Master Construction Accounting And Reporting

Learn job costing, retainage, and WIP reports to keep your construction projects on budget and profitable.

What you'll learn

Understand how construction accounting differs from regular accounting

Learn how to track construction project financials

Understand the unique characteristics of the construction industry

Manage critical construction reports

Requirements

Basic accounting knowledge

Description

The construction industry is a two trillion industry and one of the largest industries in the United States. And bookkeepers and accountants who are familiar with construction accounting are always in high demand.Construction accounting isn’t like regular accounting—and if you’re a contractor, bookkeeper, or project manager, you need to know the difference. This course breaks down the essential tools and reports that drive financial success in construction projects.You’ll learn how to handle key construction-specific concepts like retainage, change orders, and progress billing. We’ll explore job costing, job profitability, and WIP (Work-in-Progress) reports, showing you how they all tie together to track project performance in real time.You’ll also gain a solid understanding of the Work Breakdown Structure (WBS) and cost codes, so you can organize and report on project costs clearly and accurately.This course includes several Excel-based practice exercises designed to help you apply what you’ve learned. Whether you're managing one job or fifty, you'll walk away with practical skills that can be used immediately in the field or the office.No prior experience in construction accounting is required—just a basic understanding of financial principles and a willingness to learn. If you've ever struggled to explain variances, justify change orders, or keep up with billing schedules, this course will give you the confidence and clarity to stay ahead of the curve.

Overview

Section 1: Introduction

Lecture 1 Course Overview

Section 2: Key Concepts

Lecture 2 What Makes Construction Accounting Unique?

Lecture 3 Key Concepts in Construction Accounting

Section 3: Chart of Accounts

Lecture 4 Construction-specific Chart of Accounts

Section 4: Job Costing

Lecture 5 What is Job Costing?

Lecture 6 Cost Categories

Lecture 7 Cost Codes

Section 5: Work Breakdown Structure

Lecture 8 WBS Fundamentals

Section 6: Change Orders

Lecture 9 What is a Change Order?

Lecture 10 Accounting for Change Orders

Section 7: Retainage

Lecture 11 What is Retainage?

Lecture 12 Tracking Retainage

Section 8: Billing Methods

Lecture 13 Billing Methods in Construction

Lecture 14 Time and Material Billing

Lecture 15 Cost-plus vs Time and Material

Lecture 16 AIA Billing

Section 9: Construction Reports

Lecture 17 The Importance of WIP Reports

Lecture 18 How to Read a WIP Report

Lecture 19 The Job Profitability Report

Section 10: Before You Go

Lecture 20 Before You Go

Accountants and bookkeepers who want to apply their knowledge in the construction industry.