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. ABC Contractor is billing a project owner for $100,000 with 10% retention. Debit Credit Income $100,000 Accounts receivable $90,000 Retention receivable $10,000. Paul’s Masonry invoices ABC $50,000 with 10% retention.
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