Construction - Over & Under billing

I am not certain what you are asking, but there is a ?job estimates vs. actuals summary? report. And, from this report, you should be able to compute over and under billings. Richard

You will have to send the Actuals vs. Estimates report out to excel and modify.  I have attached an excel workbook that shows how this can be done.

The spread sheet that Laura gave you is great.  I would suggest that you compute overbillings and under billings in a separate column.

Your CPA and bonding company is going to want the underbillings to appear as an Asset (Cost & Estimated Earnings in Excess of Billings), and overbillings as a Liability, ( Billings in Excess of Costs and Estimated Earnings)

You are usually required to produce both a WIP Schedule and a Closed Job Schedule at least at FYE.

There are several methods that this can be accomplished but my preferred method is to set up Job Type as 01- Work In  Progress ? 02 ? Closed Jobs 2008  (Jobs Closed this Fiscal year regardless of when they begin) I also set up a Closed Job with sub types as Closed Jobs 2007 ? Closed Jobs 2006 etc.  When 2009 arrives I will move the 2008 Closed Jobs  under Closed Jobs and create a New 02- Closed Jobs 2009

You can then run the report for Jobs in Progress regardless of when they started.   You can also run a report on jobs closed in 2008 or prior years.   This is extremely valuable because many contractors use the Completed Contractor Method for Income Tax purposes. 

To save your CPA time and you money and for easy reconciliation to the General Ledger.

 If you have jobs spanning multiple years add a few columns Actual Cost in Prior Years and  Revenue earned in prior years and also include a Total Column. 

One other issue,  if the job has retainage deducted from the invoice set up as a retainage receivable on your balance sheet.,  the income on the Job Estimates vs. Actual Summary will be reduced by this amount. To correct  filter the report for all ordinary income and expense.   This report will then agree with your Profit & Loss by Job Report. 

no

Is there any chance that someone could re-post Over_Under_Excel.xls for download ?

Sorry, but the attachment functionality hasn't been restored to the community yet. I just checked and I expect it fairly soon.

Dennis

Was the Over_Under_Excel.xls restored for downloading?  Our bonding company commented that our balance sheet didn't reflect over (under) billings and I need to familiarize myself with the accounts and accounting entry.