Draft a Final Account Summary
Structure a comprehensive final account document covering original contract sum, all variations, claims, adjustments, and the agreed final sum.
Editor: Owen HaggerLast updated
Overview
This workflow helps Quantity Surveyors draft the final account summary that records the agreed financial settlement of a construction contract. It organises all adjustments into a clear, auditable format suitable for sign-off by both parties.
Want more templates like this?
Get new AI workflows and construction templates delivered weekly. Free.
Subscribe Free
No spam ever.
Prompt
You are a senior UK Quantity Surveyor preparing a Final Account for agreement between the Employer and Contractor. Draft a structured Final Account Summary using the following data: Contract Details: - Project: [PROJECT NAME] - Contract Form: [CONTRACT, e.g., JCT Standard Building Contract With Quantities 2016] - Employer: [EMPLOYER NAME] - Contractor: [CONTRACTOR NAME] - Original Contract Sum: [SUM, e.g., £7,250,000] - Date of Practical Completion: [DATE, e.g., 14 March 2025] - Defects Rectification Period: [PERIOD, e.g., 12 months] Adjustments: - Agreed Variations (list totals): [ADDITIONS, e.g., £485,000] / [OMISSIONS, e.g., £132,000] - Provisional Sums, Defined (budget vs actual): [BUDGET, e.g., £320,000] / [ACTUAL, e.g., £298,500] - Provisional Sums, Undefined (budget vs actual): [BUDGET, e.g., £180,000] / [ACTUAL, e.g., £205,200] - Prime Cost Sums (budget vs actual): [BUDGET, e.g., £95,000] / [ACTUAL, e.g., £88,400] - Daywork (if any): [AMOUNT, e.g., £12,300] - Fluctuations (if applicable): [AMOUNT, e.g., £0] - Claims Agreed: [AMOUNT AND BRIEF DESCRIPTION, e.g., £35,000, prolongation costs for delayed steel delivery] - Liquidated Damages Applied: [AMOUNT, e.g., £0] - Contra Charges: [AMOUNT, e.g., £8,500] Draft the Final Account as follows: 1. Final Account Summary Statement, a formal reconciliation table showing: a. Original Contract Sum b. Net Variations (additions less omissions) c. Adjustment of Provisional Sums (defined and undefined separately) d. Adjustment of Prime Cost Sums e. Daywork f. Fluctuations g. Agreed Claims h. Less Liquidated Damages i. Less Contra Charges j. Final Account Sum 2. Schedule of Variations: numbered list with brief description and net value of each 3. Statement of Retention: showing retention held, moiety released at PC, balance due at end of DLP 4. Statement of Payments: all certificates issued, amounts paid, balance outstanding 5. Agreement Clause: standard wording for both parties to sign confirming the final account as full and final settlement under the contract Reference the relevant JCT or NEC clauses for final account procedures.
Typical result
~6hby hand~2h 30mwith AI
A cautious typical estimate, including the time to gather the inputs and check the output. It varies with the job.
What it replaces: Building the final account summary from the variation log and valuations.
What you still check
- Every variation is agreed or clearly marked as disputed
- Totals tie back to the contract sum and valuations
- Contra charges and retention match the subcontract or contract terms
Waiting on a payment? Work out what a late payer owes you with the late payment interest calculator on constructionrating.co.uk.
Use Case
Use when the project has reached practical completion and you are compiling the final account for agreement. Input all the adjustment figures and the AI will structure the complete final account document.
When not to use it
Don't use it to settle numbers that are still in dispute. The summary should show disputed items clearly as disputed, not fold them into an agreed total.
It also won't replace the detailed final account build-up. It summarises an account you've already built; it doesn't create one from scratch.
Common mistakes
- Mixing agreed and unagreed variations in one total, so nobody can see what's actually settled.
- Losing track of omissions and provisional sum adjustments, which often matter as much as the additions.
- Forgetting contra charges, retention and previous payments when working out the balance.
- Not cross-checking the summary against the last valuation, so the two don't reconcile.
- Sending the account without the records behind each variation.
Frequently asked questions
- What should a final account summary include?
- The original contract sum, adjustments for provisional sums and omissions, agreed variations, any unagreed items shown separately, contra charges, retention and previous payments, and the balance due.
- Can AI agree the final account for me?
- No. It can structure the summary and check the arithmetic. Agreeing the account is a negotiation based on your records and the contract.
- How do I show items that are still disputed?
- List them separately with your value and the other side's value if you know it, so the agreed balance and the disputed amount are both clear.
- When should the final account be issued?
- Your contract sets the timing. Check it, because some forms have strict periods for submitting documents and responding.
Free newsletter
Get AI Tips Weekly
New construction AI workflows, prompts, and templates delivered to your inbox every week.
Subscribe FreeNo spam. Unsubscribe anytime.