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Post Info TOPIC: Construction Industry
cjwbooks


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Construction Industry
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Hi Everyone!

 

Hope you're all having a lovely day!

 

Can anyone recommend any reading material on the ins and outs of bookkeeping in the construction industry?

The company I work for are verging into this area more and more and while I have a basic understanding its always better to know more!

Also my boss had mentioned raising 'measures' as opposed to invoices ...... Can anyone shed some light on this?

Thank you in advance

:)

CJW



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Caroline JW
Cheshire


Master Book-keeper

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Hi Caroline
Welcome to the forum. We always ask newbies to provide a little intro about themselves and their bookkeeping background/knowledge - helps in answering the questions. So if you can drop us a line or two on that it would help (type of work covered, exams completed if any etc)

Do you undertake the bookkeeping for this business now? Do do they have a Finance Director? Also just to see what kind of change it is - what sort of thing do they do now? What kind of construction?



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
pictures


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I wonder if what your boss calls raising measures is what we call raising Valuations.

Often used on JCT contracts or if a main contractor has a self-billing agreement it is when the sub-contractor values the work they have carried out so far at the end of each month (23rd of the month is a common date) You then submit that itemised valuation to the main contractor. They then have (in theory anyway) a certain amount of time depending on the terms of the contract) to either approve the Valuation or issue a Pay Less Notice if they disagree with your figures. You then either submit your invoice some companies ask for your invoice before you've paid, some afterwards) or if its a company with a self-billing agreement, they send you a self-billing payment notification with their payment that acts as a VAT invoice for your records.



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Julie
dgts2012


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Agree with the above regards to valuations and self-billing. Also i would read up on CIS if you supply any form of labour to the construction industry The HMRC website is a good source of information with regards to CIS.

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Roxy
cjwbooks


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Thank you!!
Shall have a look on the HMRC site.
Was trying to find some training on this but doesn't seem to be much about!

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Caroline JW
Cheshire


Master Book-keeper

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Posts: 8646
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Can you add your intro please? Its site etiquette.

Also - more help and direction to appropriate training info can be given if you answer the questions posed.

Thanks

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Hi, sorry Im like a ferret up a drainpipe today on here!!!!!  Im just putting off my dreaded work pile!!   I can see youve just added a 'hello' post with some info - thanks for that.



-- Edited by Cheshire on Thursday 23rd of June 2016 02:12:57 PM

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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