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Construction Accounting is one of the various forms of project accounting that is specifically used in construction projects. It’s a form of bookkeeping that helps contractors in the financial management of the whole construction project. Businesswire reported that the massive investment of the U.S. in the networking industry is giving various opportunities to the construction industry. It is said that the construction industry could reach up to US$ 1,804.8 billion by 2023. To avoid the arising of financial problems, what you need to do is create a comprehensive construction accounting document. Here’s how.
What accounting document do you exactly need? Is it a tracking sheet, statement of final account, or a monthly finance tracking document? How do you want to present the data? Is it through excel or chart? Be specific.
After you’ve classified the type of construction accounting you need, you start recording your transactions using your journal entry. This is to ensure that you enter the correct information to your ledger.
From your journal ledger, it’s time to post your transaction records to your company’s ledger. After that, you can start calculating the trial balances.
Since it’s a work in progress, you can adjust the items in your general ledger for some errors or corrections. And after, you can already start preparing for Adjusted Entries.
Finally, after some analysis and revenue recognition, you already have a financial statement like an invoice that you can use for various construction accounting activities.
According to The Balance Small Business, there are eight accounting software programs that are suitable for construction. These include Jonas Construction Software, QuickMeasure Onscreen, B2W Estimate, WinEx Master, Primavera P6 Enterprise Project Portfolio Management, Sage Estimating, Coins, and Microsoft Dynamics SL for Construction.
A construction contract accounting is a method of accounting that uses either the percentage completion (PC) method or completed contract (CC) method. The former is the most common and most appropriate to use since it is identified from the extent of the project to its completion. While in the latter, the revenues and costs are put off to a later time until the substantial completion of the contract.
Although they are almost the same, they have minor distinct characteristics that to be recognized. Regular accounting is the basic financial reports for tax returns and other financial management. Construction Accounting is most commonly used in a mobile environment where you have a bookkeeping services system.
A construction cost accounting is a form of accounting that involves classification, accumulation, and assignment of construction costs of your project. Cost accounting is a crucial aspect of the construction project.
The features of construction accounting are the following:
1. Multi-Company, Multi-Division
2. Job Cost Tracking
4. Time and Material Billing
7. Financial Analytics and Reporting