have a problem with accounting for payments to contractors. the scenario is that our government entered into a loan agreement with one Financier,so our company is the executing agency,i.e.assigned to run the project. the project is co-financed by the financier and the government. the government funds are deposited directly into the company's account while the financier's funds are not deposited into the company's account but paid directly to the contractor's account upon submitting the claims certificate.
how do i record this (payments from financier to contractor and the amount of funding from the financier) into our company's accounts so that the jobs(in job costing) are updated with progress payments made?? urgen help needed
how do i record this (payments from financier to contractor and the amount of funding from the financier) into our company's accounts so that the jobs(in job costing) are updated with progress payments made?? urgen help needed