The WIP schedule identifies contracts where billings exceed earned revenue so the liability is properly recorded.
Construction & Job Costing
WIP schedule that shows over- and underbilling in one calculation.
Enter contract value, estimated costs, costs to date, and billings to date to calculate percent complete, earned revenue, and the over/underbilling position for percentage-of-completion reporting.
Direct answerA WIP schedule builder calculates percent complete, earned revenue, and over/underbilling for each construction contract using the cost-to-cost percentage-of-completion method.
Percentage-of-completionOver/underbillingEstimated profit at completion
1. Enter contract financials
CalculatorEnter the contract details for a single contract or use as a template for each contract in the portfolio.
Enter contract details or load a sample to calculate the WIP position.
Live Tool
WIP Schedule Builder in the browser
Enter contract financials to calculate WIP position before moving into a period-end accounting entry or lender package.
Privacy-first workflow
This page runs in the browser and does not upload any data.
What this tool is built to solve
A WIP schedule builder calculates percent complete, earned revenue, and over/underbilling for each construction contract using the cost-to-cost percentage-of-completion method.
Work completed but not yet billed is an asset. Missing it understates both revenue and current assets.
Revising total cost estimates changes earned revenue on every contract simultaneously.
Key signals
Review these signals before posting period-end WIP journal entries.
Decision support
Context for the WIP discussion with project managers and lenders.
Detailed breakdown
Full WIP schedule ready to move into a lender package or period-end close file.
Cost-to-cost method: costs incurred divided by estimated total costs gives the completion percentage.
Earned revenue compared to billings to date - positive means underbilled (asset), negative means overbilled (liability).
Contract value less estimated total costs gives the current estimated profit at completion.
Take the WIP schedule directly into a lender package, bonding review, or period-end accounting file.
Guide Below The Tool
How to use the WIP schedule builder well
Direct definitions, practical workflow steps, and review context for construction accountants and project finance teams.
A WIP schedule builder calculates percent complete, earned revenue, and the over/underbilling position for a construction contract using the cost-to-cost percentage-of-completion method.
Construction controllers, project accountants, CFOs, and bonding agents who need an accurate period-end WIP position for financial reporting or surety review.
The quality of the estimated total cost at completion drives every other number in the WIP schedule. Underestimating remaining costs inflates percent complete and earned revenue.
Workflow
Four practical steps
1
Confirm the latest estimated cost at completion with the project manager.Cost estimates age quickly on active projects. An outdated EAC produces a misleading percent complete.
2
Enter costs incurred to date from the job cost ledger.Use committed costs only if your policy includes purchase orders and subcontract obligations in the cost-to-cost calculation.
3
Confirm billings to date against the AR aging.Billings-to-date should tie to the contract receivable balance net of retainage on the balance sheet.
4
Review the over/underbilling and post the journal entry.Underbillings post as a current asset (costs and estimated earnings in excess of billings); overbillings post as a current liability (billings in excess of costs and estimated earnings).
Review Checklist
What reviewers usually validate first
Confirm the estimated cost at completion was reviewed by the project manager and formally approved before the WIP schedule was submitted.
Verify costs incurred include all direct and allocated indirect job costs that belong in the cost-to-cost denominator.
Confirm whether retainage is included in or excluded from both billings and contract value in your WIP schedule format.
If estimated costs exceed contract value, a loss must be recognized immediately rather than spread over remaining completion.
Total underbillings should tie to the asset line; total overbillings should tie to the liability line on the balance sheet.
Bonding companies and construction lenders often require a specific WIP schedule format. Confirm requirements before finalizing.
The functional tool stays on top so users can solve the immediate WIP problem before reading a guide.
The result cards explain what the over/underbilling means rather than leaving a raw number.
Ledger Summit can build a full multi-contract WIP tracking system later, but this page delivers value now.
FAQ
WIP Schedule Builder questions, answered directly
A WIP schedule tracks the financial position of construction contracts in progress by comparing earned revenue to amounts billed, producing over-billing or under-billing positions for each contract.
Underbilling occurs when earned revenue (percent complete times contract value) exceeds amounts billed to date. It represents work completed but not yet invoiced and is recorded as a current asset.
Enter the contract value, estimated total costs, costs incurred to date, and amounts billed to date. The tool calculates percent complete, earned revenue, estimated profit, and the over/underbilling balance.
No. The calculator runs entirely in your browser and does not send any data to a server.
Next Step
Need this connected to a broader workflow?
Use the free browser tool first. If you need a multi-contract WIP tracker, automated journal entry generation, or integration with your project accounting system, Ledger Summit can build the next layer.
Book a free call