Final account and reports

A final account that shows its working

Every adjustment from the original contract sum to the final balance due, in the order RICS sets out, so the client can follow it without a covering letter explaining the spreadsheet.

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From contract sum to balance due, line by line

The argument at final account is almost never about the total. It is about one adjustment the client did not expect and cannot trace.

QScope lays out the ladder: original sum, variations, omissions, provisional sums, remeasurement, dayworks, fluctuations and loss and expense, then what has been certified and what remains.

  • Adjustments follow the RICS final account order
  • Only non-zero lines print, so the statement stays readable
  • Retention release shown explicitly, not folded into a total
  • Certified to date deducted gross, with retention added back once
Final Account
Statement, 11 Essex Road
Original contract sum£219,250.33
Variations, approved+£1,000.00
Provisional sums adjusted(£2,400.00)
Adjusted contract sum£217,850.33
Less certified to date, gross(£84,115.00)
Add retention release+£4,205.75
Final balance due, excl VAT£137,941.08

Every adjustment named, not folded into a total

The argument at final account is almost never about the total. It is about one adjustment the client did not expect and cannot trace back to anything.

QScope lists each category on its own line, in the order RICS sets out, and prints only the ones that are not zero so the statement stays readable.

  • Provisional sums adjusted against what the work actually cost
  • Remeasurement, dayworks and fluctuations each on their own line
  • Loss and expense stated separately, because it is not subject to retention
  • Omissions carried as negative figures rather than a quietly smaller total
Final Account
RICS adjustments
Provisional sums adjusted(£2,400.00)
Remeasurement+£1,180.00
Dayworks+£940.00
Loss and expense+£2,600.00
Omissions(£3,150.00)
Net adjustment(£830.00)
Questions

What surveyors ask before they start

Does the final account handle omissions and provisional sums?

Yes. Omitted work carries through as a negative adjustment, and provisional sums, remeasurement, dayworks, fluctuations and loss and expense each have their own line so the client can see what moved and why.

Why is certified to date deducted gross rather than net?

Because retention has not been paid yet, so it is added back on the next line as a release. Deducting net would quietly lose the retention from the account. The statement shows both steps rather than hiding the arithmetic.

Can I issue a cost report before the job finishes?

That is the point of it. Anticipated final cost against the approved budget is available from the first valuation, and the variance is shown as a figure rather than a colour, so it survives being printed in black and white.

What if my client wants their own reference on documents?

Enter their purchase order or reference in the project settings and it prints on certificates and reports, so their accounts team can match it without emailing you.

Related

The rest of the commercial picture

Try it on your next valuation

Not your whole portfolio. One live job, one certificate. If it does not save you time the first time you use it, walk away and take your data with you.