The Subcontract Summary report uses the following formula to calculate each column. Information like PC% and Completed amounts (as well as Work Completed Date) are manually entered on the Subcontract form rather than being calculated automatically as a way to facilitate oversight during the course of a job/project.
Below is an example of the Subcontract Summary report with the columns identified followed by a key to explained where or how the information is derived.
Column A – Subcontract amount
Column B – Changes amount (from the Subcontract Change Orders)
Column C – Percent Complete = D x 100 ÷ A + B
Column D – Completed is calculated by Column C
Column E – Balance = A + B – D
Column F – Retention amount
Column G – Back charges amount
Column H – Accrued amount (vendor invoices or vendor payments)
Column I – Cost to Complete = A + B – G – H
Question: What may be causing a cost code on the Subcontract report to not show the correct Cost to Complete after invoices were entered for that cost code?
Answer: It is possible that the wrong cost code was used for one or more vendor invoices.