Construction
Retention Receivable — Release at Practical Completion
Collecting the withheld retention amount from the client after achieving practical completion and the defects period ending.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank | Asset (+) | 100,000.00 | - |
| Retention Receivable | Asset (-) | - | 100,000.00 |
💡 Accountant's Note
Retention is typically released in two stages — 50% at practical completion and 50% after the defects liability period. This entry clears the long-held receivable when the client finally pays.
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