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and now we will learn how to manage and record retention from contractor invoices retention for contractors is an amount or percent deducted from the total of each individual progress invoice during the project life of the contract the total accumulated retention from all invoices on the project will be paid at the end of the project you must account for the changing balance of the retention for each client or job and account for the total retention receivable from all clients in total you must clearly list the retention amount on each invoice so how are we gonna do that well heres how we set up for that we create a retainage receivable account to record the total that is owed from all clients specifically for attention from the invoices now we can go ahead and do that now okay list chart of accounts account new we learned how to put new accounts this one will be author current asset other current asset and then click continue now the name of it will be
