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Construction Accounting Glossary

Here's every accounting term subcontractors need to know.

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ACH (Automated Clearing House)

Accounting Equation

Accounts Payable (A/P)

Accounts Receivable (A/R)

Accrual Accounting

Accrued Expenses

Accrued Revenue

Applied Overhead

Billings in Excess of Costs

Bottom-of-Chain, or Low-Tier

Breaking Ground

Budget Analysis

Business Interruption Insurance

Cash Accounting

Cash Flow Projection

Cash Flows Statement

Certified Payroll

Chart of Accounts

Cloud-Based Software

Completed Contract

Conditional Lien Waiver

Construction Accounting

Construction Loan

Cost Accounting

Cost Plus Billing

Cost of Goods Sold (COGS)

Costs in Excess of Billings

Current Liabilities

Days Working Capital

Depreciable Life

Double-Entry Accounting

Enterprise Resource Planning (ERP)

Equity Turnover Ratio

Final Lien Waiver

Financial Statements

Float the Project

General Contractor (GC)

General Ledger (G/L)

General Liability Insurance

General and Administrative Costs (G&A)

Generally Accepted Accounting Principles (GAAP)

Guaranteed Maximum Price (GMP)

Income Statement

Job Cost Structure

Joint Check Agreement