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What is billings on construction in process?

Anonymous

∙ 15y ago

Updated: 9/15/2023

It's a contra-asset account to construction in process. It's used to record periodic billings on a construction project.

Wiki User

∙ 15y ago

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How are the balances of progress billings and construction in progress shown at reporting dates prior to the completion for a long term contract?

Construction in Progress (C-in-P) is an inventory account and Progress Billings is a contra account that relates to it. When a contractor incurrs costs from the process of construction it debits it to C-in-P. Here's an example transaction is as follows: C-in-P 10,000 Cash, A/P, etc. 10,000 Depending on whether the contractor is accounting via the completed contract method or percentage of completion method determines the ultimate balance of C-in-P. If percentage of completion method is used then the Gross Profit that results from the yearly recognition of revenue is debited to C-in-P as a sort of value added until the contract's completion. Progress Billings is credited every time an invoice is sent to the customer in request for funds. An example transation is as follows: A/R 15,000 Progress Billings 15,000 At the end of the contract Progress Billings should equal the amount to be collected from the customer. C-in-P and Progress Billings will appear on the Balance Sheet as follows: C-in-P 30,000 Progress Billings <25,000> Progress in Excess of Billings 5,000 If the current balance of C-in-P is larger than the current balance in Progress Billings it will appear as an asset. If reversed it will appear as a liability because the customer will have greaty equity in the project than the contractor.

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What is Billings in excess of costs?

I am not an accountant; but I work with Billings in excess of costs. Billings in excess of cost is a product of estimating allocated cost and direct cost of a construction contract. This is used in Percentage of Completion basis of financial statement preperation. Billings in excess is liability; Cost in excess of Billings is an asset. An example: Total Contract: $1,000,000. Estimated Cost is $900,000; Estimated Profit is $100,000. You start working the job, at year end you have the following Contract $1,000,000; Total Estimated cost: $900,000; Actual Cost to Date: $450,000; Billings to Date are $600,000; so: 450/900=50% X $1,000,000= $500,000 Earned to date; $500,000 Earned to date - $600,000 Billings to date = $100,000 Billings in Excess of Cost. If you only had $400,000 in Billings to date it would be: $500,000 - $400,000= $100,000 Cost is excess of Billling . Actual Cost to Date / Estimated Cost X Contract Amount = Earned to Date - Billed to Date = (if negative number = Billings in Excess of Costs) (if positive number = Cost in Excess of Billings) Billings in Excess of Costs is a balance sheet liability Cost in Excess of Billings is a balance sheet asset

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