Construction
Final Account Settlement
Recording the agreed final contract value after all variations, claims, and adjustments are settled.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable (Final Account) | Asset (+) | 120,000.00 | - |
| Contract Revenue (Final Account Adjustment) | Revenue (+) | - | 120,000.00 |
💡 Accountant's Note
The final account is negotiated and agreed at project close. Any difference between the final agreed amount and previously recognized revenue is booked as a revenue adjustment in the period of agreement.
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