If you're a contractor working on commercial projects, government work, or larger residential jobs, you've almost certainly dealt with retainage. But many contractors don't track it correctly — which means they're underestimating their true accounts receivable, missing release dates, and sometimes leaving money on the table entirely. What Is Retainage? Retainage (also called retention) is a percentage of each invoice that the customer holds back until the project is substanti

If you're a contractor — electrical, plumbing, HVAC, general contracting, or any trade — and you've never heard of a WIP schedule, you're not alone. Most small contractors haven't. But if you want a bank line of credit, contractor bonding, or accurate financial statements, your CPA is eventually going to ask for one. Here's everything you need to know. What Does WIP Stand For? WIP stands for Work in Progress. A WIP schedule is a financial report that shows the current status