The Job Cost Statement (JCS) is a project-level report that compares what you have billed the owner (revenue) with what the project has cost (expenses). It is built to match the way accounting teams track project revenue against project cost, and it shows whether you are overbilled or underbilled.
If your company uses a QuickBooks integration, the JCS also uses transactions that sync back from QuickBooks. See RedTeam Go - How does the Job Cost Statement work with QuickBooks integration?
The numbers on the JCS also feed the company-level WIP Report.
This article covers:
How to open the Job Cost Statement
Dates, Print, Export and Restore
The Revenue section
The Expenses section
FAQs
1. How to open the Job Cost Statement
Open the project, then use either option:
In the left navigation, click Commitments > Job Cost Statement.
In the left navigation, click Reports. In the Reports window, under Accounting > Budgets, click Job Cost Statement.
You can also open a project's Job Cost Statement from the WIP Report by clicking the project name.
2. Dates, Print, Export and Restore
Start Date and End Date: by default, the Start Date is the project start date and the End Date is today. Enter new dates and click Apply Date Filter. Owner billing and costs to date dated before the Start Date or after the End Date are left out. If some project costs fall outside the dates you chose, the JCS shows the message "WARNING: There are project costs outside the selected date range."
Print and Export let you print the statement or export it.
Restore only appears when the statement has Ignored Items: transactions removed with the red trash icon, or transactions that were deleted in QuickBooks. Click it to see the list and restore an item (see FAQs).
JCS dates vs. WIP Report dates: The two reports use the Start Date differently. On the JCS, owner invoices dated on the Start Date are included. On the WIP Report, the Start Date itself is not part of the period, and Retainage and Total Billed to Date show the change between the Start Date and the End Date. The same dates can give different billing numbers on the two reports. See How the Start Date changes the numbers in the WIP Report article.
3. The Revenue section
The top of the report shows Revenue. It is split into five groups, and each group builds on the one to its left.
Tip: A value in parentheses, such as (57,423.06), is subtracted in that group's total.
Contract Values
Shows the Contract Value, approved Change Orders and the Revised Total. Click the Revised Total to see the contract and each approved owner change order with its approval date.
Balance
Balance = Revised Total − Billed To Date − Retainage Held. This is what is left to bill the owner.
Billed To Date is the total of the owner invoices minus the retainage held by the owner (the Amount Due on each invoice).
Retainage Held is the retainage the owner is holding.
Click Billed To Date to see each owner invoice with its Billed, Retainage Held and Amount Due amounts.
Profit Projection
Budgeted Profit = Total Contract Value − Projected Total Costs. Projected Total Costs is the total of the Projected Total Costs column in the Expenses section.
Budgeted Profit matches Overhead + Profit in the Current column of the New Budget Report (Reports > Accounting > Budgets > Budget Report > New Budget Report).
Click Budgeted Profit to see how it is built:
Budgeted: the original bid amount plus funds moved while setting up the construction budget.
Internal COs: internal change orders made after the project moved to In Progress.
Owner/Subcontractor COs: all approved owner and subcontractor change orders.
Earned Profit
Profit Earned = Budgeted Profit × the total % of Costs Billed (from the Totals row of the Expenses section).
Earned To Date = Profit Earned + Total Cost TD.
Tip: Lowering the budget of a cost code you will not fully spend reduces Projected Total Costs, which increases Budgeted Profit and Profit Earned. See "Balance to Finish Costs" below.
Billing Over/(Under)
This shows whether you have billed the owner more or less than you have earned so far.
Over/(Under) = Owner Billings + Retainage Held − Earned To Date
Owner Billings is the same amount as Billed To Date (net of retainage), so adding Retainage Held back gives the full amount billed to the owner. A positive number means you are overbilled. A negative number means you are underbilled: you have earned more than you have billed.
Example: Owner Billings 57,423.06 + Retainage Held 2,671.52 − Earned To Date 98,787.21 = −38,692.63 (underbilled).
4. The Expenses section
Everything below Expenses is about project cost, by cost code. Most amounts are links: click one to see the transactions behind it.
