Monthly Billing for Project Managers

The process of monthly billing requires PMs to tabulate the values of all work on a specific job, whether the work is still in process (WIP) or fully delivered. The billing process is performed in the middle of each month starting on the 15th. However, the values we declare should reflect our percentage of completion as anticipated by the end of the current month. On or about the 15th of the month each Project Manager will…

Open Excel file for your job, select SOV tab.

Consider what work has been delivered or will be delivered by the end of the month. If only shop drawings have been submitted, then use 10% as the percentage of completion. If products are on site or have been installed that month, then estimate the percentage of completion in each area of work.

In the Excel file, tabulate and enter the percentage of completion for each area on the right side of the SOV page. Do not enter data in the cells of the Continuation Sheet itself.

Save your work.

Next, consider the value of any materials or work in progress here in the shop as anticipated by the end of the current month. Review manufacturing orders to determine the percentage of completion of all manufacturing work. Have we purchased and received materials for this job (materials on hand)? Are any products fully assembled and waiting on delivery (inventory)? Any and all WIP adds to the amount you can bill for that month. To tabulate the dollar value of WIP, use the price for each area of work in the SOV (see Current Scheduled Value) multiplied by estimated percentage of completion.

In the Excel file, enter the value for all WIP for each area of work in the column on the far right side of the SOV page. Do not enter data in the cells of the Continuation Sheet itself.

Save your work.

Review and modify entires for accuracy. Save and close the Excel file.

On or before the 18th of the month, alert Tammie via Odoo that billing for your project is complete.