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General Accounting Discussions: Please need help - Construction Accounting

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    • CommentAuthorftkbin
    • CommentTimeFeb 25th 2008
     
    I'm a canadian bookkeeper and was wondering what do we need to know to do construction bookkeeping.
    Any help is great. Thanks.
    • CommentAuthorsn
    • CommentTimeMar 15th 2008
     
    Create a G. L Account called "Construction in Progress" and debit all the expesnes there. Upon completion of the construction project, transfer th cost to the related Fixed Asset Accounts.

    Ensure each entry to the Construction in Progress Account carries the project reference number so that at any given date cost of each project can easily be ascertained.
    • CommentAuthormanuel
    • CommentTimeMar 22nd 2008
     
    you need a Civil Engr to do this.
    • CommentAuthorRosli
    • CommentTimeMay 8th 2008
     
    I'm not really understand the flow of construction industry's accounting bookeping. Itry to study malaysian FRS Construction contract & Property development activities. I'm still confuse to get a formula for WIP for every year, amount due to debtor, unearned income, accrued billing & how land held for development were transferred to WIP & stock. Anyone can help me? Really appreciate for your sharing information...

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