Subcontractor Final Account Statement Template
A ready-to-use final account statement template for settling all financial matters between main contractor and subcontractor at project completion.
Final Account Statement
Excel Spreadsheet
Free to download and use
Template Contents
What this template includes
Built around the standard final account settlement process, covering every financial element from contract sum through to balance due and retention release.
Download Template- Contract sum section with original subcontract value and scope reference
- Approved variations log with variation references and agreed values
- Unagreed variations section for items still under negotiation
- Contra charges and deductions with descriptions and values
- Retention release calculation covering both moieties
- Final account agreed sum with cumulative payment history and balance due
Construction Basics
What is a subcontractor final account?
A subcontractor final account is the definitive financial settlement of all matters between a main contractor and a subcontractor at the conclusion of a project. It brings together the original contract sum, all approved and unagreed variations, contra charges, loss and expense claims, and retention to arrive at the final agreed sum.
The final account process typically begins at or shortly after practical completion of the subcontract works. Both parties work from the same document to agree or dispute each line, with the objective of reaching a fully agreed final sum within the period specified in the subcontract.
A well-prepared final account statement, issued promptly with supporting documentation for each adjustment, dramatically reduces the time and cost of settlement. Disputes arise most often when the statement is issued late, without supporting documents, or includes items that were never formally notified during the project.
Once agreed, the final account statement forms the basis for releasing the second moiety of retention and issuing the final certificate under the subcontract.
Use Cases
When to use this template
Main contractors settling final accounts with subcontractors
A structured final account statement gives both parties a single document to negotiate against, with all variations, deductions and retention clearly set out. It reduces the scope for misunderstanding and speeds up settlement.
QS teams reconciling all variations, claims and deductions
The final account statement brings together every financial adjustment made over the life of the project into one document. It provides the definitive financial record of the subcontract package.
Commercial managers closing out packages and releasing retention
Without a formal final account statement, retention release becomes a negotiation rather than a process. A completed statement provides the trigger point and the agreed basis for release.
The Limits of Spreadsheets
The problem with managing final accounts on spreadsheets
This template works well for straightforward packages. As variation volumes grow and disputes escalate, manual final account management becomes a significant liability.
Final accounts dragged out for years
Without a structured final account statement issued at practical completion, both parties start from different positions. Negotiations drag on because there is no agreed starting point and variations were never formally settled during the project.
Unagreed variations compounding over time
Variations that were not agreed as the project progressed accumulate into a large disputed sum at final account. The longer they remain unagreed, the harder they are to resolve because the detailed knowledge and site records are gone.
Retention held indefinitely with no formal release mechanism
Without a formal final account process, retention release has no clear trigger. Subcontractors chase indefinitely. Main contractors hold on because they are unsure the account is fully settled. Both sides lose time and money.
StoneRise Commercial
How StoneRise manages final accounts
StoneRise Commercial tracks every variation, payment and deduction throughout the life of the project, so the final account is not a reconstruction but a live document that is up to date from day one.
When practical completion is reached, the final account statement can be generated from the system with all approved variations, contra charges and retention automatically populated.
Disputes are resolved faster because both parties are working from the same platform with the same supporting documents. Retention release is triggered automatically when conditions are met.
Live final account from day one
Every variation, payment and deduction tracked throughout the project so the final account is always up to date.
Automated retention tracking
Retention calculated automatically per application with release triggered when contractual conditions are met.
Full supporting documentation
Every variation and deduction stored with its supporting documents. Accessible instantly when the final account is disputed.
Free Download
Download the Final Account Statement Template
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- Excel format, ready to use immediately
- Covers contract sum, variations, deductions and retention
- Works for main contractors and QS teams
Final Account Statement Template
Free Excel download