Construction

The short answer: A WIP (work-in-progress) schedule lists every open construction job with its contract value, estimated total cost, cost to date and billings to date. From those, it calculates percent complete (cost to date ÷ estimated total cost), earned revenue (percent complete × contract value), and whether each job is overbilled (billed more than earned, which is a liability) or underbilled (earned more than billed, which is an asset). It's the report that turns your jo

The short answer: Job costing for contractors means tracking the labor, materials, subcontractors and equipment on each job against that job's budget, using job numbers and cost codes, so you can see whether a job is making money while it's still running. To do it well, you need three things that most setups skip: a fully burdened labor rate, open commitments (POs and subcontracts) in the report, and a forecast of the cost to finish that gets updated every week or two. If you