1. Record the job and comparison basis
| Field | Entry |
|---|---|
| Job and customer reference | ____________________________ |
| Quote and approved-scope version | ____________________________ |
| Estimate date | ____________________________ |
| Actual review date | ____________________________ |
| Currency and tax basis | ____________________________ |
| Cost allocation method | ____________________________ |
| Approved changes during delivery | ____________________________ |
| Reviewer and record sources | ____________________________ |
2. Capture estimate, actual and variance
| Category | Estimate quantity | Estimate cost | Actual quantity | Actual cost | Actual − estimate | Record source |
|---|---|---|---|---|---|---|
| Labour | ________ | ________ | ________ | ________ | ________ | ________ |
| Materials and consumables | ________ | ________ | ________ | ________ | ________ | ________ |
| Subcontractors | ________ | ________ | ________ | ________ | ________ | ________ |
| Equipment and access | ________ | ________ | ________ | ________ | ________ | ________ |
| Other direct cost | ________ | ________ | ________ | ________ | ________ | ________ |
| Allocated overhead | ________ | ________ | ________ | ________ | ________ | ________ |
| Total cost | — | ________ | — | ________ | ________ | Reconciled sum |
| Revenue | — | ________ | — | ________ | ________ | Quote and billing record |
Completed estimate-v-actual example
All figures are fictional user assumptions in generic currency units. The example demonstrates reconciliation, not an expected job result.
| Category | Estimate | Actual | Actual − estimate | Supported follow-up |
|---|---|---|---|---|
| Labour | 3,000 | 3,600 | 600 | Review added hours and rework record |
| Materials | 800 | 950 | 150 | Review quantity and supplier cost |
| Subcontractors | 600 | 600 | 0 | No variance action |
| Allocated overhead | 400 | 400 | 0 | Confirm allocation used once |
| Total cost | 4,800 | 5,550 | 750 | Reconciles to category sum |
| Revenue | 7,000 | 7,000 | 0 | Check whether added scope was approved and billed |
3. Complete the review and assign action
Close-job checklist
- Every actual figure links to a time, supplier, subcontractor or accounting record. (not complete)
- Estimate and actual use the same categories, currency, tax and period basis. (not complete)
- Loaded labour and overhead inclusions have been checked for duplication. (not complete)
- Approved scope changes are separated from estimating error. (not complete)
- Category sums reconcile to total cost and revenue records. (not complete)
- The largest meaningful variances have a supported explanation or open question. (not complete)
- One owner and review date are recorded for each follow-up action. (not complete)
- The next estimate is updated only for repeatable evidence, not every one-off event. (not complete)
| Finding | Action | Owner | Review date |
|---|---|---|---|
| ________________ | ________________ | ________________ | ________________ |
| ________________ | ________________ | ________________ | ________________ |
| ________________ | ________________ | ________________ | ________________ |
Related tools
- Job Costing & Margin Planner
Compare quoted and actual job economics and identify overruns
- Project Quote Builder
Turn scoped task rows and project costs into a transparent fixed quote
Frequently asked questions
- What if an actual cost record is missing?
- Mark the row unresolved and obtain or reconcile the source record before closing the review. Do not silently replace an unknown actual with the estimate.
- Why must estimate and actual use the same categories?
- Comparable categories show where the variance arose. Reclassification can create a false category variance even when the total is unchanged.
- Can this worksheet replace accounting records?
- No. It is a management reconciliation built from those records. Retain the underlying documents and use appropriate accounting treatment.
Calculation methods used with this worksheet
- Job Costing & Margin Planner methodology — Margin101: Estimate, actual, variance, cost and margin calculation contract.
- Project Quote Builder methodology — Margin101: How completed job evidence informs a future quote scenario.