Construction Reports: General Information

MYOB Acumatica Construction Edition provides multiple construction reports that you can provide to customers.

Learning Objectives

In this chapter, you will learn how to do the following:

  • Print and send substantiated billing reports, and understand what information is included in them
  • Print and send American Institute of Architects (AIA) reports, and understand what information is included in them
  • Print and send work-in-progress and bonding reports, and understand which information is included in them
  • Review the project lifecycle and performance with the help of MYOB Acumatica Construction Edition reports

Substantiated Billing Reports

In the construction industry, when contractors bill their customers, the customers may want to see proof of the costs. In this case, the contractors need to provide supporting documentation along with the customer statement or invoice. MYOB Acumatica Construction Edition includes the following substantiated billing reports, which you (as a contractor) can use to retrieve costs for a specific billing period:

  • Substantiated Billing (PM650000) report.

    This report provides a list of costs for the specified period with all transactions related to accounts payable invoices, debit adjustments, credit adjustments, labor, and other project expenses grouped by the cost codes.

  • Substantiated Billing - Consolidated (PM650050) report.

    In addition to the list of costs and transactions of a project for the specified period, the generated report includes all scanned or uploaded images (of the PNG, JPG, JPEG, BMP, GIF, TIFF, or TIF format) attached to the corresponding cost records as separate pages. Also, the generated report file includes hyperlinks to the attached files that could not be included directly in the PDF file (such as encrypted PDF files).

AIA Reports

The common construction billing format is known as AIA progress billing, named based on the American Institute of Architects, which produces the industry’s official forms. With the AIA reports provided in MYOB Acumatica Construction Edition, you bill the customer based on the percentage of work completed for that billing period. For a detailed description of the information included in AIA reports, see Construction Reports: AIA Reports.

WIP and Bonding Reports

When companies use the percentage-of-completion method for revenue recognition, they include a WIP (which can indicate work in progress or work in process) schedule with their financial statements. WIP reports are designed to track the current progress of a project, as well as the financial performance of particular project tasks. The tracking of WIP gives you the ability to determine whether a project task is overbilled or underbilled relative to its progress.

In MYOB Acumatica, you can use the Project WIP (PM651500) and Project WIP Detail (PM652500) reports to gather and analyze the necessary information to meet your business’s needs. By using the Construction Bonding Report (PM650500) form, you can create a report of the work in progress for projects in a selected date range. This report can be used by management as well as by external entities, such as bonding companies, to determine the financial health of projects. The report gives a bigger snapshot of all the projects in the system and can reinforce management's confidence. You can analyze how much is actually billed for the project compared to the percentage of the project completion.