WIP Schedule (Work-in-Progress)
Definition
A construction-industry report that tracks each open project's contract value, costs incurred to date, percent complete, billings to date, and over/under billings. It reconciles project-level economics back to the income statement.
Why it matters
Construction owners can be wildly profitable on paper while bleeding cash — or vice versa — because revenue recognition lags billings. The WIP schedule is the only document that reconciles project reality to financial statements. Sureties, banks, and bonding companies require it; smart owners use it to spot underbilled jobs and over-aggressive estimates before they become losses.
Example
A $12M GC's WIP shows three projects in 'underbilled' position totaling $480K — the company has done the work but hasn't invoiced. Accelerating those billings frees up $480K in cash with no operational change.