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. Retention doesn’t usually apply to material suppliers. ABC Contractor is billing a project owner for $100,000 with 10% retention. When ABC completes the project, they will invoice the customer for $10,000 in retention.
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