Contract Status Reports (13 reports)

The Contract Status Reports are mainly used as supporting schedules for the financial statements generated in the Ledger system. These reports give a summary of the profit structure for both current and completed projects, and are very useful for bonding companies, CPA's, and in-house management. Note: It should be noted that it is beyond the scope of this document to explain all of the various aspects of the contract status reports. Questions regarding the information on these reports should be directed to your company's accountant

When a contract status report is selected for a given period, AccuBuild will begin a series of calculations for each job in the system. The calculations for each job include the total contract amount, the total estimated cost, the total expenses including payables, the total billings and receipts, and the total estimated cost to complete.

Total Contract Amounts

The total contract amounts are obtained from the jobcost.adt). Only those items with nonzero billing phases are included in the contract totals. The total expenses for each job are obtained from the job cost master file (jobcost.adt). The payable invoice amounts are obtained from the purchase journal purchjnl.adt). A job cost capsheet report can be printed on each job to back up these cost amounts including the payable invoices.

Total Estimated Costs

The total estimated costs are obtained from the job estimate detail file (estdetl.adt). Only those items in the file that contain a nonzero job cost phase will be included in the total estimated cost.

Total Estimated Cost to Complete

The total estimated cost to complete is then calculated, and the method of calculation will depend on the set up in the Update Jobs > Contract Status option. Jobs may be set up to compute the cost to complete based on either the cost estimates or the estimated profit on the job. AccuBuild will also automatically calculate the cost to complete each time a contract status report is printed as long as the Automatic Calculation of Cost to Complete for Contract Status Amount option is enabled in the Job Cost > Properties option. The cost to complete amount may also be entered manually on the Update Jobs > Contract Status option but the automatic calculation option should be disabled before printing the contract status reports.

Note: Prior to printing the contract status reports, please review the Update Jobs > Contract Status information for each job. The contract status reports will show the profit that has been made on the job in previous years, as well as in the current year. If the cost to complete on each project has not been reviewed and updated for each job, or if the prior year's revenue accumulator has not been updated on each job, then these reports will be inaccurate and very misleading.

Contract Status Job Number

Each job can be assigned a contract status job number for the contract status reports. This job number allows for multiple jobs to be printed on one summary line with all of the totals combined. This is accomplished in the Update Jobs > Contract Status option by assigning each job to be summarized with the same Contract Status Job number. If the Summarize Jobs option is enabled, then the jobs will be summarized, otherwise they will be printed on individual lines.

Hint: Sometimes a project owner may require separate billings for different locations on the same job. For example, a contract may consist of three buildings and each building has its own schedule of values, and the owner may require a separate billing on each building. In order to accomplish this, a separate job would need to be set up for each of the buildings. The jobs could then be summarized together on the contract status reports to reflect the total actual amounts of the contract.

Note: If you normally print a summarized contract status report, then be sure to print the same report without the summary option at the end of the year so that you can properly enter the prior year's revenue on each job after the current fiscal year has been rolled.                        

Job Type

Each job can be assigned a job type for the contract status reports in the Update Jobs > Contract Status option. The job type categorizes each job as either a 'Contract' job or an 'Other' job. Contract jobs will automatically appear on the contract status reports while 'Other' type jobs may be optionally included. Hint: To eliminate old jobs from the 'Completed Projects' schedule without deleting the entire job from the Job Cost system, designate the job type as 'Other' on each old job and do not enable the Include "Other" Jobs option.

There are currently nine different reports available in the Contract Status Reports option:

Jobs in Progress

This report will show the profit structure of all jobs in the Job Cost system that have a Job Status of In Progress.        

Completed Contracts

This report will show the profit structure of all jobs in the Job Cost system that have a Job Status of Completed.        

Contract Status Info

This report will show the contract status of all jobs. The status information includes the Job Status and a breakdown between the original contract and change order amounts.        

Contract Status Spreadsheet

This report is used as a tool for reconciling all of the job entries for the current fiscal year from any prior year(s) entries. The entries that are compared on this report include the contract billings, contract receipts, accounts receivable, contract revenue, actual job expenses, and job profit. In addition, this report shows a contract breakdown between the original contract and change order amounts, estimated costs for each project including the revised cost to complete, a percentage of completion based on costs, and an over/under billing amount for each job. Note: The Contract Status Spreadsheet report must be printed on legal size (8-1/2" x 14") paper. In order to print to legal size paper, select the printer Setup button and change the paper size.

•JCREP061.533 - Contract & Other Jobs but not grouped by type

•JCREP61A.533 – Groups by Contract Jobs and Other Jobs

•JCREP61B.533 – Contract Jobs Only

•JCREP61C.533 – Other Jobs Only

Contract Status Spreadsheet - Sales Tax Excluded

Report class 543 excludes sales tax from the contract and billing totals for the work in progress / contract status reports.  Any sales tax from miscellaneous a/r invoices as well as any sales tax liability accounts set up in the job detail items for the “revenue account” will be excluded from the contract totals and the billing totals when producing the contract status reports.

oJCREP61A.543 for contract status – sales tax excluded.  

The new 543 report class can be used on the following reports by simply copying  the MAR Report and changing the report class to 543:

o530 - Jobs In Progress

o531 - Completed Contracts

o532 – Contract Status Info

o534 – Contract Analysis – Prior Year vs. Current Year

o535 – Contract Analysis – Original vs. Current

o536 – Current Contract Earnings

o537 – Estimates to Complete (Contract Backlog)

o538 – Over/Under Billings

o539 – Cash Flow Analysis

o541 – Change Order Status Report

These fields are available under the 543 report class:

o"total billings excluding sales tax",

o"total billings excluding sales tax current fiscal year"

o"total billings excluding sales tax future fiscal year",

o"total billings excluding sales tax prior fiscal year"

o"total sales tax billing amount",

o"total sales tax billing amount current fiscal year",

o"total sales tax billing amount future fiscal year",

o"total sales tax billing amount prior fiscal year"

Contract Analysis - Prior Year vs. Current Year

This report is a great tool for flagging changes in the job schedule between the prior year(s) and the current year totals. The report compares the contract amounts, final estimated cost amounts, and final estimated profit amounts, and reports any increases or decreases for these fields. The report will also include the current year's profit and loss totals for comparison to the Income Statement totals. This report contains subtotals for each job type: Work in Progress - Contracts, Work in Progress - Other, Completed Projects - Contracts, Complete Projects - Other, Total Work in Progress and Total Completed Projects. A grand total for all job classifications is also provided.        

Contract Analysis - Original vs. Current Year

This report is similar to the Prior Year vs. Current Year report except that it displays the changes in the job schedule between the original contract and the current year totals.        

Current Contract Earnings

This report shows the change between the prior years' earnings and the current year's earnings on each job.        This report is also available based on job to date totals.

Estimate to Complete

This report displays the total estimated contract amount, estimated costs and estimated profits for each job. The job-to-date totals for earnings, costs incurred and profits are provided. AccuBuild then subtracts the job-to-date amounts from the estimated amounts to give the estimates to complete the contract revenue, costs and profits. This report contains subtotals for each job type.        

Over/Under Billings

This report details the over/under billing calculations as displayed on the Work in Progress and Completed Project schedules. Each contract amount is listed along with the percentage complete. A job-to-date earnings is calculated by multiplying the contract by the percentage complete. This amount is then compared to the actual amount billed to date on each job and the difference is displayed as an over or under billing amount.