Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
Both retention accounts are shown as current assets and current liabilities, respectively. According to Mehdian, a lot of contractors don’t record retention receivable or payable, especially those using Quickbooks accounting software. Plus, not recording retention payable leads to the understating of a company’s liabilities.
98 
Let's personalize your content