A subcontractor ledger is a financial record that tracks all transactions related to subcontractors engaged by a primary contractor. It includes details such as payments made to subcontractors, invoices received, and outstanding balances. This ledger helps in managing subcontractor payments, ensuring accurate financial reporting, and maintaining compliance with contractual obligations. It serves as an essential tool for project accounting in construction and other industries that rely on subcontracted services.
Another name for the General Ledger is Nominal Ledger.
what is the purpose of the ledger?
Heath Ledger went by Heathy.
Heath ledger is Joker in Batman.
Heath Ledger lived in Perth Australia.
A General Contractor hires Sub Contractors to do different portions of the toal project. A Sub Contractor may then hire a Sub Tier Subcontractor to do a portion of their work.
A General Contractor hires Sub Contractors to do different portions of the toal project. A Sub Contractor may then hire a Sub Tier Subcontractor to do a portion of their work.
The prime contractor is contracted by the end customer. Sub-contractors are contracted by the prime contractor or other sub-contractors.
A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.
The contractor will get a bid from the sub contractor and add his percentage, then present the change order to the customer. This depends on the change. Some changes are items which are pre-set arrangements between the contractor and sub that can be priced without a bid from the sub. Flooring for example.
accrued accounts
Anyone who does work for a general contractor and is not a direct employee of that contractor is a sub-contractor. Regardless of who sets the price. The subcontractors work within the contract set between the general contractor and homeowner. Hence sub-contractor.
That will depend on the contract. Some contracts allow it, others require notification and approval of sub-contractors.
The customer pays the contractor, and the contractor pays the sub-contractor. The sub-contractor does the work but the contractor remains responsible for ensuring that the work is done prompptly and correctly. The contractor ensures that all legal requirements for the work are met, and that the sub-contractor hasan appropriate amount of liability insurance, in the event that something goes wrong and horrible law suits result.
A forward sub ledger is the opening balance of your subledger. A subledger is known as the individual ledgers WITHIN the general ledger. For example, The debtors SUBLEDGER is also known as the detailed Debtors Trial balance or the Accounts receivable ledger The creditors SUBLEDGER is also known as the detailed Creditors Trial balance or the Accounts payable ledger
yes, unfotunatly i found out the hard way
Yes