An accounts receivable purchase agreement is a legally binding contract that governs the purchase of accounts receivable between parties in a specific location. The statute of limitations for collecting on unsecured debt in the State of North Carolina is generally three years.Learn how to record retention receivable and payable, and why it can be essential for your construction business. Learn why construction accounting differs from traditional bookkeeping. Reconcile utility accounts receivable changes to General Ledger revenue and to cash depository for each month. Bill and collect utility bills. Construction contract. (21 NCAC 12A.0204(e)). 5. Once you receive the invitation, you will first create a PaymentWorks account and then complete the NC State registration. Find full details and fill out an application here.