Learn how to record retention receivable and payable, and why it can be essential for your construction business. Prepare and send clear and complete billing statements that include contact information and remittance information.This results in a receivable for the unbilled portion and is reported on the balance sheet as a component of contract assets in current assets. Learn why construction accounting differs from traditional bookkeeping. The accounts receivable purchase is a contract between a buyer and seller where the buyer agrees to exchange money to receive something from the seller. Receivable (AR) icon next to the contract. 1998) held that, under Washington law, a security interest in. "inventory" and "accounts receivable" presumptively includes after-acquired property even if the. The FAR and other parts of the DEAR apply to management and operating contracts. We're passionate about using our expertise in the payment industry to help your firm ensure compliance as well.