Retainage is the amount of money that an owner might withhold from payment until the contract is completed to their satisfaction. Contractors typically track retainage in a separate G/L account from other receivables until it becomes chargeable. Retainage is usually expressed as a percentage of the entire updated contract value, which includes approved change orders.
Before ditching QuickBooks Online, construction firms must carefully evaluate their growth-driven needs. Supplementing QBO with specialized apps like Knowify and Hammr can bridge functional gaps effectively, often providing better value than switching entirely to a complex ERP system.
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