WIP ReportsJune 2026 · 10 min read

WIP Schedule Template for Construction Companies — All Columns Explained

A WIP schedule is only as good as its structure. The right columns, in the right order, with the right formulas — that's what bonding companies, lenders, and CPAs expect to see. Here's the complete template with every column explained.

Who this is for

This template is for construction bookkeepers, CPAs, and ProAdvisors who prepare WIP schedules for their construction contractor clients. It covers general contractors, subcontractors, and specialty contractors who perform work under long-term contracts.

What goes at the top of the WIP schedule

Before the job table, every WIP schedule should have a header section with:

  • Company name — the contractor's legal business name
  • Schedule date — this must match the financial statement date
  • Prepared by — your name or firm name
  • Reporting period — fiscal year-end or interim date

The date is critical. If the WIP schedule is dated December 31 but the balance sheet is dated November 30, the numbers won't reconcile and the bonding company will reject it.

The complete column set — with formulas

These are the standard columns for a construction WIP schedule. Some simpler schedules omit a few of the later columns — but this is the complete version that satisfies virtually every bonding company and lender request:

A — Project Name

The name of the active project. Use the same name as in your accounting system. Include the contract number if applicable.

SourceQBO sub-customer name

B — Contract Amount

The total revised contract value including all approved change orders. This is the ceiling — the maximum amount the contractor will earn on this job if they complete it.

FormulaOriginal contract + all approved change orders
SourceQBO Estimate (accepted amount)

C — Estimated Total Costs

The contractor's best estimate of what it will cost to complete the entire project from start to finish. This should be updated regularly as the job progresses.

SourceQBO Estimate (budgeted cost)

D — Costs Incurred to Date

All costs booked to this job so far — materials, labor, subcontractors, equipment, and other direct costs.

SourceQBO Job Profitability → Actual Costs

E — % Complete

How far along the job is, calculated using the cost-to-cost method. This is the industry standard — it's auditable, objective, and required by most bonding companies.

FormulaD ÷ C (Costs to Date ÷ Estimated Total Costs)
SourceCalculated

F — Revenue Earned

The amount of the contract the contractor has legitimately earned based on work completed. This is the key revenue recognition number.

FormulaB × E (Contract Amount × % Complete)
SourceCalculated

G — Billings to Date

The total amount invoiced to the client from project start through the schedule date. This is what appears in accounts receivable (plus retainage held).

SourceQBO Job Profitability → Actual Income

H — Over Billing

How much the contractor has billed in excess of what they've earned. This is a current liability on the balance sheet ("Billings in Excess of Costs").

FormulaMAX(0, G − F) — only show if billings exceed earned
SourceCalculated

I — Under Billing

How much the contractor has earned in excess of what they've billed. This is a current asset on the balance sheet ("Costs in Excess of Billings").

FormulaMAX(0, F − G) — only show if earned exceeds billings
SourceCalculated

J — Retainage Held

The amount withheld from invoices by the owner or GC until project completion. Typically 5–10% of billings. Track separately from net AR.

SourceRetainage receivable account in QBO

K — Cost to Complete

How much more it will cost to finish the job. Critical for understanding future cash requirements and whether the job will stay profitable.

FormulaC − D (Estimated Total Costs − Costs to Date)
SourceCalculated

L — Estimated Gross Margin

The projected profit margin on this job if it finishes at the current estimated cost. Flags jobs where profitability is eroding.

Formula(B − C) ÷ B ((Contract − Est. Total Costs) ÷ Contract)
SourceCalculated

The totals row — what must tie out

The bottom of the WIP schedule must have a totals row that sums every column. The two numbers that must reconcile to the balance sheet:

  • Total Over Billings (Column H) must equal Billings in Excess of Costs on the balance sheet
  • Total Under Billings (Column I) must equal Costs in Excess of Billings on the balance sheet

If these don't match, the WIP schedule and balance sheet are out of sync. This is one of the first things a CPA or surety will check. Common causes: completed jobs still on the WIP, incorrect job coding in QBO, or journal entries that don't match the schedule.

Worked example — four active jobs

ProjectContractEst. CostsCosts to Date% DoneEarnedBilledOver BillUnder BillRetainageMargin
Apex Roofing$180K$135K$88K65%$117K$140K$23K—$14K25%
Pine Ridge$95K$71K$28K39%$37K$20K—$17K$2K25%
Summit Comm.$420K$315K$42K13%$55K$120K$65K—$12K25%
Harbor View$67K$50K$39K78%$52K$50K—$2K$5K25%
TOTAL$762K$571K$197K—$261K$330K$88K$19K$33K—

This contractor's balance sheet should show: Billings in Excess of Costs: $88K (liability) and Costs in Excess of Billings: $19K (asset). The Summit Commercial job is the biggest problem — $65K over-billed on a job only 13% complete.

Jobs to exclude from the WIP schedule

  • Completed jobs — once final billing is issued and retainage released, remove from the WIP schedule and move to a Completed Contracts schedule
  • Jobs on hold or cancelled — these should be disclosed separately with a note explaining the status
  • Small time-and-materials jobs — T&M jobs billed by the hour don't typically require WIP treatment; they recognize revenue as invoiced

Generate this WIP schedule automatically

ReconcileBook pulls all of this data directly from your client's QuickBooks Online and computes every column automatically. The complete WIP schedule — formatted exactly as bonding companies and lenders expect — is ready in seconds. Download as PDF, send to your client.

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Questions about WIP schedule templates? Email us or browse more guides.