WIP Schedule Calculator
Per-job percent complete, earned revenue, and over/under billing. Multi-job rollup.
| Job | Contract | Est. Total Cost | Cost-to-Date | Billed-to-Date | % Complete | Earned Revenue | Over/(Under) | |
|---|---|---|---|---|---|---|---|---|
| 50.0% | $90,000 | ($30,000) | ||||||
| 75.0% | $318,750 | ($68,750) | ||||||
| Portfolio Totals | $605,000 | $460,000 | $310,000 | $310,000 | 67.4% | $408,750 | ($98,750) |
Portfolio Earned
$408,750
Portfolio Billed
$310,000
Net Underbilled
$98,750
Methodology
Percent complete uses the cost-to-cost method: % complete = cost-to-date / estimated total cost. Earned revenue = contract value × % complete. Over/(under) billing = billed-to-date − earned revenue. A positive value means you have billed more than you have earned (a liability); a negative value means you have earned more than you have billed (an asset).
Estimates only. Not financial or accounting advice. Confirm with your CPA or bonding agent.
Frequently Asked Questions
What is a WIP schedule?
A Work-in-Progress (WIP) schedule is a per-job report that compares contract value, estimated total cost, cost-to-date, and billings. It produces a percent complete figure (cost-to-cost method) and an earned-revenue number, which together reveal whether each job is overbilled (billed ahead of work performed) or underbilled (work performed ahead of billings). Sureties, banks, and CPAs use the WIP to assess contractor financial health.
What is over/under billing?
Overbilled jobs (billed-to-date is greater than earned revenue) appear on the balance sheet as a liability called "billings in excess of costs and estimated earnings." Underbilled jobs are an asset called "costs and estimated earnings in excess of billings." Both are normal in construction, but a chronically underbilled portfolio means you are financing the owner; a chronically overbilled portfolio is borrowing from future profit and can leave you cash-tight at job-end.
When should I run a WIP?
At a minimum, monthly — most CPAs and bonding agents require a month-end WIP. Many growing contractors run weekly WIPs internally so they can catch cost overruns and billing slippage before they compound. If you have bank covenants or a surety program, the required cadence will be in your loan or bond agreement (usually monthly or quarterly).
What is a good percent-complete tolerance for over/under billing?
A common rule of thumb is that over- or under-billing should not exceed roughly 5–10% of contract value on any one job. Bonding agents tend to get nervous when underbillings exceed about 10% of total revenue or when a single job is more than 15% out of balance. Tighten your front-loaded schedule of values or your billing cadence if you see those flags.