Over/Under Billed Dollars
The over/under figure is calculated by the system as the difference between the amounts earned and billed to date. If more has been billed than has been earned, over-billing has occurred; if more has been earned than billed, under-billing has occurred. The Earned Revenue screen, located on the menu, is used for entering over/under billed dollars. This screen allows you to enter each of the jobs that will continue beyond the period end.
In order to view over/under billed dollars for each job, you want to print the Contract Status Report in Spectrum (also known as the WIP Report, Bonding Report, or the Bank Report). This report prints the numbers from the Journal Entry screen.
There are two methods for recording over/under billed dollars, as outlined below.
Method #1
Using method #1, enter year-to-date over/under billings annually using Jobs. For each prior month, reverse journal entries are entered for the over/under amount using the Earned Revenue screen.
Method #2
Using method #2, over/under billings are entered each month using the Jobs screen. Monthly reverse journal entries are not required. However, the drawback is that if you've done any prior period adjustments (for example, adjustments to April or March), the May activity won't reflect these adjustments. Therefore, when reviewing revenue, the revenue information provided will not be accurate.
