Retainage is legitimately owed later, so it should be tracked as its own receivable with its own due date tied to completion, not aged as if it were late from the first invoice. Many contractors lose retainage simply by never invoicing for it once the project closes.
Glossary
Retainage
Also: retention · holdback
Retainage is a percentage of each progress payment (commonly 5% to 10%) that a customer withholds until a project is complete and accepted.
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