1. When you receive the contract, there is no need of passing any entries. It depends on the way you account and the nature of business. Normally if it is a trading co., they dont pass any entries. Or you can show as 'Sales Order'(I can be more specific if you tell me which software you use and the nature of business)
2. Debit Bank / Cash, Credit The Advance recived A/c or Supplier A/c (As to which ledger you post normally)
3. Same case as No. 1 - No entry required (Normally)or show as 'purchase' (Depends on your software or nature of work)
4. Debit Advance payment A/c or supplier (As how you account) and Credit Bank.
5. When X received an invoice, Debit the Expense or PUD , Credit the payables to subcontractors A/c (Liability) - When you pay, Debit Payables to Sub Cont and Credit Bank
6. Creidt the Sales A/c (Or whateve account you post your sales) and Debit the Client's A/c.
1. When you receive the contract, there is no need of passing any entries. It depends on the way you account and the nature of business. Normally if it is a trading co., they dont pass any entries. Or you can show as 'Sales Order'(I can be more specific if you tell me which software you use and the nature of business)
2. Debit Bank / Cash, Credit The Advance recived A/c or Supplier A/c (As to which ledger you post normally)
3. Same case as No. 1 - No entry required (Normally)or show as 'purchase' (Depends on your software or nature of work)
4. Debit Advance payment A/c or supplier (As how you account) and Credit Bank.
5. When X received an invoice, Debit the Expense or PUD , Credit the payables to subcontractors A/c (Liability) - When you pay, Debit Payables to Sub Cont and Credit Bank
6. Creidt the Sales A/c (Or whateve account you post your sales) and Debit the Client's A/c.