Progress Billings

Progress billings are a function of invoicing customers for work completed to date for construction projects. All billings and deposits for the respective projects are located in the current liabilities section of the the balance sheet. In general, progress billings should exceed construction in process in aggregated value.

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.  The balance sheet set informs us of four overall monetary pieces of information: It basically identifies how much is …

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