Track the amounts still waiting for a decision
The project record distinguishes the original price, approved changes, proposed extras and amounts invoiced. Supplier bills, employee time and subcontract costs use the same job reference. A preliminary margin should identify outstanding costs and unresolved changes rather than presenting an incomplete project as closed.
Progress payments can arrive after materials and labour have been paid. We organize the receivable schedule around invoice status, approval and contractual payment conditions. Amounts retained under the contract are recorded separately from an ordinary late payment.
Maintain distinct clearance and tax records
Subcontractor invoices, contract information and WCB clearance documentation have different purposes. Saskatchewan WCB distinguishes a good-standing letter from a clearance for payment. Provincial sales-tax review is another control. The customer’s industry or rural address does not by itself settle the PST treatment of construction work.
Illustrative Regina project example
A Regina contractor has a $64,000 project with $39,500 of recorded direct costs and another $6,800 of committed supplier work. A draft report showing only paid costs would overstate the apparent contribution by $6,800. The owner also sees a proposed $4,000 change separately until the customer approves it, preventing uncertain recovery from funding the next purchasing decision.
Questions about this work
Is a WCB good-standing letter the same as clearance for payment?
No. Obtain the appropriate clearance at the payment stage and confirm the process with WCB for the actual contract.
Can you manage construction legal holdback rules?
We can maintain the agreed bookkeeping schedules. Legal interpretation and contract obligations require the appropriate adviser; they should not be inferred from a tax or WCB clearance.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing information, agree on the scope and organize the next bookkeeping step.
Request a bookkeeping review