When you need it
Use during commercial closeout when the original contract price, changes, claims and payments must be brought together. Update before settlement discussions or release decisions that depend on the agreed account boundary.
XLSX /
AI tools and documents for engineering and project management.
Final Account Reconciliation
Reconcile the contract closeout valuation and distinguish agreed, disputed and unresolved components.
How to use this templateThis Excel template contains prepared working sheets and completion notes on a separate sheet. Enter your project data and review the completed workbook before use.
This editable workbook helps you organise project information. Check any included formulas, assumptions and results before use; it does not replace professional review.
The form prepares a separate brief; it does not fill the Word or Excel file.
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Only selected pages are shown. This is not the complete template. The full editable Word or Excel file is supplied with purchase.
Learning
How to use this template
What it helps you decide
The reconciliation explains how the proposed final value arises and what remains disputed. It prevents arithmetic agreement from being mistaken for a full legal settlement, waiver or release of outstanding obligations.
How to complete it
- Build the Contract price bridge using Component and Source / authority. Keep currency, taxes and scope adjustments identifiable through each documented amendment.
- Compare Proposed value, Agreed value and Disputed balance. Reconcile claims, omissions and prior variations, then connect Payment allocation to certificates and actual receipts.
- Record Release condition and Open reservation from actual contract and draft settlement records. Seek the relevant review before treating reconciliation as discharge of further rights or obligations.
Who prepares and reviews it
The commercial manager or quantity surveyor prepares it with finance and contract administrators. A second commercial reviewer checks the bridge; legal advisers review settlement implications, and authorized parties decide agreement and release.
A mistake to avoid
Labelling a reconciled spreadsheet final settlement without reviewing reservations and release wording can misrepresent the legal and commercial effect of the parties' actual agreement.
Illustrative example
Illustrative example: a building contract approaches closeout with several agreed variations and one unresolved prolongation claim. The record reconciles the agreed price bridge and payments while showing the claim separately. The parties can discuss a bounded account agreement without silently treating the unresolved claim as waived.
Document contents
- Document control and decision owner
- Evidence, scope and applicability
- Contract price bridge
- Open commercial items
- Payments and security
- Settlement boundary
- Open points, competent review and decision
Required inputs
- Project / asset identity, assessment date, scope and authorized decision owner
- Verified source documents with exact revision and record locators
- Original contract price and amendments
- Agreed and pending variation records
- Claims, payment and retention records
- Closeout conditions and release drafts
Practical tools.
Professional judgment.
Confirm the adopted edition, local amendments, National Annex where relevant, and contract requirements.
Prepare project brief