the current PM forecasts.

• CFO forecast cost to complete is updated with PM forecast cost to complete
• CFO forecast cost at completion is updated with PM forecast cost at completion
• CFO forecast pct complete (%) is updated with PM forecast pct complete (%)
• CFO forecast contract value is updated with PM forecast contract value

For each selected project, replaces the current PM forecasts with values taken from the project contract and estimates for the project.

• PM forecast cost to complete is updated with estimated cost to complete
• PM forecast cost at completion is updated with total revised estimate
• PM forecast pct complete (%) is updated with estimated percentage complete
• PM forecast contract value is updated with total contract value

For each selected project, clears the following fields:

• CFO forecast cost to complete
• CFO forecast cost at completion
• CFO forecast pct complete (%)
• CFO forecast contract value

For each selected project, clears the following fields:

• PM forecast cost to complete
• PM forecast cost at completion
• PM forecast pct complete (%)
• PM forecast contract value

For each selected project, copies the job to date costs to CFO forecast cost at completion, which causes the CFO forecast percent complete to be calculated as 100%.

This button lets you easily update forecasts to show that a project is complete in terms of costs.

For each selected project, copies the job to date billings to CFO forecast contract value, indicating that everything for the job has been billed.

This button lets you easily update forecasts to show that a project is complete in terms of billings.

For each selected project, replaces the current CFO forecasts with the CFO forecasts from the prior period's WIP schedule.

The following fields are updated:

• CFO forecast cost to complete
• CFO forecast cost at completion
• CFO forecast pct complete (%)
• CFO forecast contract value

For each selected project, replaces the current PM forecasts with the PM forecasts from the prior period's WIP schedule.

The following fields are updated:

• PM forecast cost to complete
• PM forecast cost at completion
• PM forecast pct complete (%)
• PM forecast contract value

If there are one or more errors in the project data, the number of errors appears in this field.

Select the number to view the errors. You can save the WIP schedule with errors, but you must correct the errors before posting it.

If there are one or more issues in the project's data related to the WIP schedule, the number of issues appears in this field.

Select the number to view the warnings. You can save or post the WIP schedule without addressing the warnings.

The project manager assigned to the project.

This amount comes from estimate entries in the project's primary estimate. Estimate entries are included if they meet the following criteria:

• Have a workflow type of original, revision, or approved change

• Have an effective date that falls before or on the end date for the WIP schedule

  If the estimate entry does not have a date, the estimate date is used instead.

This amount comes from all project contract lines linked to the project. The amount is the sum of the price for all project contract lines, including any change request entries linked to the project contract line through a change order.

A project contract line entry is included in the calculation if it meets the following conditions:

• The workflow type is original or revision.

• The price effective date is earlier than or on the end date of the WIP schedule period.

A change request entry within the same project contract line is included in the calculation if it meets the following conditions:

• The workflow type is original, revision, or approved change.

• The price effective date is earlier than or on the end date of the WIP schedule period.

You can enter an amount in this field, or it will be automatically calculated if an amount is entered in one of the following fields:

• CFO forecast cost to complete

• CFO forecast pct complete (%)

Those two fields are recalculated if an amount is entered in this field.

Enter the forecast contract value.

The project's actual costs to-date.

This amount comes from journal postings to the cost accounts selected in the WIP management section of Configure Projects.

Journal entries are included in this amount if they meet the following conditions: 

• The account is selected in the Cost accounts list in Configure Projects.

• The project dimension assigned to the journal entry matches the WIP project or one of its child projects.

• The entry date for the journal entry falls before the WIP schedule period-end date.

A debit amount posted to the account is added to the Job to date costs amount. A credit is subtracted.

This amount comes from journal postings to the revenue accounts selected in the WIP management section of Configure Projects.

Journal entries are included in this amount if they meet the following conditions:

• The account is selected in the Revenue accounts list in Configure Projects.

• The project dimension assigned to the journal entry matches the WIP project or one of its child projects.

• The entry date for the journal entry falls before the WIP schedule period end date.

A credit amount posted to the account is added to the Job to date billed amount. A debit is subtracted.

Enter your estimate of how much of the project has been completed.

If a value has been entered in the CFO Forecast cost at completion field, this field is calculated as follows:

Job to date costs / CFO forecast cost at completion

The amount in this field is calculated as follows:

CFO forecast contract value * CFO forecast pct complete (%)

This amount reflects the earnings going back to the beginning of the project; it is not limited to the current year.

The amount in this field is calculated as follows:

The total revenue from General Ledger entries for the project from the start of the current fiscal year to the WIP schedule period-end date.

The amount in this field is calculated as follows:

Earned to date - Earned to date as of the end of the prior year (take from the prior year EOY WIP schedule)

If the Job to date billings amount is more than the Earned to date amount, this field displays the difference. Otherwise, the amount is zero.

If the Job to date billings amount is less than the Earned to date amount, this field displays the difference. Otherwise, the amount is zero.

Select Yes if you have finished modifying this project. All project rows must be finalized before posting the WIP schedule.

If a data refresh changes a calculated value for a project marked as Finalized, this field is automatically reset to No for that project.

This amount comes from estimate entries in the project's primary estimate.

Estimate entries are included if they have a workflow type of original, revision, or approved change.

This amount comes from pending estimate entries in the project's primary estimate.

Estimate of the costs remaining for this project. The amount is calculated as follows:

Total revised estimate - Job to date costs

The amount in this field is calculated as follows:

Job to date costs / Total revised estimate

The amount in this field is calculated as follows:

Total contract value - Total revised estimate

The amount in this field is calculated as follows:

The total costs from General Ledger entries for the project from the start of the current fiscal year to the WIP schedule period-end date.

