OCIP jobs in California calculate General Liability Insurance "premium" based on contract amounts and on what the sub contractor invoices and receives. They do not base it on payroll, tied into workers compensation insurance class codes like it is done with conventional non-OCIP project. Therefore, when ProContractor accrues general liability insurance for OCIP jobs, it is overstating the job expenses vs. actual. It creates an accounting and tax nightmare. Our CPA is threatening to drop us if we don't get this resolved. Our CEO is upset because he can't take accurate control of tax planning. We'd like to see ProContractor ask, when we are entering a new project, "is this an OCIP Project?, click here. CCIP Project?, click here, Prevailing Wage Project?, click here. Then have the program populate the project with the appropriate input for insurance class codes, accrual accounts and anything else unique to that specific type of project.
Company | Asphalt Professionals, Inc. |
Job Title / Role | Controller |
I need it... | Yesterday...Come on already |
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YES!!! We have the same problem