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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