Procedure for compiling and recording costs on a Cost-Plus Contract arrangement:
The accounting method employed by Wattie Wolfe Company for its overall operation is as follows:
Our Method and Layout for monthly progress billing preparation, described below, is suggested for ease of auditing and verification. Our progress billings will include a detailed schedule of costs which will be attached thereto.
The Schedule of Direct Costs for this project will include the following:
This progress billing method makes a neat, legible package with support verification conveniently attached. It will be prepared in an orderly fashion and will be easy and a pleasure for those reviewing to work with. The Wattie Wolfe Company has the experience, equipment, and expertise to prepare progress billings in most any fashion desired. If an alternative is preferred, we will be happy to work with it.
This system was originated and is managed by Gary Henderson, Wattie Wolfe Company's Secretary-Treasurer and Controller. Mr. Henderson maintains close control on all field cost control and accounting through regular monthly meetings with the Project Manager.