Checklist to financially complete a project

Overview

Use this checklist to confirm a project is complete and financially accurate before setting the status to Financially Complete.

Critical checks

• Committed cost vs CWIP — values should align
• Cost to complete — FCC and PMW set to zero
• Revenue alignment — forecast equals actual
• WIP and accruals — all cleared

Commitments and subcontracts

• Complete purchase orders before rollover
• Match subcontract value to authorised value
• Use variations to resolve discrepancies

Accruals and incurred costs

• Remove unnecessary BFM accruals
• Clear incurred costs
• Use $0 subcontract payments where required

Retention handling

Projects can be marked complete even if retention remains outstanding.

Temporarily return the project to Active to process retention, then reset to Financially Complete.

Cleanup tasks

• Complete purchase orders and delivery dockets
• Clear pending invoices
• Approve/remove variations
• Post zero-value authorisations

Contract checks

• Original + variations = current value
• Current value = forecast and claimed
• No remaining surplus or shortfall

Reporting checks

• BFM Project Summary Report
• Forecast Cost Comparison Report

Training and eLearning

Continue your learning with these modules that support project setup, reconciliation and forecasting.

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