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This workshop has been thoughtfully prepared and recorded – and you can access it immediately. Upon purchase, you’ll receive a link to download a pdf document that gives you immediate access to both the online recording and handouts. ….$37
Timing is Everything – Part III:
How to Recognize Income for Percentage of Completion (POC) Contracts
Approximately 61 minutes:
- Recap of major points from Parts I & II
- Why measurement is critical to success
- The problem with ‘regular’ accounting and in-process contracts
- Percentage of completion adjustments are required for…
- Additional benefits of percentage of completion adjustments
- Percentage of completion calculation and entry process:
- You’ll need these accounts
- 6 Steps to prepare for your monthly POC entries
- 12 Steps to compute and post your monthly POC entries
- Examples
- Final cheat sheet: Entries required for different types of jobs
- Top 10 common questions and responses
- Cautionary notes and info for your tax preparer
NOTE:
This is Part III of the “construction income adjustments” series of workshops.
Please see the following workshops for Parts I & II to access additional detailed accounting concepts & procedures:
- Intro to Accounting for Long-Term Contracts, Spec Homes, & Lots (2600/Level 2)
- Adjusting income and cost for spec homes, lots, completed contract and other jobs (2610/Level 2)
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