When a contractor invoices ahead of work finished as indicated on the WIP schedule or the over/under billings report, this is known as overbilling. For example, if a contractor bills 60% of a task's estimated revenue but only accounts for half of the estimated expenditures, the job is overbilled. Overbilling is often viewed positively by construction CPAs and sureties. Overbilling allows contractors to stay ahead of their cash flow, but it is essentially borrowing against future work that has yet to be completed.'
QuickBooks Classes give you one tracking dimension. IES Dimensions provide up to 20, with hierarchies, multi-tag reporting, better job costing, and multi-entity consolidation, offering contractors deeper insight and cleaner, more flexible financial reporting.
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