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Intro to Accounting for Long-Term Contracts, Spec Homes, & Lots (2600/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. ….$37


Timing is Everything – Part I:
How to Recognize Income for
Long-term Contracts, Spec Homes & Lots

(aka:  Time & Money, Money & Time)

Approximately 66 minutes:

  1. Tax impacts:  Important information you need to know!
    …..
  2. Background info:
    • Different kinds of jobs require different timing of income
    • The “matching concept”
    • Exactly what types of construction activities does your
      company undertake?  Types of jobs have a major impact on:
      √ Accounts
      √ Items
      √ Estimates & Invoices
      √ Management reporting
      √ Income and cost reporting for taxes
      √ How jobs are organized, named, and grouped
    • Illustration:  Different types of jobs & accounting implications
  3. What to look for in the contract
    …..
  4. Who owns the property?  And why it’s a primary factor:
    • When the property is owned by the builder
    • When the property is NOT owned by the builder
  5. Adjustments to income:
    • Percentage of Completion adjustments overview
    • Percentage of Completion illustrations:  “Before & After Adjustments”
    • Work in Process & Completed Contracts overview
    • Where should you initially post cost?
    • Traditional accounting approach
    • 5 Problems resulting from the traditional approach
    • A proven alternative technique
    • How to implement the alternative technique
    • 13 Benefits you’ll achieve by using the alternative technique
  6. Decision tree:
    Job Cost Entries & Adjustments for Various Types of Construction Jobs

NOTE: 
This is Part I of the “construction income adjustments” series of workshops.
Please see the following workshops for Parts II & III to access additional detailed accounting procedures:

Learn how to access all of these workshops + live monthly QuickBooks coaching and training