Bookkeeping glossary
Plain-English definitions with a worked example and a common mistake for each term.
Accounts receivable aging
An accounts receivable aging report lists every unpaid customer invoice grouped by how long it has been outstanding, usually current, 1-30, 31-60, 61-90 and over 90 days.
Retainage
Retainage is a portion of each progress payment, often around 5 to 10 percent, that a client withholds until a project is complete or accepted.