The quick read
Key points
- Track scope and use changes.
- Link deposits to final invoices.
- Review classifications before project close.
Give the project a clear identity
Record the property, intended use, scope and planned phases in a project file. Keep changes in intended use visible. A renovation of an operating rental and a property acquired for resale can need different accounting decisions.
Track commitments and actual payments separately
Keep estimates, contracts, change orders, invoices and payments linked. Mark unapproved and unpaid items clearly. Do not book an estimate as a paid expense or count both a deposit and its credit on the final invoice as separate costs.
Preserve detail for allocation
Keep labour, materials, permits and other identifiable components supported by invoices. Ask your accountant how to classify the particular project and which costs belong in assets, expenses or other records. IQ is not a construction project-management or resale inventory system.
Close the file with evidence
Retain completion records, final invoices, refunds and approved accounting instructions. Compare project payments with the source accounts and explain unresolved balances. This preparation guide does not determine tax treatment and is not tax advice.
Before you finish
- Track scope and use changes.
- Link deposits to final invoices.
- Review classifications before project close.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.