---
title: "Work in progress (WIP) report | Drywall Glossary"
url: https://tapeandfloat.com/glossary/wip-report.html
language: en
author: James Grokman, CEO, TapeAndFloat
updated: 2026-10-29
---

# Work in progress (WIP) report

**A work in progress (WIP) report is a list of your open jobs that compares what you have billed on each job with what you have earned so far, based on how much of the work is done. It shows which jobs are overbilled and which are underbilled.**

## Why it matters on a drywall job

- Billing ahead of the work can feel like extra cash, but that money still has to cover the rest of the job.
- Billing behind the work means you have done work you haven't been paid for yet. Check for unbilled change orders and pay apps you haven't sent.
- A job whose cost is running ahead of its percent complete shows up early, while there is still time to fix it.
- A bonding agent, lender or your CPA may ask for one. Ask them which format and method they want.

## What goes on each row, in plain words

- **Revised contract** = original contract + approved change orders.
- **Estimated total cost** = what you now expect the whole job to cost.
- **Cost to date** = what you have spent on the job so far.
- **Percent complete** = cost to date ÷ estimated total cost × 100 (one common way; use the method your CPA uses).
- **Earned to date** = revised contract × percent complete ÷ 100.
- **Over or under billing** = billed to date − earned to date. A positive number is overbilled; a negative number is underbilled.

> **EXAMPLE only (made-up numbers):** revised contract $40,000 (EXAMPLE), estimated total cost $32,000 (EXAMPLE), cost to date $16,000 (EXAMPLE), billed to date $24,000 (EXAMPLE). Percent complete = $16,000 ÷ $32,000 = 50%. Earned to date = $40,000 × 50% = $20,000. Billed − earned = $24,000 − $20,000 = $4,000 overbilled.

Get the revised contract, cost to date and a rough cost at completion for one job with the [free job cost calculator](https://tapeandfloat.com/job-cost-calculator.html). Nothing is pre-filled and nothing you type leaves your browser. Track what you billed and what came in with the [free drywall payment tracker template](https://tapeandfloat.com/templates/drywall-payment-tracker-template.html).

## Frequently asked questions

### What is the difference between overbilling and underbilling?

Overbilling means you have billed more than you have earned on the work done so far. Underbilling means you have earned more than you have billed. Both are worth a look, for different reasons.

### How do I figure percent complete?

A common way is cost to date divided by estimated total cost. Some contractors estimate it from the work in place instead. Pick one method, use it on every job and keep your estimated total cost up to date.

### Does a small drywall sub need a WIP report?

Nobody needs a fancy one. Once you have several jobs open at the same time, a simple list with these columns helps you see which jobs are ahead, behind or losing money. If a bonding agent, lender or CPA asks for one, use their format.

## Related guides and tools

- [Free job cost calculator: bid vs actual](https://tapeandfloat.com/job-cost-calculator.html)
- [Free drywall payment tracker template](https://tapeandfloat.com/templates/drywall-payment-tracker-template.html)
- [Job costing](https://tapeandfloat.com/glossary/job-costing.html)
- [Progress billing](https://tapeandfloat.com/glossary/progress-billing.html)
- [Unbilled change order](https://tapeandfloat.com/glossary/unbilled-change-order.html)
- [All glossary terms](https://tapeandfloat.com/glossary/)

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TapeAndFloat helps drywall and tape-and-float contractors keep up with the office side: bids, change orders, pay apps and follow-ups. Free 60-day pilot. If you stay on, we agree on the price with you up front.

**[Join the free pilot](https://tapeandfloat.com/office-assistant.html)**

_¿Prefiere español? [Reporte de obra en proceso (WIP)](https://tapeandfloat.com/es/glosario/reporte-obra-en-proceso.html)._