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
1 answerAdd 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 contractor who agreed thru a contract to install foundation for a homeowner, I found out that he originally placed me as the general contractor on his permit. I never gave him permission to sign my name at the county building department. So yesterday he fired me saying I was taking to long... ...Read More
Kyle Kamna
Waiting for answerAdd commentNov 9, 2022
OregonConstruction Accounting
I work for an excavation company. We don't use Levelset at the company I currently work for. The company that I used to work for used Levelset, and it was very helpful. Recently, I took over the billing at the company I currently work for and noticed that there are more than a few jobs that have unpaid invoices dating as far back as 2016. Our contract is fairly basic regarding client invoicing and payment, basically we will submit invoices every (30) days, client shall pay invoices in full within (30) days, If client fails to pay we may give (10) notice to client to secure the default, if they fail to do so, we can stop work. I would like to attempt to collect on some of these old invoices. Do I have any recourse, if so, what steps would I have to take in order to do so? Thank you in advance....Read More
Anonymous Contractor
3 answersAdd commentAug 2, 2022
CaliforniaBack ChargesCollectionsConstruction AccountingConstruction ContractPay When PaidPayment DisputesPrompt PaymentRecovery OptionsSlow Payment
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
Can the officer of a construction company enforce a mechanic's lien which was properly recorded in the county in which the property is situated if (1) the lien was recorded with the individual officer's name listed on the lien as the claimant, rather than the construction company itself which performed the work, and (2) the individual officer listed is NOT the RMO associated with the company's license, but they ARE listed as "personnel associated" with the company's license on CSLB's wesbite?...Read More
Anonymous Contractor
1 answerAdd commentNov 4, 2022
CaliforniaConstruction AccountingConstruction ContractForeclosureLien DeadlinesLien ForeclosureLien ReleasesMechanics LienRight to Lien
I have two questions both using an AIA cost plus contract with a guarrenteed maximum price. What documents would you normally expect to be in a final accounting? Down to drayage tickets and certified payrolls? The General Contractor has a contingency in the schedule of values. If not used, the contingency fund belongs to the owner. The General Contractor has tried to use Change Orders and charge the amount of the Contingency, without prior notice and without approval of the Owner. I thought you could not use a change order against the contingency ...Read More
Anonymous Contractor
1 answerAdd commentJun 19, 2020
AlabamaChange OrdersConstruction AccountingConstruction Contract
An (Oregon) contractor did work on our house 5 or 6 years ago. As far as we know, we've paid everything he's billed us for. When he was doing the work, he presented us with an invoice monthly, and we paid him on the spot. I think all in all we ended up paying him about $70k. There may have been a few times that he came back to finish up a small detail or revise something we weren't happy with. Small things. We never received an invoice for these things. Shortly after that, we had a few small items we asked him to take care of for us. We asked over and over for him to give us an invoice. It seemed like he had problems hanging on to a bookkeeper so he would just say "I will", but never did. Since then everytime he's come to do any work for him, we paid him cash before he left. We didn't want his fees to pile up. We asked him to send us an invoice for the work and the payment everytime, but he never did. My sister had him hang some doors 2 years ago. She paid him. However, that got me to wondering what we would do if he presented us with a bill? How many years are we on the hook to him if he comes knocking with an invoice for work he did so long ago? Thank you!...Read More
Anonymous Contractor
Waiting for answerAdd commentOct 22, 2022
OregonConstruction Accounting
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
I’ve searched different websites and still can’t find an answer. I’m a California general contractor and a subcontractor (cabinet maker) is asking for a 10% deposit ($10k) and wants progress payments while they are fabricating the cabinets. Since I, as a GC, can’t ask for progress payments without materials on the jobsite, can a subcontractor? Thanks in advance! John Rising 415-342-3066...Read More
Anonymous General Contractor
1 answerAdd commentOct 5, 2020
CaliforniaCash FlowConstruction AccountingPayment Disputes
I had a drainage system put in my basement. And I financed the job. However, the finance company released the payment to the contractor before I signed any type of paperwork stating the job had been completed to my satisfaction. All they did was leave a voicemail saying they were going to release the money and released it before I heard the message. I am still getting some water that the contractor is working on. My concern is the clock on my 6 months 0% financing has started before the job is truly complete. I was under the impression the finance company needed a signed release of job completion. ...Read More
Anonymous Contractor
1 answerAdd commentOct 10, 2019
West VirginiaConstruction AccountingConstruction Contract
from The 5 Main Types of Contracts in Construction What are the construction contracts that obligate the contractor to own the money before signing the contract? , And what are the contracts that obligate the owner to own the money before signing the contract? I hope I formulated the question well...Read More
Anonymous Contractor
Waiting for answerAdd commentJul 15, 2020
FloridaConstruction Accounting
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
Our crew was working on a residential remodel in mid-June. House value $ 650K. Our remodel contract was for some $ 420K. Large house in bad shape. Crew returned from a half-hour lunch break to see flames coming out of window of the room where they had been working. They responded admirably and used the extinguishers on site to control the fire, and called the local fire dept, who responded quickly and was able to put the fire out within an hour or so. Damage was contained to one room, as a result. Our insurance carrier and the homeowners' insurance company are still determining liability and damages, etc. Meanwhile, the homeowners have fired us. Not surprising and it's fine with us -- they were a pain. But they owed us about $ 50K at the time of the fire, and now that we've been fired, we feel we should be able to claim our overhead and profit, which makes brings homeowners' total owed to us to some $ 102K. Our contract calls for mediation as the way to resolve any conflicts that arise between us and the homeowner, with the mediator to be an objective third-party construction expert. Homeowners have since hired a sarcastic lawyer who wants us to return every dime the homeowners ever paid us. Impossible as we paid all labor and materials costs to date. Not sure what to do, but don't want them getting out in front of us. Do I file a lien, and if so, for which amount, the $ 50K they owed at the time of the fire or for the full amount of $ 100K ? Or, do I cajole them into mediation, file a suit claiming breach of contract, or.....??? Thank you....Read More
Anonymous General Contractor
2 answersAdd commentAug 19, 2022
New YorkConstruction AccountingConstruction Contract
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