Mark a job as financially complete

Simona Riftin

Updated 08 June 2026 14:54

Business Forecasting (BFM)

Mark a job as financially complete

Key checks to complete before setting a Jobpac project to Financially Complete.

Overview

This article outlines the key checks you must complete before setting a Jobpac project to Financially Complete. Completing these steps ensures there are no outstanding costs, commitments, accruals, or variations that affect your financial reporting.

Critical tasks

Work through each task before changing the project status to Financially Complete.

1	Confirm Committed Cost = CWIP for every cost centre. No commitment should exceed the Work in Progress amount, as this overstates the forecast. Ensure all Purchase Orders are marked complete before Job Cost rollover. Completing a PO after rollover will not reflect in the period being reviewed. Subcontract Value must equal Total Authorised. Create a subcontract variation if they differ.
2	Ensure Cost to Complete is zero for every cost centre. All FCC (Forecast Cost to Complete) values must be zero. Clear out all PMW (Project Manager Worksheet) line items.
3	Confirm Forecast Final Revenue = Revenue to Date. If the final claim has been made, use a variation to adjust the Contract Value to match the Total Amount Claimed.
4	Ensure WIP = 0, Incurred Cost = 0 and Cost Accruals = 0. You may financially complete a job even if head contract or subcontract retention is outstanding. To claim or release retention later, set the project back to Active, process the retention, then return it to Financially Complete. In Contract Valuation Maintenance – Cost Reconciliation, CWIP and Committed Costs must match. Clear any unused commitments such as old purchases or subcontract amounts. In Contract Trading Maintenance – Secured Works, the Job to Date Performance Surplus/Shortfall must be zero. In the Accruals/Adjustments column (Cost Type Summary), all values must be zero. These may include manual BFM cost accruals that should be removed, or incurred costs from unprocessed delivery dockets or subcontract payments. Remove incurred cost by posting a $0 subcontract payment. Set the valuation amount equal to the authorised amount, then post.

Good cleanup practices

These tasks help ensure your project is tidy and ready for rollover.

5	Complete all Purchase Orders. Use the Bulk PO Complete option where appropriate.
6	Clear the Pending Invoices report. Delete any invoice records that are no longer required.
7	Complete all Delivery Dockets. Use the Bulk Delivery Docket Complete option.
8	Review Subcontract Variations. Approve valid variations or remove those that are not required.
9	Finalise Subcontract Agreements. Subcontract Value should equal Authorised Value and Paid Value (this only occurs once all retention is processed). In Subcontract Agreements, locate zero payment authorities and post them using the Post Authorities screen with "Show Zero Value Authorisations" selected.
10	Finalise Head Contract Variations. Approve or reject all outstanding variations and transfer all approved variations.
11	Ensure Original Contract Value + Variations = Current Contract Value.
12	Confirm Current Contract Value = Forecast Contract Value = Value Claimed.
13	Ensure there are no cost accruals. There should be no Type P or Type U invoices in the Progress Claims / Invoices screen.
14	Ensure there is no unallocated WIH (Work in Hand).
15	Verify FFM = Cash Position. This is only accurate when all retention has been claimed and paid.
16	Run project review reports. BFM Project Summary Report Forecast Cost Comparison Report

You're done when:

✓ All critical tasks (1–4) have been completed

✓ All cleanup tasks (5–16) have been reviewed and actioned

✓ Project is ready to be set to Financially Complete in Jobpac