We were advised by our CPA to close them once they were 95% billed and everything after that should be coded to burden. But I have not done that, we cant. We have more cost after billing because of the punch list items and warranties. It has always been a discussion.
I close a job when then entire contract amount has been collected, including retainage, and all apparent costs are in.
Chief Financial Officer
Main: 404.361.5154 | Fax: 404.965.9355
PO Box 45717 | Atlanta, GA 30320
We move a project when it is 100% invoiced. If small costs occur in the same year, we adjust on the CC schedule. If they come in in a subsequent year, we report them with our smaller miscellaneous projects.
Good question! I'm interested to see other responses.
Vickie Tischendorf, CFO
Martel Construction, Inc.
"I didn't break the rules, but I challenged the rules".
I close a job when we have no remaining committed costs. We use Sage 300 which makes committed costs very transparent. I don't want to accrue all of my revenue and then additional costs hit the following month.
Ledna Jackson , CB
Internal Operations, EHS Director
"Safety Matters Because YOU Matter"
Del-Air Mechanical Contractors, Inc.
135 Chickamauga Ave.
Knoxville, TN 37917
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