How to do accounting for construction contracts explained with Example | Construction Accounting |

Accounting for construction companies explained with help of examples and Journal entries.
#AccountingForConstructionContracts
#construtionAccounting
Link for Excel Notes for session :
drive.google.c...

[@JourneyJunctionExplorer]

I need this sheet please

[@AccountingandQuickbooks]

You can download from description .

[@Abduraraquibkhan]

Much informative for beginners like me, thanks❤

[@malgorzatazasada5919]

Very informative indeed. Thank you

[@erinashow6458]

Thank u so much.. Really easy to understand. 🎉

[@saicdias]

Well done Sir, can easily undestand.. thanks

[@AccountingandQuickbooks]

Wellcome

[@SAJIDKhan-oq8wh]

May Allah give u Ajar ... Thank you 🙏

[@azubuikeagu]

this is educative

[@lakmalmaduranga3968]

Great content. Wish you all the best.

[@AccountingandQuickbooks]

Thanks dear

[@alirazvi9208]

Informative and it's very understandable.

[@focusedto181]

You are doing good work. Please also make 1 comprehensive video on construction accounting year end closing entries.

[@AccountingandQuickbooks]

Thanks will add to the list

[@asifkhurshid9208]

Well explained. thanks, and regard.

[@AccountingandQuickbooks]

❤️

[@maheshdrg3329]

perfect reconciliation

[@magicandnature463]

ASSALAMU ALAIKUM SIR. IT IS A VERY NICE TUTORIAL BUT PLEASE MAKE A VIDEO FOR HOW TO ENTER DELIVERY NOTES AND THEN HOW TO MAKE ONE INVOICE FROM THAT MULTIPLE DELIVERIES. THANKS JAZAK ALLAH

[@AccountingandQuickbooks]

Walakum slam, sure will keep on the list.

[@eyadmasoud641]

Thank you brother :)

[@langatshering3887]

Thank you so much sir your detailed explanation. sir can we treat advance received money to meet construction expenses as deferred revenue and adjust as when invoice raised.

[@AccountingandQuickbooks]

It depends on the agreement. If mobilization advance then treat as mobilization advance is treated. If it's jus advance then its your unearned income treat it as it's earned as per ifrs 15

[@shenfukeerbucus6376]

Very informative tutorial.

[@AccountingandQuickbooks]

Thanks

[@TG-ox6kd]

Hi, thank you for detailing everything. My question is does it matter which method you use? Input or Output?

[@AccountingandQuickbooks]

Yes it depends and require professional judgement for application of method chosed.

[@kashifaltaf1436]

You're amazing, Man 👍

[@AccountingandQuickbooks]

Thanks dear

[@shrawan0825]

Make more videos on highway construction accounting.
Aur telegram group banaiye taki logo aapas me problem ki discussion kar saken

[@SH-ch5by]

Dear in 2020 all you describe us excellent but regarding retention you not mention what will be the general entry.please answer

[@AccountingandQuickbooks]

Pls elobrate

[@SH-ch5by]

Thanks for your quick response but can you show the entry for 2020 how retention will be entered by jv

[@shahidimran1158]

Nice work

[@khizerkhan3913]

Excellent explanation

[@AccountingandQuickbooks]

Thanks

[@alihassan-bv3ph]

Awesome

[@shrawan0825]

Perfect

[@alimonap]

What is the journel entry for sale of finished building

[@muhammadamjad8009]

beneficial Sir. Please make construction tutorial in QBO. Thanks in advance

[@ahtashamhassan5194]

Well explained sir

[@AccountingandQuickbooks]

Thanks

[@monikagupta1980]

Could you please make a video regarding abstract sheet

[@UsmanShahid-f1q]

I have to Ask About QuickBooks for Construction

[@misterioustheif]

Excellent work Sir A question is the interior Fit out company using the same method

[@AccountingandQuickbooks]

Yes you can use the same method

[@za3333331]

Sir we are paying fuel expenses for our transporter at site in an advance which will deducts from his invoice in the end of the month how we will do it in QuickBooks desktop

[@AccountingandQuickbooks]

Please clear the context. With example

[@ipskpk3452]

I got ur point

[@ipskpk3452]

I have salutation

[@SketchDesign-pb5jn]

i want a excel type of accounts for construction business which cover day to day expense or all project in one sheet

[@mohdkandil4699]

Which software is suitable for main contractor in uae? ( it's medium company)

[@osamahssn]

Good information .... do you have any thimg for Tally????

