TLDR: Construction companies need to accurately bill for their work to avoid financial loss and legal consequences. 00:00 🏗 Construction companies may be underbilling or overbilling due to errors in recording and reporting project costs. 01:11 🏗 Construction companies should be cautious of underbilling and overbilling to avoid financial damage and legal issues. 03:16 🔍 Construction companies need to accurately bill for their work to avoid financial loss. 05:14 🔍 Construction companies should be careful not to underbill or overbill for their work. 06:36 🔍 Construction companies may be underbilling or overbilling due to various factors such as errors, negligence, or intentional misconduct. 08:00 🏗 Construction companies need to accurately bill for their work to avoid financial loss. 09:07 🔍 Construction companies should be careful not to underbill or overbill for their work to avoid financial and legal consequences. 10:26 🏗 Construction companies should be careful not to underbill or overbill for their services, as it can lead to financial and legal issues.
Could you please explain the actual JE behind Over/Under Billings. For example, in Month 1 you had shown $45,000 of costs but no Revenue, so we need to book a Credit to "Under/Over" on the P&L for Underbilling's but was is the corresponding Debit? Is it Contract Assets/Underbilling's on the Balance Sheet
Excellent video, Melissa! It's a confusing issue, and yours is the best explanation I've seen
TLDR: Construction companies need to accurately bill for their work to avoid financial loss and legal consequences.
00:00 🏗 Construction companies may be underbilling or overbilling due to errors in recording and reporting project costs.
01:11 🏗 Construction companies should be cautious of underbilling and overbilling to avoid financial damage and legal issues.
03:16 🔍 Construction companies need to accurately bill for their work to avoid financial loss.
05:14 🔍 Construction companies should be careful not to underbill or overbill for their work.
06:36 🔍 Construction companies may be underbilling or overbilling due to various factors such as errors, negligence, or intentional misconduct.
08:00 🏗 Construction companies need to accurately bill for their work to avoid financial loss.
09:07 🔍 Construction companies should be careful not to underbill or overbill for their work to avoid financial and legal consequences.
10:26 🏗 Construction companies should be careful not to underbill or overbill for their services, as it can lead to financial and legal issues.
Very informative
New to your channel
So happy for the info
Keep it up
Thanks for the comment! Glad you enjoy the content!
Hi
Do you have online courses?
If yes ! I am interested
Could you please explain the actual JE behind Over/Under Billings. For example, in Month 1 you had shown $45,000 of costs but no Revenue, so we need to book a Credit to "Under/Over" on the P&L for Underbilling's but was is the corresponding Debit? Is it Contract Assets/Underbilling's on the Balance Sheet
Yep, that's exactly right! You got it.