JCT Final Account Statement Template: What to Include

A JCT final account statement is a closing reconciliation of the contract sum and the adjustments claimed or agreed under a particular JCT building contract. There is no single layout that suits every JCT form or edition, but the printable template below provides a practical breakdown to complete and check against the signed contract, amendments and project records.

What a JCT final account statement does

The final account brings together the original contract sum and the changes that affect the amount payable for the work. It is used to show how the parties have moved from the starting price to a final figure, including additions, deductions and any other adjustments allowed by the contract. A clear statement makes the calculation traceable: each figure should have a description, a supporting record and a status such as agreed, disputed or pending.

The phrase can mean slightly different things in practice. A contractor may use “final account” for its detailed calculation and supporting assessment, while a “final account statement” may refer to the summary of the resulting balance. Neither phrase by itself replaces the payment procedures or notices required by the applicable contract and law. The contract wording, selected form, edition and amendments determine the process and the parties’ obligations.

JCT is a suite of contracts, not one identical contract. Standard Building, Intermediate, Minor Works and Design and Build forms have different provisions and administrative roles. Accordingly, treat a general template as a record-keeping aid, not an official JCT form or a substitute for checking the signed contract.

When it is prepared and who contributes

Final-account work usually develops as the project progresses. Keeping a running record of instructed changes and valuations is easier than rebuilding the account from old emails after completion. The account is commonly brought together around practical completion or later close-out, but the relevant contract may set its own milestones, procedures and deadlines. Do not assume that the same event or timetable applies to every JCT contract.

The contractor commonly submits its account and evidence; the employer’s contract administrator, quantity surveyor or other appointed representative may review and reconcile it, depending on the form and project arrangements. Under a design-and-build arrangement, responsibilities may be organised differently. The people involved should identify who is authorised to agree items and who must issue any formal contractual communication.

Typical supporting records include instructions, variation quotations and valuations, measurement sheets, agreed daywork records, certificates, payment records and correspondence about disputed items. A reference beside each line lets another reviewer locate the evidence without relying on memory.

What to include in the breakdown

Start with the contract sum as stated in the executed contract, not a later estimate or an informal budget. Then list each type of adjustment separately. Depending on the contract and project, relevant lines may include:

• Variations and instructions: additions, omissions and substitutions, with an instruction or valuation reference.
• Provisional sums and allowances: the original allowance and the value of the work or goods actually instructed and assessed.
• Measured work and remeasurement: quantities and rates where the contract requires measurement or remeasurement.
• Dayworks: authorised labour, materials or plant, supported by signed records where applicable.
• Contractual adjustments: for example, a fluctuation adjustment or an amount relating to loss and expense, but only where the contract and circumstances support it.
• Deductions and credits: omissions, agreed credits, contra-charges or other deductions, with their basis identified rather than grouped into an unexplained lump sum.
• Retention and payments already made: show these separately from the adjusted contract value so the reader can distinguish the value of the work from the balance calculation.

Not every item applies to every job. Include only relevant categories, and explain a zero or omitted category if it could otherwise look like an oversight. State whether figures are exclusive or inclusive of VAT and show VAT separately where appropriate. Do not add VAT into contract-value calculations without checking how the contract and invoices treat it.

JCT Final Account Statement Template

How to complete and check the template

Use the template as a summary, with a separate schedule or supporting documents for detailed calculations when needed. A sensible completion sequence is:

1. Copy the project and contract details from the executed agreement, including the exact form and edition and any relevant amendments.
2. Enter the original contract sum and state the basis of the figures, including whether amounts exclude VAT.
3. List adjustments individually or by clearly identified schedule. Give each item a description, amount and evidence reference.
4. Mark items as agreed, assessed, disputed or awaiting information. Do not present a proposed amount as agreed merely because it appears in the statement.
5. Calculate the adjusted contract value, then show payments already made and retention separately. Recheck the arithmetic and ensure that no item is counted twice.
6. Attach or identify the records used, date the statement and circulate it to the appropriate project contacts for review under the contract process.

