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A full WIP schedule
Every open job on one schedule: contract value, costs to date, estimate at completion, cost to complete, percent complete, earned revenue, billings to date, and over/under billing.
Procore shows budget versus committed cost, but its built-in WIP reporting is thin, so most finance teams rebuild the work in progress schedule in Excel every month. We build an accurate, GAAP-ready WIP and over/under billing report from your Procore data plus QuickBooks, reconcile the two so the numbers tie, and deliver a package your surety, bank, and CPA accept.
Procore is excellent at running the project. It tracks the budget, committed costs, change orders, and owner invoices on every job, and it gives you a real-time budget versus cost view that most contractors never had before. What it does not give you is a real work in progress schedule that a surety or a bank will accept. Its built-in WIP reporting is thin, so month after month your finance team exports the numbers and rebuilds the whole schedule by hand in Excel.
That Excel rebuild is where the trouble starts. It is slow, it breaks every time someone touches a formula, and it depends on cost data that has to be clean and current. If the Procore budget and your QuickBooks job costs do not agree, the WIP is wrong before you even start, which is exactly why your Procore budget does not match QuickBooks. Garbage in, garbage out, and the garbage lands on the desk of the one person your bonding agent is judging you by.
A WIP schedule is not busywork. It drives revenue recognition under percentage of completion, it is required by sureties for bonding, and lenders read it to decide how much credit you get. It deserves to be built once, correctly, from data that ties out. That is what this service is. We build the accurate monthly WIP and over/under billing report so your team stops rebuilding it and starts trusting it.
A work in progress schedule is one row per open job, and a handful of columns that turn your cost and billing data into an honest picture of where each project stands. Read left to right, it answers one question: have you billed more than you have earned, or less. Here is what each piece means and where the number comes from.
The total contract amount for the job, including approved change orders, broken down by the schedule of values. This is the ceiling on what you can earn and bill. If change orders are not captured, every downstream number is understated.
What the job has actually cost so far, pulled from your reconciled books and tied to Procore commitments. Committed costs are money you are already on the hook for through signed subcontracts and purchase orders, even if the invoice has not hit yet.
The estimate at completion, or EAC, is your best current view of total cost for the job. Cost to complete is what is left, EAC minus costs to date. These two drive the whole schedule, and stale estimates are the fastest way to make a WIP lie.
Costs to date divided by the estimate at completion. This cost to cost method is the standard for percentage of completion accounting, and it is the number your CPA and surety expect to see.
Percent complete times the contract value. This is the revenue you have actually earned to date under GAAP, regardless of what you have billed. It is the number your P&L should reflect, not your invoices.
What you have invoiced the owner so far, including retainage. Compare it to earned revenue and you get the answer: bill more than you have earned and you are overbilled, bill less and you are underbilled. That single difference is the number every reader of a WIP goes to first.
Trusted by 25+ Construction Businesses
Over and under billing is simply the gap between what you have billed and what you have earned. Neither is automatically good or bad, but each tells your surety and banker something different.
| What it means | Overbilled | Underbilled |
|---|---|---|
| Definition | Billed more than earned | Billed less than earned |
| On the balance sheet | Billings in excess of costs, a liability | Costs in excess of billings, an asset |
| Cash effect | You are ahead on cash | You are financing the job |
| What a surety worries about | Are you spending front-loaded cash on other jobs | Is the job bleeding cash you cannot recover |
| Common cause | Front-loaded schedule of values, fast draws | Slow billing, unapproved change orders, cost overruns |
| Why it is not the whole story | A little is normal and healthy | A little is normal on cost-heavy early phases |
One clean, GAAP-ready package every month, built from data that ties out, in a format your surety, bank, and CPA already accept.
Every open job on one schedule: contract value, costs to date, estimate at completion, cost to complete, percent complete, earned revenue, billings to date, and over/under billing.
A clear view of which jobs are overbilled and which are underbilled, with the balance sheet impact spelled out so your financials reflect it correctly.
We reconcile your Procore budget and commitments against your QuickBooks job costs so the schedule is built on numbers that agree, not two versions of the truth.
We track estimate at completion and cost to complete each month and flag jobs where the estimate has drifted, before a fade turns into a surprise loss.
Earned revenue calculated under percentage of completion, cost to cost, with completed contract handled where it fits, ready for your CPA to book.
Backlog, the earned revenue still ahead of you, plus retainage receivable and payable, so bonding capacity and cash exposure are both visible.
Formatted the way bonding agents, banks, and CPAs expect to read it, so you are not re-explaining your own numbers on every bonding renewal.
A short note on which jobs moved, which are fading, and what needs your attention this month, with no jargon and no meter running.
A WIP schedule is arithmetic. The formulas are not hard. What makes a WIP right or wrong is the quality of the cost data feeding it, and in a Procore shop that comes down to two things: clean cost codes and a budget that actually ties to your books.
If costs are misfiled to the wrong cost code, or dumped into a generic bucket, then costs to date are wrong per job, percent complete is wrong, earned revenue is wrong, and your over/under is wrong. No amount of Excel skill fixes a schedule built on bad job costs. When the codes are the problem, we fix them first in our Procore and QuickBooks cost code cleanup.
The second issue is drift between the two systems. Procore says one thing about a job, QuickBooks says another, and the WIP ends up reflecting neither. Getting the two to agree, and stay agreed, is the heart of Procore and QuickBooks integration help, and the root causes are covered in why your Procore budget does not match QuickBooks. The accurate monthly WIP is downstream of clean books, which is why it sits alongside our Procore bookkeeping services. Fix the source, and the WIP builds itself correctly every month.
