Child pages
  • Project Progress Report and Project Billing Summary
Skip to end of metadata
Go to start of metadata

The Project Progress Report is a great report to demonstrate how much actual revenue your project has generated to date compared to the estimated revenue, based on the most current forecast. 

This report is an extremely valuable report.  Use it for:

  • progress reporting to your customers
  • invoicing progress on your fixed-price projects, with a billing summary of what has been billed to date
  • reporting on the original cost of the project and any changes that have occurred
  • reporting on the original cost of the project, with a breakdown of costs you have billed and the costs your customers have paid

Example

Let's say you bill your customer weekly on a fixed-price project. You can run a progress report every Friday to send with the invoice.

  • The progress report details the % complete for each task, the amount owing from the customer for each task (on a cumulative basis) and the total owing to date. The project progress report shows the detail that backs up the amount billed.

Project Progress Report

The Progress Report displays the original contract amount broken down by project task and phase, or folder.  The report also allows you to view the revised contract amount if there are approved and pending change orders on your project.  We'll take a closer look at the information in the Progress Report below.

To run a progress report:

  1. Click a project in the Projects menu.
  2. Click Project Progress Report on the project dashboard. The Project Progress Report window appears:

The Project Progress Report allows you to report on your estimated project revenue with three different views:

  • Contract Amount which comes from the project's Baseline estimate, or most current Forecast.
  • Revised Contract Amount which comes from the project's most current Forecast and includes all approved change orders
  • Revised Amount (Pending) which comes from the project's most current Forecast and includes all approved change orders and any change orders that are proposed, or pending approval.

If there are any change orders in your project, and you have checked 'Include Approved Change Orders' and/or 'Include Pending Change Orders', the change order number will also be displayed.

In addition to the estimated project revenue, the Project Progress Report also provides information on key project metrics:

  • % Complete reflects the state of project and task completion as of the most current forecast.
  • Progress Billable is the current actual project revenue, or Earned Revenue, generated by those tasks which have been set up and estimated as a Fixed Price task.  Earned Revenue is calculated as the current estimated project revenue multiplied by the current % of project completion.
  • Transaction Billable is the current actual project revenue, or Billable Revenue, generated by those tasks which have been set up and estimated as a Cost Plus or Time and Materials tasks.  Transaction Billable is generated by entering timesheet transactions for these tasks into the project.  The associated Billable Revenue is then calculated at the billing rates or mark-ups set up for the project and/or task and displayed here as Transaction Billable. 
  • Customer Direct Paid are project costs which will have been paid directly by your customer.  These costs are recorded in the Invoice Entry as a Third Party Cost and are included in the Total Actual Costs of the project.  

 

Best Practice: Forecasting

The Project Progress Report is an extremely useful report that you can use to communicate the current state of your project, and the current progress billable, to your customer.  Up to date progress billable relies on current percent complete metrics - get in the habit of creating regular forecasts to ensure that your Project Progress Report represents the most current information.  

The Project Progress Report can also be found in the Invoicing tab of your Project.

  1. Open up the Invoicing tab in the project.
  2. Click Invoice Reports on the project dashboard.
  3. Select Project Progress Report.

Project Billing Summary 

In addition to providing your customer with the Progress Billable in the project, you can also provide an analysis on what has been billed to date and what remains to be billed.  

To show the project Billing Summary:

  1. Check the box 'Show Billing Summary'.

The 'Show Billling Summary' box will only be visible if an invoice(s) has already been created for your project. 

A new information box appears, directly above the Project Progress grid, displaying the following:

  • Project Total reflects the current project revenue estimate.
  • Invoiced to Date indicates the invoicing (not including taxes) that has been completed for this project.
  • *Billable Remaining *is the total amount of the project revenue estimate that has yet to be invoiced.

Details to support the Invoiced to Date amount can also be found in the Invoicing tab of the project.

  1. Open up the Invoicing tab in the project.
  2. Click Invoice Reports on the project dashboard.
  3. Select Invoice Report.

The Invoice Report provides details on the invoicing that has been completed for the project:

  • Invoice Number
  • Ref Code
  • Invoice Date
  • Billing Period
  • Customer
  • Invoice Total
  • Due Date and Days until Due

  • No labels