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Construction Accounting Questions
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Construction Accounting
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Construction contractor
Massachusettsbiding on projects, subcontractor's financial limit
CaliforniaDo all constuction companies have to use a WIP Schedule in their accounting process? I'm a sub contractor. We seal and cut concrete we charge by the lineal foot. My cost are labor, equipment, diamond blades and mobilization. (Trucks, fuel and travel) We go over the WIP monthly and sometimes I feel like we are just guessing when we go over particular jobs.
PennsylvaniaI’m trying to find a company that allows a home owner that is building a home using cash (no lender) to deposit funds as the builder is building the home. We don’t want to pay the builder cash up front but we want the builder to know there is cash deposited for them and ready to pay out when each project is finished.
What type of company to I want to use to handle the money in this situation and do you have any specific recommendations?
Thanks so much.
WashingtonNice article, thank you.
I am looking for cost per square meter of semiconductor Fab space - ie the cleanroom where the litho/etch etc. processing equipment sit ($50k? to build? How much per year in tax/energy/maint. etc.? after building).
Then, there are near fab lab spaces where they have 'near line' metrology like TEM and FIB - what does that lab space cost per sq meter to build and operate (per year)?
WisconsinHi. Im working for a company thats dedicated to engineering and makes a lot of proyects of electrical equipment such as elevatotors, electric stands, air conditioner... the company has 25 years of working in the market and have been calculating their indirect costs based on an average of past years. For example, they make an estimate of how much they spent last year in administrative expensess and then include that expense as an indirect cost in the offers we present to our clients. you think this is the best way to do it or can you recomend me a better way?
AlabamaWe are in week 19 of reno. The cre Co m es for maybe 3 hours a week to work at this point. My contractor is taking an extremely long time completing my kitchen reno. I have paid him everything but 10% of my contract we still have no windows or counters. He wants me to pay for countertops with remaining money. There are small other things not done also. I feel I should not pay anything more till job is done? Am I correct?
PennsylvaniaI am trying to find out if there is a legal document or process that I can provide or go through in order to prevent my subs vendors from filing a lien, when subs have been paid... Legally speaking, if a vendor files a lien or sends an intent notice do they have to provide payment records to me? Do i need to supply payment records if I don't have a Conditional lien waiver? Also, should my company require all CLW's to be signed before releasing payments?
TexasWe signed a fix price contract for a new construction. The builder put allowances for tile and septic. We are almost done with the build, there are 5 draw items left. The builder now says the bid price for allowances has changed. That the septic will cost more than he budgeted for in his allowance and he is labeling the difference as a "change order". He bid the septic as an aerobic and we are installing an aerobic and using the subcontractor the builder has chosen. On the tile he quoted $4.5 per sq foot and told me to go buy my tile for no more than $1.5 sq ft and that the other $3 was labor to install. He is using his subcontractor and telling me I have to pay the difference in labor, that it is no longer $3 sqft to install. I have followed all his rules and used his subcontractors. Isn't he responsible for his bid prices. The contract says the bid price is subject to "change orders". The tile is not a change order, it is the original tile from the first email communication we shared. The septic is not a change order, it is the same septic and installer he suggested. Am I responsible for the difference because he called it an "allowance"?
Texasfor a housing society selling plots on Installment would record down payment as
cash / bank
unearned rev.
c.o.g.s inculde land, and developement charges, Indirect Selling & admin exp
New YorkI work for several entities that are development companies. Additionally, we are the part owner and the GC. We are a small company that has grown rapidly within 5 years. I have received intents to lien from various vendors of our subcontractors, whom have been paid but have not paid their vendors. If i do not have a conditional lien waiver for progress payment executed what do I need to provide the vendors inorder to prevent lien? Our contracts state the subs are responsible for their materials, tools, supplies and equipment costs and that amount is to be included in their bid packages- so when we generate and execute a contract the subs and my company have a meeting of the minds that they are responsible for covering their vendor fees. Am I missing a step? Should conditional lien waivers on progress payments be executed at time of contract execution? Are their any documents I should be providing and having my subs execute in order to prevent liens?
TexasGiven the following information about two bid items in a unit price contract , determine what would be the final payment to the contractor? Item 1 - Excavation: Estimated Quantity = $10,000 c.y; Actual measured quantity = $9,500; Unit Price = $3.00.
Item 2 - Backfill : Estimated Quantity = $7,500 c.y ; Actual Measured Quantity = $9,000; Unit Price = $4.00
MarylandIf my contractor demands 20000 more in order to move on to the end of our new home construction when all we owe him at this point left is 40000 out of 175000 how much of my house should be done at this time? And just a note before the ? They have not really been to my house in over a month because they took on multiple other jobs and put us on hold to start on the neighbors and other houses.
LouisianaHello,
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?
TexasI am interested in getting my contractor license in Louisiana. Growing up, my father always flipped and often built homes with a contractor friend of his and sold those homes as he is a real estate broker. I’m a realtor now too, as well as a full time commercial historical project manager downtown. I hope to supplement my own income by building a few homes a year for profit. That said, I don’t want to drown in GL and WC insurance prices, will those be required even though I will have no employees, I will just be contracting local subs?
Louisiana