Final account reconciliation template
Compare the two final account positions line by line and separate valuation disagreements from payment still outstanding.
by Jack Butler-Kettle · About 3 min readShare
How to use it
Put both parties' figures on the same basis and at the same valuation date. Keep disputed items separate from agreed sums.
The difference between valuations is not automatically the amount payable. Reconcile payments received, retention, tax and any other adjustments separately.
Final account reconciliation
Compare the same valuation date and scope. Enter omissions and deductions as negative figures. Amounts exclude VAT.
Free blank template for your own project. The completed example is shown below. No email address required.
View the completed example
Completed fictional example
Final account reconciliation
Scroll across if needed to read the whole record. A dash means no value has been entered.
| Item ref | Account item | Your valuation (£) | Contractor valuation (£) | Difference (£) | Evidence / valuation basis | Agreed / disputed | Required response / next action |
|---|---|---|---|---|---|---|---|
| BASE | Original subcontract works | £100,000.00 | £100,000.00 | £0.00 | Signed subcontract and scope | Agreed | Confirm common valuation basis |
| VAR-01 | Instructed variations | £25,000.00 | £18,000.00 | £7,000.00 | Variation register and instructions | Disputed | Reconcile disputed quantities and rates |
| LE-01 | Additional evidenced cost | £8,000.00 | £3,000.00 | £5,000.00 | Separate cost schedule and event records | Disputed | Request itemised assessment |
| CC-01 | Contra-charge deduction | -£3,000.00 | -£5,000.00 | £2,000.00 | Scott schedule and supporting records | Disputed | Resolve the £2,000 difference |
This compares valuations. Reconcile receipts, retention and tax separately before stating an amount payable.
Understanding your results
Use the differences to identify which items are agreed, disputed or awaiting information. Reconcile the closing balance with payments and retention. A balanced spreadsheet does not mean the other party has agreed the account.
How it works
- Start with the original contract sum and agreed scope. Record omissions and deductions as negative amounts on both sides.
- Add variations and other claims using the same references as your applications. Enter a genuine zero where a party rejects an item.
- Link each difference to its instruction, valuation basis and evidence. Record the specific response needed to resolve it.
- Check final account deadlines and any wording that could make an assessment conclusive. A spreadsheet does not preserve a missed contractual right.
The fictional account compares £130,000 with £116,000, producing a £14,000 valuation difference. Payments and retention require a separate reconciliation before identifying a payment claim.
For the covering correspondence, use the existing final account dispute letter guidance.
our Final account preparation and assessment service can use the reconciliation to prepare and agree an ordinary closing account. A Final account dispute assessment and response examines items that remain contested and the route to pursuing the balance.