Free Construction WIP Report Template (Excel)
What's in the WIP report template
The template is a single WIP sheet with one row per project: contract value, costs incurred to date, estimated total costs, and billed to date. From those four inputs, the sheet works out where each job actually stands financially.
It's built for up to 5 active projects, which covers most small-to-mid contractors tracking work-in-progress without needing a full ERP system. A construction WIP schedule template like this is what most GCs and subs actually reach for before committing to bigger project accounting software.
What calculates automatically
Percent complete uses the standard cost-to-cost method — costs incurred divided by estimated total costs — and updates the moment you enter or revise those two numbers. Earned revenue (contract value times percent complete) and the over/under billing figure follow from there automatically.
The portfolio summary rolls all 5 projects into a total earned figure and a total over/under position, so you can see at a glance whether your book of work, as a whole, is running ahead of or behind billing.
Reading over-billing and under-billing correctly
Over-billing (a positive over/under figure) means you've billed more than you've earned on that job — it shows up as a liability on your balance sheet, since technically you owe that work. Under-billing (negative) means you've earned more than you've billed, which is an asset — money you're owed but haven't invoiced yet.
Tracking this per project every month with a construction WIP report template excel file like this one is how contractors catch a job drifting into under-billing before it turns into a cash flow problem.
How to use it
- Add one row per active project with its contract value.
- Enter costs incurred to date and your current estimate of total costs.
- Enter what's been billed to date for that project.
- Percent complete, earned revenue, and over/under billing calculate automatically.
- Check the portfolio summary for total earned and total over/under across all projects.
Download the free Free Construction WIP Report Template (Excel)
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Construction Pack
This free sheet handles 5 projects with no rollup chart. The paid Construction Pack ($49) scales the same WIP logic to 15 projects with a portfolio rollup and over/under chart — plus WH-347 certified payroll with automatic fringe reconciliation and a 12-week manpower planner, all sharing the same project list.
See the full versionFrequently asked questions
Can I use this WIP report template in Google Sheets?
Yes. Upload the downloaded file to Google Drive and open it with Sheets — File > Save as Google Sheets keeps the formulas working.
Is this template really free?
Yes. You give an email address to download it, and it's yours to reuse on every project going forward.
How many projects can this WIP schedule template handle?
It's built for 5 active projects side by side. For a larger portfolio, see the paid pack below, which supports up to 15.
What method does it use to calculate percent complete?
Cost-to-cost: costs incurred divided by estimated total costs. That's the most common method contractors and their CPAs use for WIP reporting.
What's the usage license?
Personal use or use within one business. It isn't meant to be resold or redistributed as a template product.
Does this replace a formal WIP schedule my bonding company requires?
It gives you the same core calculations (percent complete, earned revenue, over/under billing) a bonding company or CPA expects to see, but always confirm the exact format they require before submitting.