Free Bonding-Ready WIP Template
A complete Excel workbook and bonding readiness checklist, built to the format surety underwriters expect.
What's included in your download:
- One Excel workbook with four tabs:
- Inputs: the only editable tab. Fill in your job data (contract amounts, costs, billings).
- WIP Schedule: fully calculated. Percentage complete, earned revenue, over/under billing, loss provisions.
- Surety Presentation: a print-ready page for your bonding agent, formatted to the standard surety underwriters expect.
- Read Me: how to use the template, what underwriters look for, where the numbers come from.
- One-page Bonding Readiness Checklist PDF: four blocks covering the schedule itself, tie-outs underwriters check, red flags to clear, and package hygiene.
Why it's bonding-ready
This schedule is built to the format surety underwriters expect, based on SBA Form 994F and published surety-industry guidance (NASBP, CFMA, surety producer sources). You fill in the Inputs tab with your contract amounts, estimated costs, and current costs and billings. The WIP Schedule tab calculates the rest.
For each job, the calculated tab produces revised contract, cost to complete, percentage complete using the cost-to-cost method, earned revenue, and whether you're overbilled or underbilled. Overbilled means billings exceed the revenue you've earned so far (a current liability). Underbilled means costs exceed billings (a current asset). The schedule also calculates estimated gross profit, any loss provision for jobs over budget, retainage held, backlog (the work remaining), and totals that reconcile.
The schedule flags four conditions automatically in a dedicated Flags column:
- Anticipated losses. When current estimated cost exceeds the revised contract, the full loss is recognized immediately, never deferred.
- Overbilling above 15 percent of contract. This threshold signals front-loading risk.
- Jobs reaching 90 percent completion while underbilled. Late-stage underbilling raises collection questions.
- Cost growth without approved change orders. Estimate increases with no contract adjustment.
Each flag appears next to the job that trips it.
Methodology: cost-to-cost percentage-of-completion per ASC 606; anticipated losses recognized in full when identified.
WIPforge builds this schedule automatically from your QuickBooks Online file.
Free WIP Schedule Review
Want a second set of eyes on your current WIP schedule? Submit it for a free written review, reviewed personally and returned within one business day.
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