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  • 1.  WIP Schedule/Reporting

    Posted 09-08-2015 11:17

    We have recently changed banking and bonding companies and these new partners are now asking us for more detailed information on an interim basis.  In the past I have only been asked for current work on hand by the surety when verifying our current bonding program for a bid – not financials or fully prepared WIP schedules. 

    Of course, I prepare these on a monthly basis for internal review, but we tend not to focus on where we’re at presently throughout the year, but on where we’re predicting to be at our year-end based on current job OH&P and total projected overhead. This focus is a little different from what our bonding company wants to see, so I've been struggling with how to present that early in the year.   

    I also don't generally make the over/under billing entries throughout the year unless required by a compilation, as they are cumbersome, but I wonder if 3rd parties are interpreting that correctly when reviewing the WIP and income statement. 

    I realize this is a sensitive subject, but I was just curious if anyone would be willing to share their process of submitting info throughout the year and if anyone struggles with the same issues I have identified.


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    Beth Quinn CPA
    Chief Financial Officer
    RF Construction, Inc.
    Manhattan KS
    (785) 776-8855
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