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Will the FASB ASC 606 (new revenue recognition standard) that is effective for calendar year 2019 be addressed in a future release of ProContractor?

  • Cindy Hugney
  • Oct 12 2018
  • In Review
Company Viewpoint
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  • Lenore Obajtek commented
    March 08, 2019 16:23

    Our auditors are asking us how the software is going to handle the tax law change as currently everything on the WIP report is recognized on the percentage of completion method even for uninstalled materials. If an enhancement to the software is not done we will need to manually calculate this amount at the end of the year for all our construction contracts that have uninstalled materials at year. This will be very cumbersome for us as we will have over 100 contracts open at year end. A modification to the software would save us time as we don't have extra personnel at year end to analyze each and every open contract project and refigure the wip amounts. 

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