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A loose-leaf ledger consisting of three-column sheets controls the correct billing to the owner. All the items entering into the cost of the work and chargeable to the owner are posted in it from the purchase register. Separate accounts are kept in the ledger for payrolls, for each subcontractor, each vendor, etc. Amounts are posted in the first column, debits in black and credits in red. The total of the first column of all sheets in the ledger must exactly equal the cost of construction stated in the Construction account in the general ledger.

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The papers in the alphabetical file of duplicate receipts are then compared with the amounts entered in each account. receipt or paper is ready for billing to the owner when its amount agrees with the entry in the first column and its date and amount are then noted in the middle column of the ledger sheet.

When all the receipts obtained from one vendor have been examined to see that they are properly chargeable, the total of those ready for submission to owner is listed on a statement form. This statement shows the vendor's name, a description of material, etc., and the total amount of receipts. Voucher numbers are given to each item on the statement for identification of papers. Voucher covers are typed with the voucher number, the vendor's name, and the total amount of receipts submitted. The receipts are then attached. After all available receipts have been listed on statement, it is forwarded with the vouchers to the architect or the owner, as provided by the contract. Care must be taken that charges included in such statements are in accordance with the contract with the owner. The number and the amount of the voucher are entered in the third column of the proper account in the special ledger. The total of the third column on all sheets must at all times equal the total of receipts furnished to an owner, i.e., the total of the latest bill rendered.

An examination of each sheet in the special ledger will

quickly develop items not billed to an owner, the first column representing the total cost, and the third column the total billing to an owner. This system of a special ledger, involving what may seem to be extra postings, is recommended, first, because of the ready control the head of a department has of unbilled items, and, second, because of its value for reference purposes in quickly giving the total cost of construction, subdivided according to weekly payrolls and total purchases of individual classes of construction expenditures.

It is perhaps superfluous to state that the contractor's files should contain exact copies of whatever has been submitted to an owner, with such notations and references as may be necessary to obtain readily the original records should the owner seek further information.

Standard for Final Bill

A standard should be prepared of items to be considered in the preparation of the final bill to an owner. Without such a standard, the danger will always exist of failing to include some item of cost in the final bill, as a result of possibly having to prepare it under pressure and in haste. An item of cost omitted from a final bill will never be collected. Its omission reduces the contractor's fee by the amount not included.

CHAPTER XIX

MISCELLANEOUS ACCOUNTING NOTES

Cash, Its Control and Uses

Some miscellaneous accounting matters should be discussed before closing general accounting. One is the control of cash receipts and cash disbursements. "Cash" is used in its broad sense and is not limited to currency.

Cash may be received by mail, by personal delivery, or as the result of job sales of material, equipment, or from use of job telephones, etc.

Mail should not, as a matter of organization, be opened by the employee in direct charge of the cash book. The employee who does open the mail should enter all checks received on lists. prepared in duplicate, one for the accounting department and the other for his own files.

The checks and both copies of the report are given to the employee whose duty it is to have the checks entered on the cash book and deposited. The duplicate is receipted by him and returned to the party preparing the mail report. The original is retained as a control to see that all checks are recorded on the cash book, credited to the proper account and promptly deposited. Failure to deposit checks promptly involves the possibility of loss. Both copies of the report should be referred to whenever the accounts are audited.

Checks delivered by hand are mostly received from owners in payment of monthly applications. All such checks should be entered on both copies of the mail reports.

A receipt should be taken by the timekeeper or other job employee delivering funds to the office, representing either cash

collected at the job or the reduction of an imprest fund. These receipts should be on serially numbered sheets, prepared in duplicate, giving the date cash was surrendered, its amount, and the source from which it was obtained. They should be receipted by the cashier or other office employee to whom the money is given. The amounts are entered on the accounting department's copy of the mail report and the serial number of

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This form is prepared in duplicate, one copy for the field and one copy for the office. "D. V." indicates "Discharge Voucher" (Wages Paid) and "E. V.," "Expense Voucher.'

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the receipt indicated. All numbered receipts should then be placed in a separate file for them, in numerical order. A strict accounting must be made of all serial numbers issued to a job. The numbered sheets are not intended to be used except for individual deliveries of currency to the cashier, or other employee of the contractor's office. Theoretically, every sheet which cannot be accounted for as unused represents a delivery of cash.

Regulations should be prepared defining the nature and

kind of disbursements the custodian of any imprest funds can make and the authorizations and approvals he must obtain.

Each custodian of a job imprest fund should keep a record showing receipts and disbursements by him. Form 30 illustrates a record prepared in duplicate, one copy being forwarded to the office and the other retained on the job.

Weekly reports should be made to the cashier of the main office, listing the contents of cash boxes in exactly the same manner, and in as full detail, as would be developed by an auditor verifying petty cash.

Care should be taken not only to see that proper receipts are obtained from the custodian of a fund whenever it is increased, but also that he is given receipts for cash returned by him to reduce it. An employer must definitely establish delivery to and possession of certain specific funds by his employee whenever it becomes necessary to file a claim with a bonding company under a fidelity bond issued by it.

Employees' Records

Generally any salary or other agreement for the payment of services of an officer or employee should be in writing.

Some uniform contract should be used between the contractor and all officers and employees receiving a salary in excess of a stated minimum amount. A minimum amount should be established to avoid the necessity for writing contracts with office boys, telephone operators, etc. These contracts should stipulate the terms of employment, the salary to be paid, the basis of any bonus for efficient work, and any specific allowance, for living expenses made to an employee transferred to another city, or required to temporarily live out of town.

Record cards should be kept giving the history of all employees during their connection with the contractor's office, except field mechanics and laborers.

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