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Statment of Values and down payments

TexasConstruction Accounting

Hello, I have a project using a statement of values. How does the down payment get added to the statement of values to keep the amounts on SOV true and correct and not throwing off the percentages of completion?

1 reply

Apr 13, 2021
You should insist on a mobilization line item or a down payment line item, and then adjust all the remaining schedule of value line items. It should be YOUR schedule of values subject to a review for reasonableness by your customer. Good luck.
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