ContentLicense and Permit BondsAgreements Between Contractors & SubcontractorsAnnual ReportFor Owners:How Does a Surety Bond Work With Respect to a Receivable?How construction bonds work Principal means, in the case of a Bid Bond, the Person bidding for the award of a Contract. “Obtaining bonds is more like obtaining bank credit than purchasing insurance.” Contractors must qualify for...

ContentAccountants For Construction WorkersA beginner's guide to small business bookkeepingAccountancyClever Construction Industry solutionsVAT Construction firms and contractors generally work project to project, often on more than one at a time. If you don’t want deductions made by contractors, you may be able to apply to receive gross payments, but you’ll need to have a turnover of...

ContentFast Track Growth with Cloud Accounting SoftwareZoho ExpenseStep 2: Choose softwareAcquire real-time dataBenefits of Cloud Accounting vs Traditional AccountingWhat are the benefits of cloud accounting You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided. In the cloud, ...

At the time when payment is made by the creditor below entry is recorded. In the above case, Daniel Constructions is a creditor for Axis Housing, and the same is recorded in their books for 90,000 due to the credit purchase. Many such creditors combined together are known as “Sundry Creditors”. As a result, such transactions usually lead to the addition of a debtor & a creditor in th...