Construction Accounting Questions

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Construction Accounting
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My client wont pay me after more than 96% of his project completed. From first East he was trying to stay under $60k and he added $10100 which he admitted on his text message. Is there anyway you can help me with this matter. I am looking forward to hearing from you soon ...Read More
Anonymous General Contractor
4 answersAdd commentOct 15, 2022
CaliforniaConstruction AccountingConstruction Contract
Hello, can you help me with the following topics? Credit sale policy definition and elements . The importance of credit policy. How do we create a credit policy. How do we evaluate the efficiency of credit policy....Read More
Anonymous Contractor
1 answerAdd commentApr 23, 2020
AlabamaConstruction AccountingCredit Management
I'm a subcontractor, I completed all the flatwork for a new construction home. I have done multiple projects for the General over the last 3 years without any problems. This project they took my invoice and modified it, claiming they don't pay for incidentals, or materials used on their projects other than the labor to complete the project. I use the same template for every invoice and list the same line items on every invoice, which they have paid every time until now. They actually paid a portion of this invoice immediately upon receipt, but They are attempting to reduce the final invoice from over $6K to just over $1K. In correspondence they admitted that the bank and their customer both approved my invoice payment, yet they are refusing to pay. The job is also 3 hours from me, so I have a substantial amount of time, fuel, per diem, travel costs, labor, and out of pocket materials tied up into this project. What do I need to do?...Read More
Porter Ericsson
1 answerAdd commentJul 30, 2022
IdahoConstruction AccountingConstruction ContractLien on FundsMechanics LienNotice of CompletionPrompt PaymentRight to LienSlow Payment
So I hired a builder to build my home. I paid him his rate to oversee the job. As invoices came in from his different accounts such as lumber and different materials he had me pay his invoices. 5+ months ago we had a well installed. Our builder is now calling us to tell us that that invoice has not been paid. And actually as of today we have still not received an invoice. What are our options?...Read More
Anonymous Contractor
1 answerAdd commentOct 14, 2022
GeorgiaConstruction Accounting
A potential client advised she wanted to o an addition to her existing home (in California) but ended up scraping the project once the permits and compliance issues became 'too much'. I am curious what the remedy is in this case if the contractor had already done a significant amount of pre-construction work. Would the contractor be able to bill for the services provided even though the customer stopped the project? ...Read More
Anonymous Contractor
1 answerAdd commentMay 26, 2020
CaliforniaCash FlowConstruction AccountingConstruction ContractPay Applications
I am reviewing a schedule of value for a project that does not have a % of the project total assigned to project closeout. I have heard the industry standard is 10% of the overall project is given to project closeout....Read More
Anonymous Contractor
1 answerAdd commentJun 12, 2023
ArizonaConstruction AccountingPay Applications
I was on a job and a coworkee told me a year or so later he was getting wage scale for this job and i was on the same job working for the same contractor and did not receive wage scale?...Read More
Anonymous Contractor
1 answerAdd commentJan 3, 2020
WisconsinConstruction AccountingPrevailing Wages
Can we bill for retainage on our final invoice or does retainage need to be billed seperately as a final ?...Read More
Anonymous Contractor
2 answersAdd commentNov 22, 2019
TexasConstruction AccountingRetainage
I am a home owner with extra land and want to build ADU’s. I need to get a construction loan. I need to know about starting a single person LLC better before or after trying to get approved for the loan. ...Read More
Anonymous Contractor
Waiting for answerAdd commentFeb 23, 2022
CaliforniaCash FlowConstruction AccountingConstruction ContractCredit ManagementFactoringPay When Paid
We are a subcontractor and the GC we are working for is asking us to sign and notarize progress payment line waivers for amounts they have not paid us for, is this legal? They are 60 days behind on our payment yet they are refusing to give us payment until we sign the waivers for amounts we have not received yet. We were advised this is fraudulent and we are supposed to sign and notarize at the time we receive our payment....Read More
Anonymous Contractor
1 answerAdd commentFeb 16, 2023
TexasConstruction Accounting
Hi For example metal construction.. How could I calculate daily percentage base amound quickly?...Read More
Anonymous Contractor
1 answerAdd commentDec 28, 2019
AlabamaConstruction Accounting
Hello I need, help with a mechanical lien. I did an HVAC job, did not received final payment customer did not give me chance to finish couple this requested by inspector. ...Read More
Anonymous Contractor
Waiting for answerAdd commentSep 22, 2021
North CarolinaConstruction Accounting
We have done countertops for a multiunit project and the company that hired us won't make the payments on the invoice they've owe. How can we put a lien, and this resolved?...Read More
Anonymous Subcontractor
Waiting for answerAdd commentJul 11, 2022
AlabamaConstruction AccountingMechanics Lien
We are a company that hired a contractor to manage a renovation on a building that we purchased. We have received notices of liens against the contractor for our location. The contractor shrugged it off claiming that the lien notice was part of the invoice process for payment. We received another one since the discussion, and this time it looked different. It was actually filed and canceled once payment was made. We have not been able to contact the contractor since. My question: Is this a normal process, to file liens for payment? Or is this the step taken when the contract manager has not been paying his invoices? We have discovered that another big invoice was not paid dating back several months. We just had to pay it....Read More
Anonymous Contractor
1 answerAdd commentJan 4, 2023
GeorgiaConstruction Accounting