great video. ive seen many videos of intro to accounting and they all talk about different ways to record revenue, and expenses. This clarifies the accounting entry process for construction. thank you!
Thank you Melissa, this is very informative! I have a question regarding the percent complete revenue recognition for the company over $25M/year. The company has a mixture of sales: sales from construction is 40% of all. Should the company still consider percent complete method? Can you share with some guidance or resources regarding this matter please? Thank you!!!
For the construction part of the business, we recommend using the percent complete method. You can use the Work in Progress schedule to convert to percent complete. If you haven't done one before, you might like our WIP Creation Course here: www.atlascfoallaccess.com/WIP
Thanks for your question. There isn’t a one-size fits all solution but we definitely have our favorites. It depends on size, type of contractor, location, etc. If you’d like to contact us (atlascfo.com/contact-us/) directly and let us know a bit more about your company, we can give you some suggestions.
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great video. ive seen many videos of intro to accounting and they all talk about different ways to record revenue, and expenses. This clarifies the accounting entry process for construction. thank you!
Just got a job at a construction company as a jr accountant so doing all the research I can 😅
Congrats on your new position!
@@atlascfo8064 thank you!
Thank you Melissa, this is very informative!
I have a question regarding the percent complete revenue recognition for the company over $25M/year. The company has a mixture of sales: sales from construction is 40% of all. Should the company still consider percent complete method? Can you share with some guidance or resources regarding this matter please?
Thank you!!!
For the construction part of the business, we recommend using the percent complete method. You can use the Work in Progress schedule to convert to percent complete. If you haven't done one before, you might like our WIP Creation Course here: www.atlascfoallaccess.com/WIP
Do you have some suggestions for construction accounting softwares?
Thanks for your question.
There isn’t a one-size fits all solution but we definitely have our favorites. It depends on size, type of contractor, location, etc.
If you’d like to contact us (atlascfo.com/contact-us/) directly and let us know a bit more about your company, we can give you some suggestions.
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