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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

Work in progress figures might not sound like something you need to think much about. That’s accounting’s job, right? In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. WIP is one element of an inventory account. Well, not exactly.

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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

Work in progress figures might not sound like something you need to think much about. That’s accounting’s job, right? In the construction industry, WIPs cover the raw materials, plus labor and overhead, used as part of a project. WIP is one element of an inventory account. Well, not exactly.

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QuickBooks Training For Land Developers And Spec Builders

Contractor Bookkeeping

Knowing how to use Work-In-Progress, Direct and Indirect Construction Costs is key. Understanding Overhead, Other Expenses, and Other Income compounds are also important. Proper QuickBooks set up, and Construction Accounting is the foundation to provide them.

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Job Costing Accounting Vs. Regular Accounting

Contractor Bookkeeping

There is some confusion about the differences between job costing accounting and regular accounting which leads some contractors to believe they can get what they need from any bookkeeper and the cheaper the better. Two Basic Types Of Accounting. #1 Tax Accountants are good people and have a place in the accounting world.

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Copying Past Construction Accounting Entries Is A Bad Idea

Contractor Bookkeeping

It appears regular bookkeepers who are in over their head with construction accounting are trying to figure out how to input new QuickBooks transactions by copying previous transactions. To learn more visit construction accounting vs. regular accounting.

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Construction Bookkeeping Unique Features

Contractor Bookkeeping

All Accounting Uses The Accounting Equation. Regular Bookkeeping - Is roughly 80% of all accounting for businesses in the world. Expenses - Overhead required to maintain business operations. Construction Bookkeeping - Is roughly 15% of all accounting and Accounting with manufacturing making up roughly 5%.

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Is Your Accountant Helping Or Hurting Your Construction Company?

Contractor Bookkeeping

The Traveling Bookkeeper had a deep distrust of contractors, as do most regular accountants and regular bookkeepers. Work-In-Progress. Overhead & Profit Charges. Having been involved in Construction Accounting for over thirty years I understand it completely. When my parents used words like: Job Deposit.