Trusted by 25+ Construction Businesses
It starts with a free WIP Review, so you see exactly where your current schedule is off before you commit to anything.
We look at your current WIP schedule, or the Excel rebuild you are living with, against your Procore budget and QuickBooks job costs. We show you where the numbers do not tie, which estimates look stale, and which jobs the over/under is misstating. You get an honest read with no obligation.
We reconcile costs to date and committed costs between Procore and your books so the schedule is built on one set of numbers that agree. If cost codes are the problem, we scope the cleanup so the foundation is right before we build on it.
We build the schedule the right way once: contract value and schedule of values, costs to date, EAC and cost to complete, percent complete on cost to cost, earned revenue, billings, and over/under, plus retainage and backlog. We confirm the method and format your CPA and surety expect.
Each month we refresh costs, work with your project managers on the estimate at completion for each open job, and recompute the schedule. Stale estimates are what make a WIP lie, so this step is where the accuracy lives.
We deliver a clean WIP schedule, over/under report, and a plain-English summary, formatted for your surety, bank, and CPA. Your team stops rebuilding spreadsheets and starts trusting the number, and you have a standing line to ask us what any of it means.
If you recognize yourself here, you are almost certainly rebuilding the schedule by hand or flying without one.
Send us your current WIP schedule, or tell us about the Excel rebuild you dread every month. We will review it against your Procore budget and QuickBooks job costs and show you exactly where it is off and how we would fix it, at no cost and no obligation.
You keep your Procore and your QuickBooks. We bring the construction accounting and the accurate, GAAP-ready WIP that ties them together. If you want the bigger picture first, start at the Procore resource hub or add advisory and tax through our Procore accountant and tax support.
Get a Free WIP ReviewProcore is built to run projects, not to produce accounting schedules. It shows budget versus committed cost, but its built-in WIP reporting is thin and does not pull the earned revenue and over/under billing math a surety or bank expects. It also has no general ledger, so it cannot reconcile the cost data the schedule depends on. That is why most finance teams export the numbers and rebuild the WIP in Excel every month, which is the work we take off your plate.
A work in progress schedule is one row per open job showing contract value, costs to date, estimated cost to complete, percent complete, earned revenue, billings to date, and the resulting over or under billing. It turns your cost and billing data into an honest picture of where each project stands and whether you have billed more or less than you have earned.
It is the difference between what you have billed the owner and the revenue you have actually earned. If you have billed more than you have earned, you are overbilled, which shows up as a liability called billings in excess of costs. If you have billed less than you have earned, you are underbilled, which shows up as an asset called costs in excess of billings. A small amount either way is normal.
We use the cost to cost method, which is the standard for percentage of completion. Percent complete is costs to date divided by the estimate at completion. Earned revenue is that percent complete times the contract value, including approved change orders. This gives you the revenue you have earned under GAAP regardless of what you have invoiced.
A WIP is only as accurate as the cost data under it. If your Procore budget and your QuickBooks job costs do not agree, the schedule is wrong before you start. We reconcile committed costs and costs to date between the two systems so the WIP is built on one set of numbers that tie out, which is what makes it trustworthy to a surety or bank.
Yes. We build the schedule using the methods and format that bonding agents, banks, and CPAs expect to read, including retainage and backlog. The goal is that you hand it over at a bonding renewal or credit review without having to re-explain your own numbers.
The estimate at completion, or EAC, is your best current view of total cost for a job, and cost to complete is what is left after costs to date. Because percent complete is based on the EAC, a stale or optimistic estimate makes the whole schedule lie. Each month we work with your project managers to refresh the EAC on every open job so the WIP reflects reality, not an old bid.
Yes. Most commercial contractors recognize revenue on percentage of completion using cost to cost, and that is what we build the schedule around. Where completed contract is the appropriate method for a job or an entity, we handle that too and coordinate the treatment with your CPA.
No. FinTruction is based in Coppell, Texas, and works with commercial general contractors and specialty subcontractors across the United States. WIP reporting, cost code cleanup, and Procore and QuickBooks integration work are all handled remotely.
Real results from contractors we have helped untangle their books and systems.
They didn’t just record transactions and call it a day. They built a custom chart of accounts around how a remodeling company actually runs, did a full catch-up on years of bookkeeping inside QuickBooks Online, and now stay on top of my monthly bookkeeping and payroll. Every step, they broke it down in simple terms instead of burying me in accountant talk.
FinTruction rebuilt the whole thing from the ground up, with real job costing, work in progress, and retainage. They didn’t just hand me reports and disappear; they walked me through my numbers until I understood them.
Sahil and his team handle the bookkeeping and job costing for my painting business. They cleaned up my books and set up integrations that give me accurate, timely job costing with solid weekly data. Reliable, detailed, and genuinely invested in getting the numbers right.
FinTruction is the only bookkeeping team we’ve found that truly understands construction accounting and WIP reporting. They aligned our income and costs across 21 jobs and gave us full, monthly transparency. Fast, accurate, and an indispensable partner.
When I came to FinTruction I had no financial structure. No job costing, no WIP tracking, books behind. They did a full cleanup and rebuilt job costing and WIP tracking in QuickBooks. Now I know what’s billed, what’s owed, and where every job stands.
A couple of minutes from a contractor we support, sharing what working with FinTruction has been like and what changed once their numbers finally made sense.
Start with a free WIP Review. We will show you exactly where your current schedule falls apart against your Procore and QuickBooks numbers, and how we would fix it. No obligation.
