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Cash income reflects total amount of invoice including amount withheld for retainage.

Contractor Edition; Ex., Total invoice for $50,000 less Retainage $5,000= $45,000. Retainage is sent to an asset account until invoiced. Payment received is $45,000.  P&L on Cash basis shows the total amount of $50,000 as income. Why? This is incorrect. Any suggestions?

 

Solved