How Job Cost Completion is Calculated

The Estimated Cost to Complete and Percent Complete in the Contracts in Progress report are derived from subtracting the actual cost from the estimated cost, and then adding the known cost overrun.  Actual cost that has not been estimated will make up the known cost overrun.

It is imperative that users who wish to refer to the Contracts in Progress report define estimated cost and apply actual cost to the correct cost codes.  Failure to do so will result in the Estimated Cost to Complete and Percent Complete, producing erroneous amounts and percentages.