How to use the Work in Progress (WIP) report in MeasureSquare CRM?
This article will show how you how to use the WIP report in MeasureSquare CRM.
The Work in Progress (WIP) Report provides a real-time view of all active projects and their financial progress. It shows how much work has been completed, earned, and billed compared to project budgets, allowing you to quickly assess job status, profitability, and billing accuracy at a glance.
Step 1: Go to Reports
Step 2: Select Work in Progress Report
Step 3: Analyze your Work in Progress Report (See below for a breakdown of each column field)
Step 4: Export your report to an Excel file if needed
The following fields represent the core financial calculations used in the Work in Progress (WIP) report
- Contract Amount: The total amount the project is contracted for, including any approved change orders.
- Total Estimated Cost: The total expected cost of the project, including materials, labor, and approved change order costs.
- Estimated Profit: The expected profit for the project, calculated as the difference between the contract amount and total estimated cost.
- Cost to Date: The total costs incurred for the project up to the reporting date.
- Cost-Based Completion %: The percentage of the project completed based on costs incurred, calculated as cost to date divided by total estimated cost.
- Total Earned: The amount of revenue recognized to date, based on the project’s percentage of completion.
- Profit to Date: The profit recognized so far, calculated as total earned minus cost to date.
- Total Invoiced: The total amount invoiced to the customer for the project to date.
- Over / Under Billing: Indicates whether the project has been over-billed or under-billed by comparing earned revenue to invoiced amounts.
For any further questions, please reach out to our Support team
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