South Carolina Contractor's Job Progress Sheet
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How to fill out Contractor's Job Progress Sheet?
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FAQ
How to Create Accurate WIP ReportsUse accurate, real-time data. The key to accurate WIP reporting is accurate, timely data.Track work completed instead of hours or labor costs. Another critical part of the WIP process is understanding the amount of work that has been completed on a project.
Construction Work-in-Progress is often reported as the last line within the balance sheet classification Property, Plant and Equipment. There is no depreciation of the accumulated costs until the project is completed and the asset is placed into service.
When the asset is placed into service, the account Construction Work-in-Progress will be credited for its balance (the accumulated costs) and will be recorded with a debit in the appropriate property, plant and equipment account. Depreciation will begin after the asset is put into service.
What Is Construction-in-Progress Accounting? Construction work-in-progress accounting refers to the record-keeping of all expenditures that accrue in constructing a non-current asset.
The WIP is calculated by multiplying the percent completed costs by the contract amount. After that number is calculated, it is then compared to the amount the contractor has billed thus far. For example, a contractor has a job worth $250,000 with an estimated budget of $200,000. The cost incurred to date is $40,000.
The Work in Process schedule (WIP) is one of the most important reports produced by a contractor's accounting system. Surety companies rely heavily on this report to review the progress of construction contracts underway at that time. If used properly, the WIP can be a valuable tool for the contractor as well.
Simply start with the beginning balance of the work in progress account. Then add the costs of resources transferred into the account during the relevant period. Finally, subtract the ending balance of the work in progress account for that period.
Sample WIP Report Work-in-progress reports will generally include the contract amount, estimated costs, costs to date, the percent complete, billed revenue, earned revenue and over/under billings.
How to Create Accurate WIP ReportsUse accurate, real-time data. The key to accurate WIP reporting is accurate, timely data.Track work completed instead of hours or labor costs. Another critical part of the WIP process is understanding the amount of work that has been completed on a project.
