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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

Both retention accounts are shown as current assets and current liabilities, respectively. Plus, not recording retention payable leads to the understating of a company’s liabilities. Debit Credit Income $100,000 Accounts receivable $90,000 Retention receivable $10,000. Fariba Mehdian. View profile.

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State by State Incentives Guide

Buisness Facilities Contributed Content

CAPCO financing, an alternative to conventional bank financing, can accommodate a slightly higher risk profile and provide a more flexible structure for growing businesses. Income Tax Capital Credit: The Income Tax Capital Credit has been available since 1995.

Income 108
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STATE INCENTIVES GUIDE

Buisness Facilities Contributed Content

INCOME TAX CAPITAL CREDIT: Currently codified as Article 7, Chapter 18, Title 40, Code of Alabama 1975. It is a credit of five percent of the capital costs of a qualifying project, to be applied to the Alabama income tax liability or financial institution excise tax generated by the project income, each year for 20 years.

Income 75
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Construction Bookkeeping Unique Features

Contractor Bookkeeping

Bank Balance - Un-cleared Checks) = Cash. Assets - Liabilities) = Equity. -. Breakeven - Is fairly easy to calculate because there is a direct relationship between income and expenses on every item. Bank Account - Escrow Deposits. Bank Account - Operating. Bank Account - Job Deposits. Bank Account - Payroll.

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Contractors We Cannot Help

Contractor Bookkeeping

Downloading transactions from the bank works well for a lot of industries; but, NOT construction. There are many different places transactions need to be coded too. Treating the contractors accounting services system like driving down the freeway at sixty miles per hour, setting cruise control, and then moving to the back seat to take a nap.

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Unique QuickBooks Setup For Contractors

Contractor Bookkeeping

Chart of Accounts Payroll Tax Liabilities. Chart of Accounts Customer Checks Returned From Bank. Chart of Accounts Insurance Liability. Bank Reconciliations. Other Income Tracking. Chart of Accounts Intercompany Transfers. Chart of Accounts Payroll. Chart of Accounts Payroll Taxes. Chart of Accounts Bad Debts.

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Rhode Island Incentives and Workforce Development Guide

Buisness Facilities Contributed Content

Income Apportionment – Depository Institutions: Income of banks having a regular place of business outside Rhode Island are entitled to a portion net income using a three-factor formula similar to that used for the corporate income tax. These credits may be taken against the gross premiums tax. Tax Incentives.