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Join nowRE: However, it is not cash income until it is invoiced. It is still shows up as cash income on the P & L; it again shows up when it is invoiced and paid.
This sounds different than your original complaint. And, do you mean it is not cash income until payment is received?
If you're seeing income as a result of just recording the invoice with the negative line item, that is because the internal credit that item creates is applying to the invoice like a payment. If this is your complaint, then use a Discount type item for the retainage and then that won't happen. When using a discount, there is no cash basis event until you receive payment against the invoice.