360° View of Your WIP
This course provides an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.
Chapter coordinators, contact firstname.lastname@example.org for more information or to schedule this course for their chapter. If you wish to attend a course at a CFMA chapter, see a list of upcoming courses, or visit CFMA’s Education Online website to learn more about CFMA’s web-based education.
This is a group-live program at the Intermediate level. A solid understanding of construction accounting and CFMA’s Basics of Construction Accounting course are recommended prerequisites.
- WIP Accounting
- Internal Analysis
- External Analysis
After completing this course, you will be able to:
- Define the work in progress (WIP) and percentage of completion (PCM) accounting methods;
- Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules;
- Identify external analysis of how 3-party uses such as sureties, banks CPA’s and others to analyze your work in progress.
This course earns 4.0 CPE credits in the field of Accounting.
Who Should Take This Course?
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.
The Construction Financial Management Association (CFMA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: Web site: www.learningmarket.org.