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Accounting means recording and categorizing all inputs and processes that illustrate economic events within the framework of a particular system. Accounting includes financial information that is used mainly by investors, managers, administrative decision makers and tax authorities, in order to distribute resources within the framework of companies, government and institutions. Accounting can be defined as the science that deals with the study of the measurement, interpretation and communication of all financial activities, with the aim of recording, classifying and summarizing financial operations, and thus showing the information and disseminating it through statements financials that are prepared for a specific period of time. Read moreWhat is a Financial Investment?

Contract Accounting

Contract accounting is one of the branches of accounting that specializes in calculating project costs, since it is part of cost accounting through which the costs of each project are determined from the beginning of the tender. of the project and its equipment until the project is finished and delivered ready. , and usually the company that wants to enter The tender consists of acquiring the tender specifications, which includes all the documents that explain the subject of the tender, and after studying the prices, the prices of the tender work are presented to the company that launched the bid, taking into account the payment of the bid entry bond, or the presentation of the initial bond.

The Most Important Accounts Included in the Project Accounting

  • Project Costing

In which all project expenses are recorded, starting from the entry of the transfer of the value of the sheet and the various expenses thereafter. In a different way depending on the nature of the project, and according to the agreement with the engineering department, or In the general administration, this type of division is characterized by the possibility of better control of the project, and shows the deviations that occur between the estimated costs and actual costs according to the project execution schedule.

  • Customer Account

The client account represents the accounts receivable from the project owner, in which the right to pay by the project owner is recorded, as a result of the issuance of a payment certificate for the amount of the works.

  • Calculation of Customer Advances

The advance received from the client when the contract was signed, which is usually 10% of the value of the project, is implemented, which consumes the value of the payment in the same percentage obtained from the completion payments.

  • Reserved Account Customer Guarantee

It includes the income of the discounted percentage that the client has seized, which represents the completion payments in exchange for guaranteeing the contractual maintenance period specified for the project, according to its presence in the contract.