Hello,
I am noticing that by default if an AR invoice has retainage specified, then this will go directly into Income upon release of the original document. Shouldn’t this be handled differently? I would assume that Retainage Income wouldn’t be recognized until the release of the AR Retainage? Let me know if you have any ideas or can better explain. Thank you!
Best answer by Heidi Dempsey
+2
+1
We’ve seen issues with this functionality in Canada with IFRS’ take of ASC 606 where income is meant to be shown net of retainage (holdback in Canada) vs US GAAP’s take where income is meant to be shown to include retainage. Acumatica’s project billing system is developed to work with the US GAAP reading of revenue recognition. We’ve handled Canadien entities with auto reversing GL adjustments.
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