In the Analyze tab, new donors show up as retained instead of acquired if they have more than one gift.
For example, if someone's first gift is a pledge without a payment, they will show up as acquired. If they have a pledge and a pay-cash (2 gifts), they will show up as retained. The same is true for recurring gifts with a recurring gift pay-cash.
This happens everywhere in the Analyze tab. "Donors by lifecycle status" is a good example.
Acquired should include all constituents whose first gift was during the past 12 months, regardless of how many subsequent gifts they've made. If your first gift is in January, and you make a monthly gift all year long, you should still show up as Acquired in December. Only in month 13 or later should you become a Retained donor.
I believe the logic in SKY reporting is something like "IF gift count during past 5 years = 1 THEN flag as acquired." The logic should be "IF gift count during past 12 months >= 1 AND gift count from 13 months to 5 years ago = 0 THEN flag as acquired."