CHS Seminar Lesson 16 - Percentage Of Completion Accounting Method

The video below will define the Percentage Of Completion accounting method AND show the tools CHS has to keep it as simple as possible. Set up your Chart Of Accounts for handling Percentage Of Completion. CHS will gather the POC data on a Percentage Of Completion Worksheet, and auto calculate the percent complete for each active job based on job costs, and then calculate the Revenue Earned for a selected period, based on the percent complete for each job. Click a CREATE JE button on the POC worksheet for each job and CHS will open a simple window to create a Percentage Of Completion journal entry for the job, using the calculated numbers from the worksheet. The video will show the end result of using the POC method on the Income Statement AND on a spread of general ledger accounts by month and year. Bankers, Builder Consultants, and Builder 20 clubs love the Percentage Of Completion reports CHS can produce EVEN IF you don't do the journal entries!