What it is
A WIP schedule lists each open contract with its price, change orders, estimated cost, cost to date and billings, and computes revenue earned, the over or under billing, the estimated gross profit and the backlog. It is the schedule a contractor’s financial statements and its surety both rely on.
This workbook calculates percent complete on the cost-to-cost method, revenue earned to date, billings in excess of costs and estimated earnings, costs and estimated earnings in excess of billings, the remaining provision for anticipated losses and gross profit fade. Totals tie to the balance sheet and income statement below the schedule.
When to use it
- Building or recomputing a contractor’s WIP schedule at year end.
- Testing the contract asset, contract liability and revenue on a contractor audit.
- Reviewing fade and loss jobs before a surety or bank meeting.
What’s inside
- Instructions with the method and where each ASC reference applies
- 60-line WIP schedule with formulas for percent complete, revenue, over and under billings, loss provision, backlog and fade
- Footing and cross-footing checks that turn red when they fail
- Tie-outs of contract asset, liability, loss provision, revenue and retainage to the GL
Standard cited
This template follows ASC 606 / ASC 605-35. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Does the workbook calculate percent complete on cost-to-cost?
Yes. Percent complete is cost used for progress divided by estimated total cost at completion, capped at 100%. Costs that do not reflect progress, such as uninstalled materials or wasted cost, are removed from the progress measure in a separate column. The workbook does not compute the zero-margin revenue that ASC 606-10-55-21 allows on qualifying uninstalled materials, so adjust that outside the schedule. If the contractor measures progress another way, such as units delivered or milestones, replace that column.
How does it handle a loss job?
If estimated cost exceeds the revised contract price, the full loss is recognized. The workbook computes the remaining provision as the total expected loss less the loss already recognized through percent complete, and flags the job (ASC 605-35-25-45 through 25-49).
What should be done with unapproved change orders?
Include them in contract price only if approved and enforceable, or estimate them as variable consideration, constrained to the amount unlikely to reverse (ASC 606-10-25-10 to 25-13, ASC 606-10-32-11 to 32-13). Cost for unapproved work stays in cost to date.
Related templates
- Audit Program: Construction Contractor
- Lead Schedule Template (Excel)
- Summary of Uncorrected Misstatements (AU-C 450)
- Search for Unrecorded Liabilities Workpaper
Last updated 11/05/2026. All free templates.