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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

JUNE 6, 2022

Retention doesn’t usually apply to material suppliers. ABC Contractor is billing a project owner for $100,000 with 10% retention. The invoice is recorded in the chart of accounts with a credit to the income account for $100,000, a debit of $90,000 to accounts receivable, and a debit of $10,000 to retention receivable.

Accounting

Accounting ABC Banking Liability

New Legislation Could Change How Contractors File and Pay Taxes

Construction Law Monitor

JUNE 2, 2011

The introduction was immediately applauded by the Associated Builders and Contractors , who claim the bill will modify the tax code to help small construction contractors that are facing increased costs in energy, labor and materials. ABC and small contractors around the country are hoping for a different fate this session.

Contractors

Contractors ABC IRS Profitability

Accounting for Retention Receivable & Payable: A Contractor’s Guide

New Legislation Could Change How Contractors File and Pay Taxes

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