Overview:

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

This tab will only appear if the contract's WIP Code has the "WIP Justifications" option ticked.

This screen gives Project Managers the ability to project unrealised gains and losses with the anticipated cost and revenue impact for each forecast period. This in effect helps with financial planning and an early warning for the contract.

New Code selections can be added in Statuses under "Potential Gains" and "Potential Losses."

Screen Guide:

Open

First, ensure the intended Forecast Period is selected. Use the Copy Previous Period button to quickly bring in details from previous periods, remembering to delete or update information based on what you now know.

For each section, enter the relevant information for the contract as at the forecasted period:

• Code drops down existing reasons from Statuses.

• Description is where you explain the details for the gain or loss.

• Unit is the relevant unit of measurement, if applicable.

• Quantity is the number of Units. This can be left at 1 if there is no unit.

• Cost Rate is the cost value per Quantity, indicating the cost to your company as a result of the gain or loss.

• Cost Value is the product of the Quantity and Cost Rate fields.

• Rev Rate is the revenue per Quantity, indicating potential revenue that will result from the line.

• Rev Value is the product of the Quantity and Rev Rate fields.

• Profit/Loss is the net profit or loss (positive or negative number) from the Cost/Rev Value fields.

A summarised total shows for each section with a grand total in the bottom left corner showing the Total Profit/(Loss) Impact.

Next Steps:

The information provided here can be extracted in reporting and used to influence decisions about the contract or cashflow.