Construction
Subcontractor Final Account Settlement
Recording the agreed final payment to a subcontractor after all work, variations, and disputes are resolved.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Work-in-Progress (WIP — Subcontract) | Asset (+) | 15,000.00 | - |
| Accounts Payable (Subcontractor) | Liability (+) | - | 15,000.00 |
💡 Accountant's Note
The final account may include agreed variations not previously certified. Any additional cost above what was already accrued is added to WIP in the period the settlement is agreed.
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