Projects and Construction: Improvements to the WIP Reports

In the construction industry, companies that use the percentage-of-completion method for revenue recognition provide a work-in-progress (WIP) schedule along with their financial statements. A WIP schedule is a detailed report used in project management to track the progress of ongoing projects and their financial status. It provides a snapshot of all projects that are currently in progress and offers insights into their financial performance, including costs incurred, revenue earned, and the percentage of completion.

In MYOB Acumatica 2024.2.1, the WIP reports provided in the system have been improved to provide better capabilities for tracking the current progress of a project, as well as the financial performance of particular project tasks. The following sections list the changes made to the Project WIP (PM651500) report and Project WIP Detail (PM651500) report. For more information about WIP reports, see Construction Reports: WIP Reports.

Changes to Report Contents

The following columns have been renamed in the Project WIP (PM651500) and Project WIP Detail (PM651500) reports:

  • Recognized Revenue to Earned Revenue
  • % Completed to % Complete
  • Budgeted CO (in the Commitments section) to Approved CO

The following report columns have been added:

  • The Pending CO column in the Commitments section.

    This column shows the total amount of change orders with the On Hold and Pending Approval statuses.

  • The Gross Profit % column.

    The system calculates the value by using the following formula: Gross Profit % = Gross Profit / Earned Revenue.

    It calculates the Gross Profit % Total value by using the following formula: Gross Profit % Total = Gross Profit Total / Earned Revenue Total.

The following improvements have been made to the report calculation logic:

  • If the shifted calendar is used in the selected company or branch, the system now uses the master calendar for the following report parameters: From Period, To Period, and Actuals to Period.
  • All change order–related columns are now calculated based on the Actuals to Period report parameter.
  • The Remaining Contract column is now calculated based on the project transactions that originate from AR.

Also, the printed report layout has been improved. The following report sections have been added:

  • Actual from [Period 1] to [Period 2] with the following columns:
    • Period Costs
    • % Budget Used
    • Period Billings

    Period 1 and Period 2 in the section title correspond to the financial periods that are specified in the From Period and To Period report parameters, respectively.

  • Actual to Period [Period 3] with the following columns:
    • Costs To Period
    • % Complete
    • Earned Revenue
    • Billings To Period
    • Billings in Excess of Cost
    • Cost in Excess of Billings
    • Gross Profit
    • Gross Profit %

    Period 3 in the section title is the financial period that is specified in the Actuals to Period report parameters.

Changes to the Report Parameters

On the Project WIP (PM651500) report form, the Company/Branch box is now empty by default. If the Company/Branch parameter is empty, the projects that have the Branch box empty on the Summary tab of the Projects (PM301000) form are now included in the report.

On the Project WIP Detail (PM652500) report form, the options in the Level of Details box have been changed as follows:

  • The Account Group and Account Group + Cost Code options have been removed.
  • The Project Task and Project Task and Cost Code options have been added.