Project Accounting Subsystem. This subsystem shall enable Construction Contractor to plan effectively and Owner to monitor and control the funds available for the Project, cash flow, costs, Change Orders, Construction Change Directives, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, and amounts payable, and also enable Owner to stay informed as to the overall Project status. All reports to be generated as part of this subsystem shall be consistent with the Project Funding Schedule (if any). This subsystem will be produced and updated monthly and includes the following reports:
Project Accounting Subsystem. The operation of this subsystem shall enable the Construction Team to plan effectively and to monitor and control the funds available for the project. The following reports shall be produced monthly:
Project Accounting Subsystem. The operation of this subsystem shall enable the Construction Team to plan effectively and to monitor and control the funds available for the Project, cash flow, costs, change orders, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, and amounts payable. This subsystem will be produced and updated monthly and includes the following reports which together will serve as a basic accounting tool and an audit trail. The Construction Manager will retain all Project files in a manner consistent with proper accounting procedures that would be sufficient for an audit by the Owner for a period of 5 years after final completion of the Project. This report will also provide for accounting by building and site element.
Project Accounting Subsystem. The operation of this subsystem shall enable the Construction Team to plan effectively and to enable the City’s Representative to monitor and control the funds available for the Project, cash flow, costs, Change Orders, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, amounts payable, and to plan effectively. This subsystem will be produced and updated monthly and includes the following reports, which together will serve as a basic accounting tool and an audit trail. This report may be further defined by the City’s Representative.
Project Accounting Subsystem. The operation of this subsystem shall enable the DESIGN-BUILD FIRM to plan effectively and to monitor and control the funds available for the project, cash flow, costs, change orders, payments, and other major financial factors by comparison of budget, estimate, total commitment, amounts invoiced, and amounts payable. This subsystem will be produced and updated monthly and includes the following reports, which together will serve as a basic accounting tool and an audit trail. This report will also provide for accounting by building and site element and shall be prepared and maintained pursuant to generally accepted accounting principles.
