How do you track retainage receivable and payable?
Track retainage on both sides of every job: the amount held from your billings (receivable) and the amount you hold from each sub (payable). For each, record the percentage, the running balance, and the expected release date, then reconcile at closeout so every withheld dollar is collected or released on time.
Set it up per job, per side
For each project, note your retainage percentage and apply it to every pay application. Keep a running receivable balance (what you are owed) and a payable balance per sub (what you hold). The totals are real money that does not show up in a normal accounts-receivable aging report.
Watch the release dates
Retainage is released at substantial completion or final acceptance. Put the expected release date on each balance and follow up as closeout approaches. This is where contractors most often lose money, because the job is done, the team has moved on, and the final retainage check never gets chased.