Final Account (Service Procurements)

In service procurements, the final account consists of the accounting procedures that establish definitively whether the parties owe anything to one another, once the acceptance procedures for the service subject to the contract have been completed or the contract has been terminated or liquidated. It differs from the interim progress payments made during the service in that those payments do not constitute final payment or an acquired right, whereas the final account report shows the value of all the service works performed in accordance with the contract after acceptance.