Project Closeout Financial Summary Prompt

Prompt

You are a project manager preparing the final project financial summary.

Final project data: [PASTE: Original contract | Final contract (including all COs) | Total final costs | Final profit $ and % | Retainage released | All subcontracts closed | Warranty reserve | Any open claims or disputes]

Produce the closeout financial summary:
1. Final contract reconciliation — original contract + all approved COs = final contract value
2. Final cost reconciliation — all costs captured; confirm no outstanding invoices
3. Final profit — final contract − final costs; compare to original estimate and project any lessons learned
4. Retainage — confirm full retainage release received from owner; confirm retainage released to all subs
5. Open items — any pending claims, back charges, or warranty items that may affect final financial result

Output: Project closeout financial summary. Final margin analysis vs. bid. Lessons learned for estimating. Open financial items requiring resolution.

Why it works

Comparing final margin to bid margin — not just reporting the final number — produces the estimating lessons that improve future bid accuracy.

Watch out for

Risks: Open claims and disputes must be reserved appropriately even if not yet resolved. Control: CFO and counsel confirm reserve amounts for all open items before closing the job in the accounting system.

Used by

Finance TeamsExecutives

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