# What is Billings in excess of costs?

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I am not an accountant; but I work with Billings in excess of costs.
Billings in excess of cost is a product of estimating allocated cost and direct cost of a construction contract. This is used in Percentage of Completion basis of financial statement preperation. Billings in excess is liability; Cost in excess of Billings is an asset. An example:
Total Contract: \$1,000,000. Estimated Cost is \$900,000; Estimated Profit is \$100,000. You start working the job, at year end you have the following
Contract \$1,000,000; Total Estimated cost: \$900,000; Actual Cost to Date: \$450,000; Billings to Date are \$600,000; so: 450/900=50% X \$1,000,000= \$500,000 Earned to date; \$500,000 Earned to date - \$600,000 Billings to date = \$100,000 Billings in Excess of Cost. If you only had \$400,000 in Billings to date it would be: \$500,000 - \$400,000= \$100,000 Cost is excess of Billling .
Actual Cost to Date / Estimated Cost X Contract Amount = Earned to Date - Billed to Date = (if negative number = Billings in Excess of Costs) (if positive number = Cost in Excess of Billings)
Billings in Excess of Costs is a balance sheet liability
Cost in Excess of Billings is a balance sheet asset
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