Remove Banking Remove Income Remove Liability Remove Management
article thumbnail

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

Levelset

Both retention accounts are shown as current assets and current liabilities, respectively. Plus, not recording retention payable leads to the understating of a company’s liabilities. Debit Credit Income $100,000 Accounts receivable $90,000 Retention receivable $10,000. Fariba Mehdian. View profile.

article thumbnail

Construction Bookkeeping Unique Features

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Assets - Liabilities) = Equity. -. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Bank Account - Escrow Deposits. Bank Account - Operating. Bank Account - Job Deposits. Bank Account - Payroll.

professionals

Sign Up for our Newsletter

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

article thumbnail

West Virginia Incentives and Workforce Development Guide

Buisness Facilities Contributed Content

Learn more at www.westvirginia.gov or contact one of our business managers at (304) 558-2234. . Indirect Loans: The West Virginia Economic Development Authority provides a loan insurance program through participating commercial banks to assist firms that cannot obtain conventional bank financing. FINANCING & GRANTS.

article thumbnail

Service Agreements Can Improve Contractors Cash Flow And Profits

Contractor Bookkeeping

The Balance Sheet is the summary report which shows all of the assets minus the liabilities which equals the "Book Value" or owner''s equity. Owner’s equity is in theory what would be left over if you liquidated the company, sold the assets and paid all of the debts or liabilities. Business Process Management (BPM) For Contractors.

article thumbnail

Unique Tips To Reduce Construction Company Start Up Stress

Contractor Bookkeeping

Go To Your Bank - And they offer you a line of credit. The only thing you know is your old boss was a terrible business manager and anyone could do better than that. Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. This is getting very stressful.

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. The only thing you know is your old boss was a terrible business manager and anyone could do better than that! Bank Accounts - Set up two bank accounts in your company name. Understand When A Transaction Is Income - And when it is not income.

article thumbnail

Oregon Incentives and Workforce Development Guide

Business Facilities

The updated Oregon incentives guide is brought to you by Real Street Expo , a new event sponsored by Business Facilities and Today’s Facility Manager magazines. Oregon Capital Access Program (CAP): Helps lenders (banks and credit unions) make more commercial loans to small businesses and provides capital for start-up or expansion.

Oregon 49