Group

Finance

Description

Calculates the work in progress value for your projects

Business Purpose

Used for calculating work in progress values for accounting purposes

Ideal For

Project Manager, Financial Administrator

Filter Name

Selection

Criteria

End Date

End date for project values

Date of timesheets, expense and purchase invoices logged to the project

Expense Types

Expense type values for inclusion in Total Cost to Date

Expense types user expenses and purchase invoices logged to the project

Approval Status

Approval status of time and expenses

Approval status of project task timesheets, expenses and purchase invoices

Zero Negative WIP Tasks

Set negative WIP to zero for selected task statuses. Please note, applying this setting may result in the project total Work in Progress value not equaling the sum of the project total 'Adjusted Fee' - 'Invoiced'

Task status set in project > work structure/Gantt/resources

Field Name

Description

Criteria

Project Code

Project code > Drill through to project task values

Entered in the project summary

Project Name

Project name > Drill through to project task values

Entered in the project summary

Project Fee

Project Fee

Entered in project > fee allocation 'project fee'(Architects, Engineers, Quantity Surveyors) or project > estimates 'budget turnover' (Management, Marketing, IT Consultants)

Task Fees

Sum of 'Task Fee'

Taken from project drill through values

Total Hours to Date

Sum of task 'Total Hours to Date'

Taken from project drill through values

Total Hours Forecast

Sum of task 'Total Hours Forecast'

Taken from project drill through values

Total Cost to Date

Sum of task 'Total Cost'

Taken from project drill through values

% Complete Entered

Average of task '% Complete Entered'

Taken from project drill through values

% Complete Calculated

Average of task '% Complete Calculated'

Taken from project drill through values

Adjusted Fee

Sum of task 'Adjusted Fee'

Taken from project drill through values

Invoiced

Sum of task 'Invoiced'

Taken from project drill through values

Written off

Sum of task 'Written Off'

Taken from project drill through values

Work in Progress

Sum of task 'Work in Progress'

Taken from project drill through values

Field Name

Description

Criteria

Task

Task Name

Entered in project > work structure/Gantt

Status

Task Status

Set in project > work structure/Gantt/resources

Task Fee

Task Fee

Entered in project > fee allocation (Architects, Engineers, Quantity Surveyors) or project > estimates (Management, Marketing, IT Consultants)

Total Hours to Date

Total hours logged to end date

Based on Approval Status

Total Hours Forecast

Total hours forecast to this task

Total Cost to Date

Total cost to End Date of timesheets, expenses, purchase invoices

Based on Approval Status and Expense Type filters

% Complete Entered

Task % Complete

Entered in project > work structure/Gantt/resources

% Complete Calculated

Calculated % Complete

Calculation 'Total Hours to Date / Total Hours Forecast'. Based on Approval Status filter

Key

Key used to calculate adjusted fee - see table below

'Target Profit %' taken from Fee Allocation > BUDGET Profit % (Architects, Engineers, Quantity Surveyors) or Estimates > 'TASKS BUDGET Margin (%)' (Management, Marketing, IT Consultants).

If these are Zero for tasks then use 'Target Profit %' value set in Admin > Company Settings > Reporting

Adjusted Fee

Adjusted Fee calculation

Based on Adjusted Fee Calculation - see table below

Invoiced

Total (net) value of fixed fee, time and expense invoices before or equal to report End Date.

Invoice status must be one of Sent, Part-Paid or Paid. Expense Invoice items included as per Expense Type filters.

Written Off

Total value of items written off against the project/task.

Total value taken from the 'Invoicing > Due invoicing > Written Off Items' section or the 'Projects > Invoice Schedule > Due for Invoicing' section.

Work in Progress

Work in Progress value

'Adjusted Fee' - 'Invoiced' - 'Written Off'

Fee Type

Adjusted Fee Key

Adjusted Fee Calculation

Time Based

0

Chargeable value of time + expenses (Based on Approval Status and Expense Type filters)

Fixed Fee

1

If 'Entered % Complete' > 0 then Fee * Entered % Complete

Fixed Fee

2

If 'Entered % Complete' 0 and 'Calculated % Complete' > 0 then Fee £ * Calculated % Complete

Fixed Fee

3

If 'Entered % Complete' 0 and 'Calculated % Complete' 0 then Fee £ * (Total Cost to Date / (Task Fee - Target Profit %))