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Accounting For Job Closings (2535/Level 2)


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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. ….$137


Finalizing the Job, Getting the Records Straight,
Collecting What You’re Owed, and Clean, Clear,
Complete Entries & Reports for Spec Home Sales…

Approximately 50 minutes:

  1. Job’s end:  Your primary goals should be…
    …..
  2. Getting ready for the end (avoiding last minute stress
    & collecting the right amounts):

    • Reports to double-check
    • Dates to track
    • Current and future Bills
    • Allowances and Change Orders
    • Collections in process
    • Special reports required
  3. After the closing:  what you’ll need
    • Specific Items you’ll need to establish
    • Paperwork and underlying info
  4. The HUD statement
    • 9 critical elements to identify on the HUD statement
    • Getting the answers you need
    • Sample HUD statement walk-through and step-by-step notes
  5. Making the entries for spec sales (details, details!)
    • The 2 different transactions you’ll need to complete
    • Exactly which elements of the HUD statement to enter on each transaction
    • How to enter additional closing costs
    • How to account for customer deposits that clear at closing
    • How to pay off loans and additional interest costs
    • How to deal with tax assessments
    • How to account for seller concessions
    • How to record cash received or paid at closing
  6. What you need to double-check after you’ve made your entries
    • Critical account balances
    • Critical report balances
    • What to do if balances aren’t correct
  7. Final thoughts – potential variations in closing scenarios

 

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