Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
ABC Contractor is billing a project owner for $100,000 with 10% retention. When the $90,000 is paid, it is posted with a debit to the bank or cash account and a credit to accounts receivable, clearing the account for that project. Debit Credit Bank or cash $90,000 Retention receivable $90,000. How to record retention payable.
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