Backlog
The value of contracted work that has not yet been completed or recognized as revenue.
Read definition →TYS Accounting Glossary
Construction Accounting
Terms that help contractors understand job-level performance, billing, project reporting, cash flow, and the financial information behind active work.
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11 terms in this topic
Change Order
A written modification to a contract’s scope, price, schedule, or other terms.
Read definition →Cost to Complete
An estimate of the additional cost required to finish a project or contract.
Read definition →Estimated Cost at Completion
The total estimated cost of a project when completed, often costs incurred plus cost to complete.
Read definition →Gross Profit Fade
A decline in expected gross profit on a job compared with an earlier estimate or original bid.
Read definition →Job Costing
A method of assigning and tracking costs by individual job, project, contract, or customer engagement.
Read definition →Overbilling
A condition in which amounts billed to date exceed revenue recognized or work performed, subject to method and contract terms.
Read definition →Percentage of Completion
A long-term contract accounting concept in which revenue and costs may be recognized based on progress, subject to the applicable framework.
Read definition →Retainage
A portion of a contract payment withheld until specified conditions are met, often at completion or acceptance.
Read definition →Underbilling
A condition in which amounts billed to date are less than revenue recognized or work performed, subject to method and contract terms.
Read definition →Work in Progress
For construction, a schedule used to track the financial status of active contracts and projects.
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