Many contractors use the street address or the lot number as their identifying tool. I suggest using the contract date for the project. It is important to use a dating system that allows for easy access and reporting format. I suggest using the year first, the month and day format. As an example, if the contract was signed on February 16, 2013, then use 130216 as your numbering system. This allows for a chronological ordering system for the future.
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 […]