article thumbnail

Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor. Retention receivable and payable is different from accounts receivable and payable. Fariba Mehdian.

article thumbnail

Public Procurement of Construction Services

Job Order Contracting

Advancing the Impact of Education, Training, and Professional Experience on Integrated Project Delivery.” Without out this, the vast majority of projects, approximately eighty percent or more (80%+) will continue to fail by being late, over budget, or viewed as not being satisfactorily completed by one or more parties. References: AIA (2007).

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

#134:  30-Day Accountings for Subcontractor/Supplier Mechanic’s Liens

NH Construction Law

” The notices triggering this accounting requirement can be given to the owner before the first labor or materials get furnished ( RSA 447:5 and RSA 447:7 ) or after ( RSA 447:6 ) – but in either event, written monthly updates of the amount owed are required. McGranahan v. Standard Construction Co. , 46, 47 (1957).

Lien 40
article thumbnail

The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

Leases 177
article thumbnail

The Contractors Accountant And What We Can Do For You

Contractor Bookkeeping

The Contractors Accountant, Randal DeHart. I have been where you are now Having worked in the trades, owned and operated construction businesses and being trained in construction bookkeeping and accounting I understand what it takes to run a successful construction business. We know what to do!

article thumbnail

Unlimited liability for designers and contractors

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. Only a knowledgeable attorney can apply the information here to your particular matter, taking into account the laws of your jurisdiction. Unlimited liability for designers and contractors. Goodman has also worked on appeals and appeared before appellate courts.

article thumbnail

constructionattorneyblog: Liability for green design

Construction Lawyer

Sabo & Zahn LLC is an Illinois Limited Liability Company. Only a knowledgeable attorney can apply the information here to your particular matter, taking into account the laws of your jurisdiction. Liability for green design. Listed below are links to weblogs that reference Liability for green design : Recent Posts.