‘Billings in excess’ is a construction industry financial term referring to the dollar value of charges to customers in excess of the costs and profits earned to date. It is reported on the balance sheet in the current liabilities section. It is in effect, the dollar value the contractor owes back to the customer for incomplete work.
Billings in Excess
Billings in excess is a construction accounting term defining actual invoice value in excess of costs accumulated for a respective project or jobs. It is commonly tied to current liabilities on the balance sheet. It is used by readers of financial reports to identify value that is unearned or imcomplete due to contractual requirements.