Hello Folks,
We have a client who has a requirement book retainage on A/R invoices.
The example is as follows:
For example, if a XYZ works on a $100,000 project with a ten percent retainage, then they will record $90,000 as accounts receivable and $10,000 as retainage due. Once the project is complete the Retainage due will become a receivable.
Regards,
Chintan