Respected sir,
I have joined in construction company..they doing constructing business and they work for government contract and build college etc..actually I had been worked in An Auditor office and almost worked for trading and manufacturing concern peoples. So I don't know how to determine inventory and its working progress. So please tell me which accounting method is suitable for construction business and they invest them self to do business and later receive bulk amount... So I need to know is there any method suitable to construction and tally ERP9 can be good for inventory tracking??
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Accounts for construction business
Replies (2)
you can use% of completion method if same is available... or you can use simple method..
Accounting of Construction Company is not very different from a manufacture industry. Just Like Manufacturing Concern, u can maintain the stock for Construction company in tally erp 9. For Revenue Recognition only, you can use ur own method like percentage of completion method or complete contract method whatever. it will not affect the utilization of stock in the production process. Before maintaining stock in Tally ERP 9 , know how to make Manufacturing Entry otherwise all efforts will be in vain
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