Balance Sheet


Balance Sheet

Your company's balance sheet is the best place to get a quick overview of the financial status of your company. You should already be familiar with the contents and layout of a balance sheet, but here are a few notes about the BIG balance sheet:

Accounts Receivable: The "current" accounts receivable field of the balance sheet will contain the total amount of bills you have submitted this period. Also, when you complete work on a job, all retention will become a "current" receivable and appears in this field. This amount will be added to your cash-on-hand before bid evaluation during the next period update.
Retention Receivable: All amounts retained from payments will appear in this field.
Fixed Assets (Property, Land, etc): These fields are not used in the current version of BIG. The numbers here are fixed and their purpose is only to make the balance sheet appear more realistic.
Accounts Payable: Amounts owed to subcontractors and material suppliers for work done during the previous period appear in the accounts payable field. This amount will be subtracted from your cash-on-hand before bid evaluation during the next period update.
Retention Payable: Amounts retained from subcontractors appear in the retention payable field. When a job that had amounts retained from subcontractors completes, those amount will be subtracted from the retention payable field and from cash-on-hand.
Income Taxes:The field contains your total estimate for income taxes for the year based on revenue for the year so far. Each time the period goes from Nov-Dec to Jan-Feb, this field is set to zero and the amount subtracted from cash-on-hand. It may not appear as zero in the Jan-Feb balance sheet because work done during Jan and Feb may cause a new income tax estimate for the new year.


Statement of Earnings
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