Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
It provides a financial incentive to ensure that the work is of appropriate quality and meets the plans and specifications. 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.
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