Final account

The final account is the closing statement that reconciles the original contract sum with all the adjustments made during the build, variations, PC and PS adjustments, provisional sums, and claims, to arrive at the final amount payable. It is where a builder’s margin is confirmed or lost.

Over a job the contract price moves. The final account is the document that adds it all up:

• the contract sum you started with,
• plus or minus variations (signed changes to scope),
• the reconciliation of prime cost (PC) and provisional sum (PS) items against their actual costs,
• any provisional quantities measured to their final amount, and
• any agreed claims or adjustments (delay costs, latent conditions, and the like).

The result is the final contract figure and, after deducting what has already been paid, the final payment due (or owing back).

For a builder the final account is the moment of truth on margin. It only comes out right if the paperwork was kept up during the job: every variation signed and priced before the work, every PC/PS item reconciled with evidence, and accurate job costing so you know what each item really cost. Margin is lost in the final account when un-signed variations cannot be charged, PC/PS excesses were not captured, or costs ran over an un-revised allowance. For an owner, the final account is the time to check each adjustment against the signed variations and the PC/PS reconciliations before paying, because this is where disputes over “what was agreed” surface.

Also known as: Final claim, final reconciliation, final certificate (with a superintendent).

Category: Contracts / Cost and pricing.

Related

• Allowances vs PC vs PS
• Job costing reports

See also

• Variation
• Contract sum

References

• Allowances vs PC vs PS (Chalkline) (verified 2026-06-03)

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Last updated: 2026-06-03. Verified: 2026-06-03. Quarterly review for currency.