Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
Retention can be withheld on residential or commercial projects and on both public and private projects. According to Mehdian, a lot of contractors don’t record retention receivable or payable, especially those using Quickbooks accounting software. Mehdian recommends companies use software specifically designed to track retention.
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