Construction Reports: General Information
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
Applicable Scenarios
You will find construction-specific reports useful in your role as a project manager in the following scenarios:
- You have billed a customer for work completed for a particular period and want to provide the customer with a report of the cost transactions to support the pro forma invoice.
- You need to formally request payment from the project owner.
- You need to verify that the billed work has been completed according to the contract specifications.
- You need to estimate the current progress of a project and the financial performance of particular project tasks.
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 Substantiated Billing (PM650000) and Substantiated Billing - Consolidated (PM650050) reports, which are specifically designed to display a detailed breakdown of and supporting documentation for the costs incurred during a specific date range. For a detailed description of the information included in substantiated billing reports, see Construction Reports: Substantiated Billing Reports.
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.
Bonding Reports
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 wide-angle snapshot of all the projects in the system and can reinforce management's confidence. You can analyze how much has been actually billed for the project compared to the percentage of the project completion.
WIP Reports
In the construction industry, some companies use the percentage-of-completion method for revenue recognition. These companies 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 the costs incurred, the revenue earned, and the percentage of completion. For more information on how you can use the WIP reports provided in MYOB Acumatica Construction Edition, see Construction Reports: WIP Reports.