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Book-keeping for retention

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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misssage
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Joined: 11 Jan 2008, 16:08

Book-keeping for retention

Post by misssage » 08 Feb 2008, 09:49

Hi,

Can anyone let me know what the best way to record retention is? I just started doing accounts in Construction Industry and would appreciate any help.

Thanks.

Miss Sage
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brucedenney
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Joined: 28 Feb 2006, 09:56
Sage Version: v28 UK/Europe/Africa

Post by brucedenney » 13 Mar 2008, 16:43

Create a balance sheet account for it.

Retentions sit in there until they get paid (or are written off)
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