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Construction Accounting Questions
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Construction Accounting
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I have a question I did a job in may Job completion was done 5/20/2020 never had a problem with payment. But when final payment was due I got a lot of excuses filed the 20 day pre. on 7/28/2020. Tried talking to owner he said he paid the GC but he will get in contact with him an he will call. Never called sent out emails, text message to them both GC final called said they will settle everything up and I will get paid in 3 days we are now in 5 days called today no answer they won't call or text. I filled the lien as of today will I have a problem getting my money from them?
Arizonai have a question regarding adding applcation NO2 after app 1 has been billed
DelawareI have a contractor that finished work on March 9th 2020 and sent his final invoice. After our walk through on March 17th, there were several punch list items that needed to be corrected. In particular, touch up on grout in the floor, touch up paint where he left dirty hand prints, refrigerator and dishwasher was not plugged in and cabinet doors rubbing when opening and closing. This work was completed on 7/8 but still not to our satisfaction. I tried to work with the contract to reduce his fee but he becomes belligerent threatens me with a lien and hangs ups. I have attempted to contact him twice but not luck. Has his window to file a lien expired? What do I need to do to protect myself. Also, he charged 7% Florida sales tax on the entire invoice. Is that legal?
FloridaI came in after all accounts was already set up, I have 8 lots that closed and I'm trying to enter them against the 660,000. they have this in :LOT ASSETS Free and Clear (other current asset). My question is what will my entry be to this? Having a hard time wrapping my head around it. one of the lots was sold already and the rest are on the market, these are townhomes btw.
Thanks in advance!!! It's been 15 years since I have done construction accounting....
Texashow construction companies could operate with low or even negative
working capital requirements, which can subsequently lead to business failure
IndianaWith cash and checks flowing in from clients that are intended to go toward supplies/other costs, a contractor's year-end gross income on tax forms is often much, much higher than what he/she actually brings home -- sometimes by 75%. What is your advice on showing income that is not retained?
CaliforniaI work for a company and do all the billing on prevailing wage jobs, should they be paying me prevailing wage.
MassachusettsHi
I am the owner representative on a med-large size condo renovation. Prior to my entrance at the request of the owners, they had paid their very inexperienced GC approximately 70% of the contract and they had only completed approximately 29% of the work.
Upon my arrival, I immediately began to require all of the paperwork that would be required during the normal course of any construction job. Including lien releases from the GC and all subcontractors. The GC had been working with us and had requested additional payments (still overpaid) for contract change orders that he had not previously billed for, but needed to be reimbursed.
He is refusing to provide the lien releases from anyone and expects payment in full to go to him (no joint checks, but also will not provide progress releases from his subs)
Is there anywhere in VA Construction law that prohibits the use of Conditional Progress Releases Upon Payment and Unconditional Progress Releases for work that is already completed?
Thanks
VirginiaIs there a specific title for the type of professional that I should hire to review our contract and final bill? I am the homeowner finalizing a new build. I am looking for someone in the area of Leicester, NC which is just outside of Asheville, NC. Thanks, Kevin
North Carolina1. if the performance bond is already expired, do we have the right to hold all equipment, materials on-site from pulling out?
2. since accounting failed to deduct 10% retention in some progress billing, are we authorized to deducted it on the next billing 10% retention plus the unpaid amount?
CaliforniaHi, I have a deposit received of 5% the contract states deposit shall be credited in equal installments over the first three Applications for payment provided that if the First Three Applications for Payments are insufficient to provide the owner with the full amount of the deposit credit shall continue to be applied in subsequent Application for payments as necessary as the full has be credited to the Owner.
I would like to confirm what I would be applying my 1/3 of the deposit.
New YorkWe are planning on working with a general contractor that has a Tennessee State License and is building condos. Can we as a subcontractor work under him and just pulling a regular city permit?
TennesseeI am a subcontractor and having trouble receiving payment from contractor he won't release payment unless i sign a unconditional lien and he only wants to pay half of what he owes until he inspects work but send pics already of work completion we live in Texas is that legal?
TexasI have paid contractor for all material and sub contractor bills. Contractor has not paid these bills. Who is responsible for these bills?
VirginiaWe are working on a Davis Bacon prevailing wage project. My general understanding is that the apprentice wages are 50% of the journeyman wage. However, in this case, the apprentice program is with the local steelworkers union who has a Collective Bargaining Agreement in-place. In this case, should the apprentice be paid 50% of the DBA wage determination or 50% of the CBA wage?
Florida