Work in Progress
Q360™ with its project management tools driving accounting, eliminates the arduous task of manually calculating work in progress and job cost percentage complete. The matching principle of tying revenues and their direct costs is automatically managed by Q360™.
Q360™ automatically identifies the value of construction projects that are currently being worked on. To properly account for each project; four values need to be tracked:
- the Sales Price (excluding sales tax) for the project,
- the total Cost Estimate for the project,
- the Costs-To-Date,
- the Billed-To-Date.
By taking the Costs-To-Date divided by the Cost Estimate, the "percentage complete" for the project is automatically calculated in Q360™.
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