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Construction Specific Financial Statements

 

Depending on the method of accounting your CPA recommends, the accounting software can print a financial statement with job income and cost on the income statement or on the balance sheet. The following format shows the job income and cost on the income statement.

 


 

If you keep your books on a "completed job basis", you can print a financial statement showing the income and costs for unfinished jobs on the balance sheet. When you complete a job, use the option to "close a job" – this will make accounting entries to shift the job’s income and cost from balance sheet accounts to income statement accounts. The following financial statement is for a "Completed Job Basis" of accounting.

 



JOBPOWER® Construction Accounting Software is a product of Applied Computer Systems, Inc.