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    RE: WIP Schedule

    Posted in: General Inquiries

    Let us first establish the difference between; 1. Removing a job from a WIP Schedule     a.) You have billed out the job so you are not under billed     b.) You have updated your estimated cost to complete so you are not excessively over billed. ...

  • Posted in: General Inquiries

    Thanks Scott.  That's currently our method - or supposed to be.  But we do get the push-back too - as they will charge to their jobs that have excess PM time budgeted.  I appreciate your feedback! ------------------------------ Debbie McDaniel CCIFP, ...

  • Posted in: General Inquiries

    Hi Chris, I hope you're doing well today.  I would like to reach out to you concerning your needs for dash-boarding as this is a product that we provide.  Please let me know if we can chat some more this week.  You can see some of our products at (www.prospectionbi.com).  ...

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    RE: WIP Schedule

    Posted in: General Inquiries

    We leave jobs in WIP until all billings are done. By definition, if it's billed out, including any change orders, the physical work is done, and costs would therefore all be in. They will often stay on the WIP schedule just waiting for change orders to ...

  • Posted in: General Inquiries

    Hello, Does anyone have a Record Retention Policy they are willing to share? One that includes not just typical financial/accounting records, but also for contracts, pay apps, etc. If so, thanks in advance! Carmen Agra-Boitnott, CPA ...

  • Posted in: General Inquiries

    We switched to Spectrum in 2015 and finally found an approach that works for us. First, project managers go through data entry > projected cost. This is a phase by phase process and unfortunately can be time consuming, so it's done on a quarterly basis. ...

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    RE: WIP Schedule

    Posted in: General Inquiries

    We close our projects off the open WIP schedule after we have been final paid and have paid all subcontractors in full.  If we happen to incur any costs after that, we expense them to a closed project cost job as a period expense.  For audit purposes, ...

  • Posted in: General Inquiries

    When all costs are posted and project is 100% billed.  We also have work that is expected to have inspection costs after completion.  I evaluate how far out these likely are, the value of these costs and either hold the project open, code to burden, OR ...

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    RE: WIP Schedule

    Posted in: General Inquiries

    For internal reporting purposes, I only maintain one schedule.  Jobs are removed from the schedule only with the new year.  With the first schedule of a new year (January, for my company), jobs with all anticipated costs posted and with no under or over ...

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