Column | What it shows |
Budgeted Amount | The cost code's budgeted amount, with no markups. It matches the Budgeted column on the Budget Worksheet (Commitments > Budget) and the New Budget Report. |
Approved Changes | Budget changes to the cost code: amounts budgeted from approved owner change orders, approved subcontractor change orders, and internal change orders. Internal change orders include budget adjustments made on the Budget Worksheet and those created automatically from approved timecards. |
Projected Total Costs | Budgeted Amount + Approved Changes. Click it to see each item that makes up the total. |
Total Costs Committed | Locked subcontracts and approved subcontractor change orders, purchase orders, accepted expenses, and labor from approved timecards. |
Balance to Commit | Projected Total Costs − Total Costs Committed. |
Prior Period Costs | Costs in your date range dated before the calendar month of the End Date. |
Current Period Costs | Costs dated in the calendar month of the End Date, up to the End Date. |
Retainage | Retainage held on accepted subcontractor bills. |
Total Costs to Date | Prior Period Costs + Current Period Costs + Retainage. This includes accepted subcontractor bills, labor from approved timecards and accepted expenses. |
Balance to Finish Costs | Projected Total Costs − Total Costs to Date. A negative number means the cost code has spent more than projected. |
% of Costs Billed | Total Costs to Date ÷ Projected Total Costs. Below 100% means funds remain in the cost code. Above 100% means you have spent more than projected. |
How Prior and Current Period Costs are split
The split is based on the End Date's calendar month. For example, with an End Date of 04/30/2021, the Estimator cost code shows 203.00 of March costs under Prior Period Costs and 696.00 of April costs under Current Period Costs. Change the End Date to 05/01/2021 and all 899.00 moves to Prior Period Costs.
The Start Date does not change this split. It only leaves out costs dated before it.
When does a cost show up?
Purchase orders show in Total Costs Committed. They do not show in Total Costs to Date until a bill for them exists in your accounting system (see the QuickBooks article linked above).
Expenses do not show when they are saved or approved. They show in Total Costs Committed and Total Costs to Date once they are accepted. With a QuickBooks integration, they show after the expense syncs to QuickBooks.
Subcontractor bills show in Total Costs to Date once they are accepted. With a QuickBooks integration, they show after the bill syncs to QuickBooks.
Balance to Finish Costs at project close
To move unspent funds out of a cost code and into profit, go to Commitments > Budget, click the cost code's Current amount, enter a negative adjustment and a reason, and click Save. This creates an internal change order. On the JCS, the adjustment shows in Approved Changes, Projected Total Costs goes down, and Budgeted Profit goes up by the same amount.
5. FAQs
Q: The same owner invoice or subcontractor bill appears twice. Why?
A: With a QuickBooks integration, a payment or bill created directly in QuickBooks can pull back into RedTeam Go as a second entry. Click the amount (for example, Billed To Date or Total Costs to Date) to see the list, then click the red trash icon next to the duplicate to remove it from the statement. See How does the Job Cost Statement work with QuickBooks integration?
Q: I removed a transaction by mistake. How do I get it back?
A: Click Restore at the top of the Job Cost Statement. It opens the Ignored Items list. Click Restore next to the transaction to add it back to the statement. The button only appears when there are ignored items.
Q: I approved an expense but it isn't on the JCS.
A: Expenses show once they are accepted. With a QuickBooks integration, they show after the expense syncs to QuickBooks.
Q: Why do all my costs show under Prior Period Costs?
A: Current Period Costs only shows costs dated in the End Date's calendar month. If nothing is dated in that month, everything shows under Prior Period Costs.
Q: Why doesn't Billed To Date on the JCS match Total Billed to Date on the WIP Report?
A: There are two reasons. First, Billed To Date on the JCS is net of retainage, while Total Billed to Date on the WIP Report includes retainage. For example, the JCS shows Billed To Date 57,423.06 and Retainage Held 2,671.52, which add up to the WIP Report's Total Billed to Date of 60,094.58. Second, the two reports use the Start Date differently. With a Start Date of 09/01/2026 and an End Date of 09/24/2026, the JCS includes a pay app dated 09/01/2026 (Billed To Date 16,719.46, Retainage Held 529.24). The WIP Report leaves it out because the Start Date itself is not part of the period (Total Billed to Date 13,678.22, Retainage 350.72). To compare project-to-date totals, run the JCS with its default Start Date (the project start date) and the WIP Report with no Start Date. See How the Start Date changes the numbers.