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In this tutorial, we will learn how to manage and record retention from contractor invoices. Retention for contractors is deducted from each progress invoice during the project. The total retention accumulated from all invoices is paid at the end of the project. It is important to account for the changing balance of retention for each client or job, and for the total retention receivable from all clients. To do this, create a retainage receivable account to record the total amount owed from all clients specifically for retention from the invoices. Follow these steps to set up the account: create a new account under current assets, name it as desired.
