Time saved / Send the bank your WIP schedule
WIP report for subcontractors: work in progress on every job, each month
Each job’s value, cost to date, cost to complete, percentage complete and over or under claimed, from your own claims, costs and budgets, kept month by month.
The bank, the surety and your accountant ask for a WIP schedule every month. You build it in a spreadsheet from four other spreadsheets.
- By hand
- 14 h 30 min
- In Excel
- 9 h
- In YourCA
- 12 min
- Saved
- 14 h 18 min
Estimate for a 6-month electrical job with 10 people on it, each month, on each job. Set your own job.
The risk it heads off
- A job is over claimed and the bank or surety finds it before you do.Shows each job over or under claimed, with over in red, every time you open it.
- The figures you gave the bank last month cannot be produced again.Keeps a snapshot of each month, saved by you or by YourCA at month end.
Step by step
| Step | By hand | Excel | YourCA | What YourCA does |
|---|---|---|---|---|
| Pull each job’s contract value and approved variations | 30 min | 20 min | 0 min | Reads the contract sum and every approved variation, and shows pending ones beside it. |
| Pull each job’s cost to date and budget | 45 min | 30 min | 0 min | Reads the same costs and budget as Margin: labour, super, orders, supplier invoices and typed costs. |
| Work out percentage complete, earned and over or under claimed | 40 min | 20 min | 0 min | Works each one out by cost, the method named on the page. |
| Lay it out for the bank and keep the month | 30 min | 20 min | 2 min | Downloads it on your letterhead with a cover, and keeps a snapshot of each month. |
| Total, each month, on each job | 145 min | 90 min | 2 min |
How to do it in YourCA
Questions subbies ask
- Does the WIP report meet an accounting standard?
- It names its method, percentage complete by cost, and claims no standard. Your accountant keeps their own adjustments.
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