As a construction company preparing our own financials, what general ledger accounts should we add?
When construction companies prepare financial statements on their own, they often need to review their general ledger account system. This article focuses on three core issues: account addition, consolidation, and display order, providing reference suggestions based on industry practices, along with links to relevant statements.
We are a construction company and would like to have a few questions answered regarding the financial statements that we are going to create for ourselves.
Here is the link to Balance Sheet & Income Statement.
- Are there any new General Ledger Accounts that are typically used and we should consider adding?
- Are there any existing General Ledger Accounts that should be combined?
- Is there a typical sequence that GL Accounts are generally shown? Like:
- Phone Expense
- Waste Disposal
- Maintenance
I appreciate any help I can get over the forum.