What does it mean?
The final account brings together the agreed financial value of a construction contract after the relevant adjustments. It can include measured work, instructed changes, allowance adjustments and other contract-specific items. It should be supported by reconciled records rather than assembled from disconnected estimates. Agreement of the account and the final payment process may be separate steps under the contract.
In practice
An illustrative original value of 200,000 plus agreed additions of 12,000 and omissions of 4,000 gives 208,000 before other applicable adjustments. Maintain an audit trail for each addition and omission.
Keep in mind
For a project record, note the document reference, revision and agreed measurement or contractual basis beside the quantity. Keep assumed information visibly separate from confirmed information. If two parties use different definitions or inclusions, resolve that difference before comparing amounts. These explanations are general estimating context; the wording of the applicable contract and its administration process must be checked for the particular job.