Fictional sample: On the invented “Maple Court Office Fit-Out” project, the original contract sum is £120,000. The parties record an agreed variation of £4,000 and an agreed omission of £1,500, giving an illustrative adjusted value of £122,500 before any separate treatment of retention, prior payments or VAT. “MV-07” is entered as the variation reference and the omission is marked “agreed.” These made-up figures demonstrate presentation only; they do not establish what a real contract permits or what its final balance would be.

Why the contract form and edition matter

Before relying on a calculation, identify the actual signed contract rather than assuming that a familiar JCT label tells the whole story. Editions change over time, projects may use bespoke amendments, and the contract may include schedules or documents that affect valuation and close-out. The template deliberately avoids citing clause numbers because the applicable clause and procedure depend on the contract version and amendments.

Check who is responsible for valuation, what notices or applications are required, how changes are valued, and how the contract deals with retention, final payment and any unresolved claims. These topics can be connected but are not interchangeable. A final account summary does not, on its own, demonstrate that a required notice has been served or that a payment date has been triggered.

Common mistakes and practical ways to avoid them

A frequent problem is combining all adjustments into a single “variations” figure. That makes it difficult to identify missing instructions, duplicate items or disagreements over particular work. Use individual references or a numbered schedule, and make the arithmetic reproducible. Another common problem is treating the final account total as the amount immediately payable. The account value, previous payments, retention and payment procedure are different parts of the reconciliation; the contract determines how they relate.

• Unclear status: label each amount as submitted, assessed or agreed, and record the date and person confirming an agreement.
• Unsupported deductions: identify the contractual or documentary basis and provide the calculation rather than using an unexplained net figure.
• Missing credits: compare the account with instructions and valuations so omitted work or agreed credits are not overlooked.
• Mixed VAT treatment: keep the tax presentation explicit and consistent with the relevant invoices and accounting records.
• Late reconstruction: maintain a live change log and retain records as work proceeds, especially for dayworks and measured items.
• Overlooking amendments: check the signed documents and project-specific changes before applying a standard assumption.

For a disputed line, show the amount claimed, the amount assessed if different, the reason for the difference and the evidence still needed. A transparent disagreement schedule is more useful than concealing the dispute in a single bottom-line figure.

Final account statement versus final payment documents

A final account statement is principally a reconciliation: it explains the figures and the proposed or agreed account value. A payment application, payment notice, certificate or other payment document serves a role defined by the contract and applicable payment rules. The names and procedures vary, and a statement should not be assumed to replace any required document.

Likewise, “final account agreed” is not necessarily the same thing as “all payment obligations are complete.” Check whether the account records a final value, whether any amounts remain subject to a separate process, and what the signed contract says about certification, payment, retention and outstanding matters. For a situation requiring legal interpretation or advice about a disputed entitlement, ask a qualified professional.

Frequently Asked Questions

Is there an official JCT final account statement template?
A single generic layout should not be treated as suitable for every JCT contract. Use a template as an administrative aid, then adapt it to the signed form, edition, amendments and project requirements.

Who prepares the JCT final account?
The contractor commonly submits a final account, with review or assessment by the employer’s appointed contract administrator, quantity surveyor or other representative as the contract arrangements require. Confirm the assigned roles for the specific project.

Does the final account include retention?
It should show retention clearly if relevant, but retention is best displayed separately from the adjusted contract value and prior payments. The contract determines how and when retention is dealt with.

Should VAT be included in the final account total?
Make the VAT basis clear and show it separately where appropriate. Whether a figure is stated inclusive or exclusive of VAT depends on the project’s documents and invoicing treatment.

Can I use the same template for every JCT contract?
You can reuse the layout as a starting point, but not assume that every category or procedure applies. Review the particular contract and remove irrelevant rows or add the adjustments and records that its terms require.

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