Construction
Progress Billing — Invoice Raised to Client
Issuing a monthly progress certificate invoice to the client based on work completed.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable (Progress Billing) | Asset (+) | 200,000.00 | - |
| Billings on Contracts (Contra-WIP) | Liability (+) | - | 200,000.00 |
💡 Accountant's Note
Progress billing creates a receivable from the client. The 'Billings on Contracts' account is a contra account used to track the cumulative amount billed versus revenue earned under the percentage of completion method.
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