Construction Accounting Q&A Part 1 - Business Cycle

01Confused over contract accounting. Wait no more!

We will run a series of our training note on contract accounting.

to our clients and new colleagues

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

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

02Step 1 : Tender a project
Step 2 : Negotiate with customer

03Step 3 : Enter agreement (if applicable)
Step 4 : Engage with sub-contractor

04Step 5 : Start construction
Step 6 : Receive progress claim from sub-contractor

05Step 7 : Verify the work done completed by sub-contractor
Step 8 : Send progress claim to customer

06Step 9 : Customer verify the work done
Step 10 : Obtain progress claim certificate from customer

07Step 11 : Issue invoice to customer

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