Calculation of Percentage Complete
For projects using a percentage complete method, the first step in billing calculation or revenue recognition is to determine the percentage complete. This percentage is then used to calculate the revenue or billing amounts.
The program calculates the percentage complete as of the specified cutoff date or fiscal year and period using a cost-to-cost basis that is consistent with the particular accounting method.
Total Cost Percentage Complete (see the total costs on the project Totals tab)
|
% Complete |
= |
Total actual project costs |
|
Total estimated project costs |
Labor Hours Percentage Complete (see the quantities on the project Employee tab)
|
% Complete |
= |
Total actual project labor hours |
|
Total estimated project labor hours |
Category Percentage Complete (see the costs on the Estimates tab for each category)
|
% Complete |
= |
Actual costs for the category |
|
Estimated costs for the category |
Project Percentage Complete (see the total costs on the project Totals tab)
|
% Complete |
= |
Total actual project costs |
|
Total estimated project costs |