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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.

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Public Procurement of Construction Services

Job Order Contracting

Collaboration, Integrated Information and the Project Lifecycle in Building Design, Construction and Operation.” 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.

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Key Financial & Safety Metrics for Subcontractor Qualification 

Autodesk Construction Cloud

Extracting key ratios from financial statements and safety metrics from OSHA filings allows builders to gauge a subcontractor’s short-term and long-term health — and empower estimators with the data they need to make more informed bidding decisions. . Formula: Current Assets / Liabilities . Accounts Receivable Turnover .

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Lendlease recladding costs soar to £151m

Construction Enquirer

He said the liability primarily related to buildings developed by house builder Crosby, acquired by Lendlease in 2005. At the half-year, Lendlease put its liability at around £100m but by June 2023 this has jumped by an extra £51m. He said that Lendlease had now established a dedicated team to review its exposure.

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Delrin Joins *ISNetworld®

Safety Services Company

*ISNetworld®, and other organizations such as Veriforce®, ComplyWorks®, and Avetta® , help hiring clients organize contractor management information including: OSHA Logs Modification Rate (EMR) Safety Manuals Proof of Training Liability Insurance And more!

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How to Effectively Maintain Your Third-Party Auditor Account

Safety Services Company

Most third-party auditors grade contractors based on the following elements: Statistical Information: OSHA 300/A Logs, OH&S Statistics, TRIR, TRF, etc. Insurance Documents: General Liability, Automobile Liability, Limits, Workers’ Compensation, Experience Modification Rates, etc. 1. Monitor. 2. Review.

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Xero Accounting Online Setup Errors Fixed Fast And Easy!

Contractor Bookkeeping

Did You Have Trouble Setting Up Xero Accounting Online? You are not alone, it is an accounting program built to satisfy the needs of accountants with an attempt to make it easy for non-accountants. Xero Accounting Online Setup is not as complicated as QuickBooks setup projects. Set up your Chart of Accounts.