What is meant by certified?
Certification provides independent verification of a certain level of expertise in a particular area. Basically, it means you have completed the steps required to receive a particular designation. Certification is conferred when you prove that you have obtained the specified abilities and knowledge.
What is another word for certified?
Certified Synonyms – WordHippo Thesaurus….What is another word for certified?authenticcertifiablelicensedUSofficialprofessionalqualifiedbona fidefor realactuallegitimate87
What is retention money?
Retention money is an amount held back from a payment made under a construction contract. It is generally held to ensure that a contractor performs all of its obligations under the contract, and is then released either on practical completion or after the end of a defects notification period.
How long can a company hold retention?
This can typically take between six months and a year. Many contracts have a limitation period in which the retention can be claimed. If you are not careful to stay on top of timelines you could lose a percentage of your contract value, which could affect your profitability on a contract.
How is retention money calculated?
A Retention (or Retaining as they are sometimes called) refers to the money construction companies withhold from the progress payments made to the Contractor. So the Retention is calculated at 10% of each progress payment until the total retained is equal to 5% of the Contract Sum.
How do you account for retention?
The following steps explain how to record a retention based on the example above.Record the full value of the invoice less the amount of retention using the invoice date.Record the value of the retention as an invoice using the due date of the retention.Post the customer receipt for the full amount less the retention.
What is a retention invoice?
Retention invoices are used to allow the client to withhold payment on an agreed percentage of the original quote until the work is completed to their satisfaction.
What is retention on a balance sheet?
The retention ratio is the proportion of earnings kept back in the business as retained earnings. The retention ratio refers to the percentage of net income that is retained to grow the business, rather than being paid out as dividends. The retention ratio is also called the plowback ratio.