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In this tutorial, we learn about managing and recording retention for contractor invoices. Retention for contractors involves deducting an amount or percentage from each progress invoice throughout the project. The total accumulated retention is paid at the project's end. It's important to keep track of the changing retention balance for each client or job and the total retention receivable from all clients. To do this, create a retainage receivable account to record all retention owed from clients. This involves setting up a new account under current assets in the chart of accounts.
