Projects and Construction: Improvements to the Construction Bonding Report

In the construction industry, management uses construction bonding reports to determine the financial health of projects. MYOB Acumatica Construction Edition includes the Construction Bonding Report (PM650500) report, which is specifically designed to give a wide-angle snapshot of all the projects in the system and helps users to analyze how much has actually been billed for the project compared to the percentage of the project completion.

In MYOB Acumatica 2025.1, the construction bonding report has been revised and enhanced, as described in the sections below.

Changes to Report Parameters

On the Construction Bonding Report (PM650500) report form, the report parameters (see the screenshot below) have been changed as follows:

The Use Cost Projection check box has been removed.
The Planned Cost Estimation box has been added. This parameter specifies the source of the costs that the system will use to calculate the report values. The following options are available:
- By Cost Budget (default): The system will use the revised budgeted amounts of the cost budget lines for calculations.
- By Cost Projection: The system will use the amounts from the last released cost projection for calculations.

Figure 1. The new report parameter

Changes to the Report Layout

The following columns have been renamed in the printed report:

Revenue Recognized to Earned Revenue
Billed to Date to Billings to Period
Cost to Date to Costs to Period

The following screenshot shows the layout of the prepared report.

Figure 2. The updated report layout

Changes to Report Calculations

The following table summarizes the changes that have been made to the calculation of some values in the report.

Column

Formula

Comments

Contract Amount

The system now uses the following formula: Contract Amount = SUM of Original Budgeted Amount values + SUM of CO Revenue Budget Change Total values. In the formula, SUM is the sum of the respective amounts in the revenue budget.

The values in the Contract Amount column now include the amounts of the change orders that have been released prior to and within the period specified in the As of Period report parameter.

Cost to Complete

The system calculates the value by using the following formula: Cost to Complete = Cost at Completion - Costs to Period.

Projected Cost to Complete

The system calculates the value by using the following formulas:

If there is no released cost projection for the period: Projected Cost to Complete = Cost to Complete
If there is a released cost projection for the period: Projected Cost to Complete = SUM of Projected Cost to Complete, where SUM is the sum of the respective amounts in the cost budget

Cost at Completion

The system calculates the value by using the following formula: Cost at Completion = SUM of Original Budgeted Amount values + SUM of CO Cost Budget Change Total values. In the formula, SUM is the sum of the respective amounts in the cost budget.

Projected Cost at Completion

The system calculates the value by using the following formulas:

If there is no released cost projection for the period: Projected Cost at Completion = Cost at Completion
If there is a released cost projection for the period: Projected Cost at Completion = SUM of Projected Cost at Completion, where SUM is the sum of the respective amounts in the cost budget

Complete %

The system calculates the value by using the following formulas:

If the report is prepared with By Cost Budget selected in the Planned Cost Estimation box: Complete % = Cost to Period / Cost at Completion * 100%
If the report is prepared with By Cost Projection selected in the Planned Cost Estimation box: Complete % = Cost to Period / Projected Cost at Completion * 100%

In both cases, if the calculated value exceeds 100%, % Complete is set to 100.

Period Billings

The turnover revenue amount for the specified period, which the system calculates by using the following formula: Period Billings = SUM (Amount)

In this formula, SUM (Amount) is the total amount of project transactions of this project with the AR type on the Project Transactions (PM304000) form that have been released within the period specified in the As of Period report parameter.

The project transactions that originate from AR invoices and debit memos increase the calculated amount; the project transactions that originate from AR credit memos decrease the calculated amount.

Billings to Period

The billed amount of the project, which the system calculates by using the following formula: Billings to Period = SUM of Amount values.

In this formula, SUM of Amount values is the sum of the relevant project transactions with the AR type on the Project Transactions (PM304000) form that have been released prior to and within the period specified in the As of Period report parameter.

The project transactions that originate from AR invoices and debit memos increase the calculated amount; the project transactions that originate from AR credit memos decrease the calculated amount.