Work in progress (WIP) management
Related information
Related topics
Use work in progress (WIP) management to track overbilling and underbilling and predict the final cost and revenue of your projects. The values in the WIP schedules are based on existing records in your company:
- Projects
- Estimates
- Project contracts
- Costs incurred
There are fields for project managers and CFOs to enter their own forecasts for costs, revenue, and profit. These forecasts are used to calculate profit and over or underbilling amounts.
Who typically uses WIP schedules
WIP schedules are designed for the construction industry. WIP schedules are useful for project managers, controllers, CFOs, and anyone monitoring profitability and revenue recognition for ongoing projects.
What’s in a WIP schedule
Each WIP schedule covers a specific period. The WIP schedule periods are based on the reporting periods that you already have set up in your entity.
Each row in the WIP projects section represents an ongoing project. Each column contains information for that project and the WIP schedule period. Learn how you control which projects are included, and how they are included.
The project information includes the following:
- Project manager and CFO forecasts of project costs, profits, and completion percentage
- Actual costs and earned revenue
- Overbilling and underbilling amounts
