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In this tutorial, we learn how to manage and record retention for contractor invoices. Retention is an amount deducted from each progress invoice, with the total being paid at the end of the project. It's important to track the changing balance for each client and list the total retention receivable. To do this, create a retainage receivable account to record the total owed from all clients specifically for retention from invoices. Set up this account as a new current asset in the chart of accounts.
