Bookkeeping in the Construction Industry

I’ve had a very satisfying week.

I have started doing the bookkeeping for a new client in the Construction Industry.  Until now, this client has been keeping track of their retentions via a spreadsheet.  By implementing a few small changes, I have established a system for them to track their retentions within MYOB.  This method now allows them to accurately show their retentions on their Balance Sheet at any point in time, whilst not bulking up the Accounts Receivable & Accounts Payable modules with outstanding balances up to 1year old.

As a result of this new method, I have located a large sum of unclaimed retentions for my client, that had previously been misplaced on the spreadsheet.  My client has now be able to reclaim this amount back.

…all part of the job satisfaction.

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  Welcome to FINOS, the BooksonSite Business Blog. Here we provide bookkeeping advice for small business owners.

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