Construction Accounting Q&A Part 1 - Business Cycle

Construction Accounting Q&A Part 1 - Business Cycle
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Confused over contract accounting. Wait no more!

We will run a series of our training note to our clients and new colleagues on contract accounting.

Today we cover Q&A on business cycle in contract accounting.

In general these 11 steps are common in the construction accounting.

Step 1 : Tender a project
Step 2 : Negotiate with customer
Step 3 : Enter agreement (if applicable)
Step 4 : Engage with sub-contractor
Step 5 : Start construction
Step 6 : Receive progress claim from sub-contractor
Step 7 : Verify the work done completed by sub-contractor
Step 8 : Send progress claim to customer
Step 9 : Customer verify the work done
Step 10 : Obtain progress claim certificate from customer
Step 11 : Issue invoice to customer

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