Remove Accounting Remove Banking Remove Lien Remove Software
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. View profile.

article thumbnail

constructionattorneyblog: Subcontractor's Mechanics lien allowed.

Construction Lawyer

Only a knowledgeable attorney can apply the information here to your particular matter, taking into account the laws of your jurisdiction. LEED project managment software » May 21, 2009. Subcontractors Mechanics lien allowed where bank seized generals funds. May 21, 2009 in litigation , mechanics liens | Permalink.

Lien 40
professionals

Sign Up for our Newsletter

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

article thumbnail

How to Avoid Running Out of Cash on a Construction Project

Levelset

In this article, we’ll explore some strategies to help you keep money in the bank. Otherwise, you could be overdrawn on your account. You can save your existing cash reserves to cover payroll and overhead costs, and the extended repayment terms ensures that you’ll have project income in the bank when the bill comes due.

article thumbnail

constructionattorneyblog: LEED project managment software

Construction Lawyer

Only a knowledgeable attorney can apply the information here to your particular matter, taking into account the laws of your jurisdiction. « Subcontractors Mechanics lien allowed where bank seized generals funds | Main. LEED project managment software. mechanics liens. So dont say we didnt warn you.

article thumbnail

6 Ways the COVID-19 crisis will reshape the construction industry

Lets Build

For instance, companies that depend on bank checks and physical forms need to find other means to distribute payment. Because of the COVID-19 pandemic, governments had to issue new guidelines on compensation, including new filing deadlines, work-time reductions, and rules on employee leaves, to account for the lockdown.

article thumbnail

We Reduce Construction Company Start Up Stress

Contractor Bookkeeping

Did You Go To Your Bank - And they offered to give you a line of credit. Did You Use Your Personal Credit Cards - And supplier accounts to finance your new business and perhaps you were not careful about what you bought? Bank Accounts - Set up two bank accounts in your company name. You say O.K. You say O.K.

article thumbnail

Starting Profitable Construction Company Unique Secrets Revealed

Contractor Bookkeeping

Go to your bank and ask to speak with the commercial banker. Every bank has one and they can be one of your most powerful allies and mentors. The really good news they are on the banks payroll. How can you and the bank help me run my business more profitably?