Billings for the WIP schedule period, determined as follows:

• If there is a WIP schedule for the prior reporting period, period billings are calculated:

  Job to date billings − Job to date billings from the prior period

• If there isn't a WIP schedule for the prior reporting period, the period billings amount is the total of billings posted in General Ledger for the WIP schedule period.

Costs for the WIP schedule period, determined as follows:

• If there is a WIP schedule for the prior reporting period, period costs are calculated:

  Job to date costs − Job to date costs from the prior period

• If there isn't a WIP schedule for the prior reporting period, the period costs amount is the total of costs posted in General Ledger for the WIP schedule period.

Earned profit for the WIP schedule period, determined as follows:

• If there is a WIP schedule for the prior reporting period, period earned profit is calculated:

  Earned profit to date − Earned profit to date from the prior period

• If there isn't a WIP schedule for the prior reporting period, no earned profit amount is shown.

Earnings for the WIP schedule period, determined as follows:

• If there is a WIP schedule for the prior reporting period, period earnings is calculated:

  Earned to date − Earned to date from the prior period

• If there isn't a WIP schedule for the prior reporting period, no earnings amount is shown.

The project manager can enter a value in this field. It is automatically calculated when the project manager enters a value in the PM forecast cost at completion field or the PM forecast pct complete (%) field.

You can enter an amount in this field, or it is automatically calculated if you enter a value in either of the following fields: 

• PM forecast pct complete (%)

• PM forecast cost to complete

The project manager enters their estimate of how much of the project has been completed.

If the project manager has already entered an amount in the PM Forecast costs at completion field, this field is calculated as follows:

Job to date costs / PM forecast cost at completion

The default value in this field is the value in the Total revised contract field, but you can enter a different value.

The date and time that information was last updated in any of the following fields:

• PM forecast cost to complete
• PM forecast cost at completion
• PM forecast pct complete (%)
• PM forecast contract value

You can enter your forecast of the costs required to complete this project, or the amount is automatically calculated if you enter an amount in either of the following fields: 

• CFO forecast pct complete (%)

• CFO forecast cost at completion

The amount in this field is calculated as follows:

CFO forecast gross profit at completion / CFO forecast contract value

The amount in this field is calculated as follows:

CFO forecast contract value - CFO forecast cost at completion

The date and time that information was last updated in any of the following fields:

• CFO forecast cost at completion
• CFO forecast contract value
• CFO forecast pct complete (%)
• CFO forecast cost to complete

The amount in this field is calculated as follows:

CFO forecast cost at completion - Total revised estimate

The amount in this field is calculated as follows:

CFO forecast contract value - Total contract value

This amount represents the work left for the project as a currency amount. The amount is calculated as follows:

CFO forecast contract value - Earned to date

The amount in this field is calculated as follows:

Earned to date - Job to date costs

The amount in this field is calculated as follows:

CFO forecast gross profit at completion / CFO forecast cost at completion

The amount in this field is calculated as follows:

CFO forecast gross profit at completion / CFO forecast contract value

The amount in this field is calculated as follows:

CFO forecast gross profit at completion - total gross profit estimated at completion

This amount shows how much of the projected project remains to be earned. The amount is calculated as follows:

CFO forecast gross profit at completion - Earned profit to date

This value comes from the end-of-year (EOY) WIP schedule from the prior year if one exists. Otherwise, the amount is zero.

The EOY WIP schedule is the WIP schedule that's created for the last reporting period of the fiscal year.

The amount in this field is calculated as follows:

Earned to date - Earned profit as of end of prior year (from the EOY WIP schedule) 

If the Job to date billings amount is more or less than the Earned to date amount, this field displays the difference. Otherwise, the amount is zero.

Underbilled amounts are displayed as a positive number (for example, 10,000), overbilled amounts are displayed as a negative number (for example, −10,000).

The customer associated with the project.

The location associated with the project.

The department associated with the project.

Classes can be used to create and filter project reports. Learn more about classes.

The project status can be used to prevent certain transactions from occurring, or to track projects. Learn more about project statuses.

The project type is a user-created tag that you can use to categorize and report on projects. Learn more about project types.

The begin date for the project. This date is specified on the Project Information page (go to Projects > All > Projects, and then select the project).

The end date for the project. This date is specified on the Project Information page (go to Projects > All > Projects, and then select the project).

Indicates that the posting will be automatically reversed during the next WIP schedule period.

The auto-reversal happens either at the beginning or end of the next period, depending on settings in the WIP management section of Configure Projects.

The account that will be debited or credited when the WIP schedule is posted.

Overbilled amounts are credited to the overbilling account selected in Configure Projects.

Underbilled amounts are debited to the underbilling account selected in Configure Projects.

The overbilling amount that was debited to the Billings in excess of costs (overbilling) account when the WIP schedule was posted.

The overbilling account is specified in the WIP management section in Configure Projects.

The overbilling amount that was credited to the Billings in excess of costs (overbilling) account when the WIP schedule was posted.

The overbilling account is specified in the WIP management section in Configure Projects.

The underbilling amount that was debited to the Costs in excess of billings (underbilling) account when the WIP schedule was posted.

The underbilling account is specified in the WIP management section in Configure Projects.

The underbilling amount that was credited to the Costs in excess of billings (underbilling) account when the WIP schedule was posted.

The underbilling account is specified in the WIP management section in Configure Projects.

The amount debited to the offset account when your post an overbilling credit or an underbilling credit.

The offset account is specified in the WIP management section in Configure Projects.

The amount credited to the offset account when you post an overbilling debit or an underbilling debit.

The offset account is specified in the WIP management section in Configure Projects.