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. Debit Credit Bank or cash $90,000 Retention receivable $90,000.
Let's personalize your content