Final Accounting Statement:

A final accounting statement is a comprehensive financial report summarizing all costs, revenues, and transactions associated with a construction project from start to completion. The statement includes a breakdown of the original contract sum, approved change orders, actual costs incurred for labor, materials, equipment, and overhead, amounts billed and paid to date, retainage withheld and released, final payment due or refund owed, and any outstanding claims or disputes. The purpose is to provide a clear and accurate record of the project’s financial performance and status, ensure all parties have fulfilled their contractual obligations and have been fairly compensated, identify and resolve discrepancies or issues, and facilitate project closeout and final settlement. Final accounting statements are crucial for project management, financial control, and risk mitigation in construction projects and should be prepared and reviewed by qualified accounting and legal professionals in accordance with contract terms and applicable laws and regulations.