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Dear all,
Hope someone can assist
We intend to bill our customer S$20,000 for the work done and there is 5% retention S$1,000. According to contract, we are only able bill retention sum at the end of the contract, probably 2 years later.
Should we recognise 5% retention sum S$1,000 as Sales at this moment?
If yes, what is the accounting entry?
Appreciate any assistant given
Thanks
Best Regards,
Jeffrey Ting
Hope someone can assist
We intend to bill our customer S$20,000 for the work done and there is 5% retention S$1,000. According to contract, we are only able bill retention sum at the end of the contract, probably 2 years later.
Should we recognise 5% retention sum S$1,000 as Sales at this moment?
If yes, what is the accounting entry?
Appreciate any assistant given
Thanks
Best Regards,
Jeffrey Ting