Overview
The Work in Progress (WIP) Report in SprintSuite is a powerful tool that helps you monitor the financial performance of your projects in real time. It provides visibility into how much revenue has been recognised, how much has been billed, and whether you're on track or over budget.
This article explains what each column in the WIP report means and how the values are calculated.
🛠️ Filter Options Include:
Project Status
Project Name
Department
Client
Key Fields in the Report
1. Project
The name of the job or project being tracked.
2. Status
The current status of the project — usually "In Progress" or "Completed".
3. Contract Value
The total agreed value of the project based on the original quote. This is the maximum revenue that can be recognised for the job.
4. POs Raised to Date
The total value of purchase orders raised to suppliers or subcontractors. These are committed costs, even if the invoice hasn’t been received yet.
5. Costs Incurred
The actual costs recorded against the project, including:
Supplier and subcontractor bills
Internal labour timesheets
Manual receipts or cash entries
6. Outstanding Bills
Formula: POs Raised - Costs Incurred
Represents the value of open POs that haven’t yet been invoiced.
7. Total Estimated Cost (TEC)
The total cost expected to be incurred for the project based on the original budget or quote.
8. % Complete (PoC)
Formula: Costs Incurred / Total Estimated Cost
Indicates project progress based on costs. This may exceed 100% if actual costs surpass the budget.
9. Revenue Recognised
Formula: PoC × Contract Value
This is the revenue that should be recognised based on how far the project has progressed. It’s capped at 100% of the contract value.
10. Billed Amount
The total amount you’ve invoiced to the client so far.
11. Over/Under Billing
Formula: Billed Amount - Revenue Recognised
Positive = Over-billed (you’ve billed more than earned)
Negative = Under-billed (you’ve earned more than billed)
12. Remaining Invoice Value
Formula: Contract Value - Billed Amount
Shows how much of the contract is left to invoice.
13. WIP Value
Formula: Revenue Recognised - Billed Amount
Reflects earned revenue that hasn’t been billed yet.
14. Profit/Loss
Formula: Revenue Recognised - Costs Incurred
🧠 How to Use This Report
Track project performance: Quickly spot if you're over budget or ahead/behind on billing.
Forecast cash flow: Use WIP Value and Remaining Invoice Value to predict upcoming revenue.
Monitor billing efficiency: Check Over/Under Billing to ensure invoicing matches earned value.
Identify financial risks: Watch Profit/Loss and % Complete for early warning signs of margin pressure.
Ideal For
Finance teams managing accruals and revenue
Project managers tracking hours, spend, and status
Department heads reviewing project profitability
Leadership assessing billing health across clients