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Adjusting income and cost for long-term contracts using Percentage of Completion entries (2620/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


Timing is Everything – Part III:
How to Recognize Income for Percentage of Completion (POC) Contracts

Approximately 61 minutes:

  1. Recap of major points from Parts I & II
  2. Why measurement is critical to success
  3. The problem with ‘regular’ accounting and in-process contracts
  4. Percentage of completion adjustments are required for…
  5. Additional benefits of percentage of completion adjustments
  6. 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
  7. Top 10 common questions and responses
  8. 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:

 

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