Overview:

For a broader overview of Work in Progress (WIP), please see Work In Progress Overview.

This Contract tab can only be utilised once Contract Forecasts and Generate WIP Accruals have been run, with the purpose of giving project managers a way to quantify and explain under/over claims. This gives clarity to managers or accounts to the exact status of the contract.

The Code list of options can be edited in Statuses under "WIP Adjustment Codes."

Screen Guide:

First, make sure that the Forecast Period is set to the desired period. It defaults to the current period set in Period Ends.

On the left panel, summarised information from the Contract Forecast and WIP Accrual for the contract is displayed. Review this information first so that it informs the information you give on the right.

Under Claims is a section dedicated to accounting for situations where you have not claimed for work or materials ordered. Select the appropriate Code and more relevant information in the Description. Next, enter the Quantity and (cost) Rate for the line to produce the Value. This value will be subtracted the Net Under/Over Claims in the Summary. Continue creating as many New Lines as needed.

Over Claims works the same as the previous section, except the Value is added to the Net Under/Over Claims field. This section is used to specify reasons for claiming in excess of the cost to date. The end goal is to return the Net Variance to WIP to as close to zero as possible in order to give as many reasons as possible for under or over claiming.

Use the Paperclip symbol for each line if you wish to attach a document or file to give evidence for review. Remember to Save after making any changes.

Next Steps:

Continue to the Contract Potential Gains/Loss tab to specify any potential gains or losses.