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$137
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Covering topics like:
Job-Costing, Construction Accounting, and Profit-Building
Timing is Everything – Part I:
How to Recognize Income for
Long-term Contracts, Spec Homes & Lots
(aka: Time & Money, Money & Time)
Approximately 66 minutes:
- Tax impacts: Important information you need to know!
….. - Background info:
- Different kinds of jobs require different timing of income
- The “matching concept”
- Exactly what types of construction activities does your
company undertake? Types of jobs have a major impact on:
√ Accounts
√ Items
√ Estimates & Invoices
√ Management reporting
√ Income and cost reporting for taxes
√ How jobs are organized, named, and grouped - Illustration: Different types of jobs & accounting implications
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- What to look for in the contract
….. - Who owns the property? And why it’s a primary factor:
- When the property is owned by the builder
- When the property is NOT owned by the builder
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- Adjustments to income:
- Percentage of Completion adjustments overview
- Percentage of Completion illustrations: “Before & After Adjustments”
- Work in Process & Completed Contracts overview
- Where should you initially post the cost?
- Traditional accounting approach
- 5 Problems resulting from the traditional approach
- A proven alternative technique
- How to implement the alternative technique
- 13 Benefits you’ll achieve by using the alternative technique
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- Decision tree:
Job Cost Entries & Adjustments for Various Types of Construction Jobs
NOTE:
This is Part I of the “construction income adjustments” series of workshops.
Please see the following workshops for Parts II & III to access additional detailed accounting procedures: