Tag: Construction in Process
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Contractor’s Chart of Accounts – Completed Contract or Percentage of Completion Method
The contractor’s chart of accounts is significantly different than the traditional chart of accounts. The layout is more balance sheet driven.
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Open Job Cost Status Report
The Open Job Cost Status Report identifies a project’s actual costs of construction, amounts borrowed or financed, and any customer payments made to date. The net result is the contractor’s net investment into the respective project.
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Job Cost Reports – Balance Sheet Set
Construction accounting uses job cost reports to inform management of progress and existing issues with projects. There are several different sets of reports. The balance sheet set functions as an overall financial picture for the company.
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Project Reports – Introduction
There are basically three groups of financial based project reports. Each set has its own priorities and purposes. Project reports are a function of production reporting with the exception of the balance sheet set (commonly used for cash flow purposes).
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Phase Codes and Cost Codes with QuickBooks and Construction Accounting
Phase codes are functional groups of costs with the residential construction industry.
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Construction Accounting Terminology
In construction accounting, accountants and bookkeepers use certain terms and there are distinct meanings associated with these terms. This article is designed to introduce beginner accountants and contractors to these terms from the perspective of financial reporting.
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Progress Billings in Construction
Just like a tip of an iceberg, a progress billing for a construction project is an invoice for a small part of the overall contract value. It needs to be recorded correctly and presented to management in a way that is understandable and beneficial for making decisions. This article will introduce the concept and cover how progress…