[@AccountingandQuickbooks]

no dear

[@devlithelandofwonders]

Nice Bro

[@AccountingandQuickbooks]

Thanks for the visit

[@sagark7703]

Can it be used for other business ( electrical contractor)

[@AccountingandQuickbooks]

Yes.

[@angongkelvinforsuh241]

please what are the accounting entries booking for the receivables

[@AccountingandQuickbooks]

Journal entries are also explained in this video. Furthermore this can also be helpful incase you are looking for this 👉th-cam.com/video/R073fM5ykFo/w-d-xo.html

[@AbdullahMohammed-gg7uv]

What about the profit from the project?

[@100KLR60]

Tomorrow there is my one job interview in a construction company. So is this the process to work there in tally app for a construction company?

[@AccountingandQuickbooks]

First of all I wish you all the best. This is concept and it will help you.
Also watch. What is retention and how progressive invoices works

[@flyingbird772]

Govt bill received amount entry how to

[@shrawan0825]

What is the responsibility of site accounts assistant manager in highway construction could you explain the step by step

[@AccountingandQuickbooks]

It depends on nature of work and size of company

[@shrawan0825]

@@AccountingandQuickbooks
Ok
What is the responsibility of highway construction accounts manager ???
Do you have any WhatsApp or telegram group.

[@sophiestorontolife6566]

No subtitle is available?

[@SumitKumar-ke6ch]

Sit what about vat on unbilled revenue of 20000, should we deposit vat on that amount on income accrued basis or at the time of invoicing ?

[@AccountingandQuickbooks]

Vat is charged on earlier of amount invoiced or in case of advance advance received

[@AccountingandQuickbooks]

For understanding pls watch this video it will help you 👉 th-cam.com/video/R073fM5ykFo/w-d-xo.html

[@minhajab7125]

What will be the double entry for the retention invoice included VAT plz

[@AccountingandQuickbooks]

👉👉👉👉th-cam.com/video/R073fM5ykFo/w-d-xo.html

[@minhajab7125]

Thanks for your swift reply
Many thanks for the vedio as well

[@sarb5482]

Great information brother.. if there any way to contact you? Im start up and facing too much difficulty regarding account

[@AccountingandQuickbooks]

Email me at [e-mail]

[@sarb5482]

Email you sir.

[@AccountingandQuickbooks]

Alright 👍

[@maqbool-urrehman4760]

Dear in this video you did not deduct the billing from work certified?

[@AccountingandQuickbooks]

That difference arises once your billing amount and amount of work performed is different. Here whatever work we performed we have billed.

[@AccountingandQuickbooks]

If you watch my video on output method in that method amount of bill to client and work performed is different how to treat that scenario is provided in that session. In real life most of companies bills once work is done. And in year end if any work is done and not billed the treatment is provided in the video. However if contract is such that amount of invoice or billing to client is diffent than actual amount of work performed than your watch my video on output method. I hope your confusion is cleared.

[@royalbaloch8243]

Kindly share these notes

[@AccountingandQuickbooks]

@royalbaloch8243 you can download from description

[@saudsaleh6820]

What is the difference between cost in excess of billing and billing in excess of cost in contract accounting?

[@AccountingandQuickbooks]

Oky. If you have worked more and billed less it's ur contract asset and if you have billed more but worked less it's ur contract liability.
Cost excess of bill is under billed and billing excess of cost in over billed.

[@shrawan0825]

Start telegram group

[@MuhammadAhmed-dk2nw]

Yaaaaaaaaaar fazool banday ho nazar kuch ah he nahi raha

[@AccountingandQuickbooks]

If you genuinely want to learn in your video there is gear button round with edges (setting button ) change the quality of video.Then you will see the video clear.

[@anujsrawat]

@@AccountingandQuickbooks clearly he doesn't anything about that quality thing for sure,
But I would suggest you that if content on screen is not too big then please make sure we could see the content on atleast 360p properly considering the network Issues we South Asians people has to face.

[@UsmanShahid-f1q]

Sir Can I Have Your Number?

[@AccountingandQuickbooks]

Write your at [e-mail]

[@MuhammadZubair-xf2bg]

Good work

[@AccountingandQuickbooks]

Thanks brother