Crystal Report Calculations - JTD Contract Status with YTD - All
The following tables describe how each column is calculated on this report.
Projected at Completion
Field |
Description |
|---|---|
Contract Amount |
The amount of the original contract plus the executed and approved change order amounts (through the specified period end date) displays. |
Projected Cost |
The total projected cost at completion displays from Jobs. The projected formats of the Contract Status Report provide date-sensitive financial information for both projected costs and change order amounts. |
Gross Profit |
The projected gross profit at completion is calculated as the difference between the contract amount and the projected cost. |
Gross Profit% |
The projected gross profit percentage at completion is calculated as the gross profit divided by the contract value, multiplied by 100. |
Percent Complete |
The percent complete is calculated as the job-to-date actual cost divided by the projected cost, multiplied by 100 for jobs using the percent calculation method for earned revenue. When the percent complete exceeds 100%, it is automatically set to 100%. |
If the job earned calculation is Billed or Cost, then the following codes display depending on the price type of the job:
TM displays if the job price is Time + Material
C displays if the job price is Cost Plus
U displays if the job price is Unit Price
Job-To-Date
Field |
Description |
|---|---|
Earned Revenue |
Percent: The percent method is usually selected for fixed price and unit price jobs. This method is used in the contract status report and over report and inquiries for the calculation of the earned amount. Earned Revenue = % Complete * Revised Contract % Complete =(JTD Actual / Projected Cost) * 100 Percent Complete = Actual JTD Cost / Projected Cost Billed: The Billed method is normally used when calculating earned revenue for a T+M job This method prompts the user to enter an unbilled amount, if desired. Earned Revenue = Billed Amount + Unbilled Amount. The system will enter TM under the percent complete field on the Contract Status report - MTD and YTD formats. Cost: The Cost method is used when it is a cost-plus job. The cost method also prompts you to enter in a cost percent, if desired. Earned Revenue = (Actual Cost x Cost Markup %) The system will then enter CP under the percent complete field on the Contract Status report – MTD and YTD formats. Master job method: Select this option when the sub jobs should use the master job's earned revenue calculation. Sub job method: Select this option when each sub job should use their own earned revenue calculated method and then summarized up into the master job. |
Actual Cost |
The job-to-date actual cost amount through the year and period displays. |
Gross Profit |
The job-to-date gross profit is calculated as the difference between job-to-date earned revenue and job-to-date actual cost. |
Gross Profit % |
The job-to-date gross profit percentage is calculated as the job-to-date gross profit divided by the job-to-date earned revenue, multiplied by 100. |
Billed |
The actual amount billed to date through the year and period displays. |
Balance Sheet
Field |
Description |
|---|---|
Under-billing |
When earned revenue exceeds the billed amount, under-billing has occurred. The under-billing figure is calculated as the difference between the billed amount and earned revenue. |
Over-billing |
When the amount billed exceeds earned revenue, over-billing has occurred. The over-billing figure is calculated as the difference between earned revenue and the billed amount. |
Through Prior Year End
Revenue, cost, and profit figures display for the prior year end.
Field |
Description |
|---|---|
Earned Revenue |
Earned revenue is calculated as the product of the contract amount and the percentage complete during the specified fiscal period. |
Actual Cost |
The period-to-date actual cost through the year end displays. |
Gross Profit |
The prior year end profit is calculated as the difference between the two preceding columns that is, earned revenue less actual cost. |
Year-To-Date Through Current Period
Revenue, cost, and profit figures display for the year-to-date.
Field |
Description |
|---|---|
Earned Revenue |
Earned revenue is calculated as the product of the contract amount and the percentage complete during the specified fiscal period. |
Actual Cost |
The period-to-date actual cost amount through the year and period displays. |
Gross Profit |
The period-to-date profit is calculated as the difference between earned revenue and actual cost. |
Gross Profit % |
The year-to-date gross profit percentage is calculated as the year-to-date gross profit divided by the year-to-date earned revenue, multiplied by 100. |
Provision for Loss
Provision should be made for the entire loss on a contract in the period when current estimates of total contract costs indicate a loss. This applies to both the percentage-of-completion method and the completed-contract method.
The following reporting requirements related to the contractor's financial statements should be disclosed:
The provision for loss should be accounted for in the income statement as an additional contract cost rather than as a reduction of contract revenues.
Separate disclosure in the balance sheet and income statement is normally required if the loss is material.
If the loss is not material, the accrual for loss may be included in under or overbillings, and it should be disclosed parenthetically in the notes to the financial statements.
A Provision for Loss amount is typically entered as a reversing journal entry, with the full job to date amount booked each period the adjustment is made.
Field |
Description |
|---|---|
Summary of Jobs with Provision for Loss |
Gross Profit (Projected at Completion) less Gross Profit (Job to Date) |
