Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
Peterson , a construction finance educator and author, “The retention in the retention receivable account is not collectible yet because the contractor has not earned the right to receive it.” ABC Contractor is billing a project owner for $100,000 with 10% retention. Paul’s Masonry invoices ABC $50,000 with 10% retention.
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