Applying Retainers

In this article, you will learn how to add a retainer to your budget (which is done when you are ready to contract the project budget), and how to apply the retainer to an invoice.  Check out the outlined steps below to get started! 

Quick Summary of Step-by-Step Guide:

Setting Up Retainer: 

1. Access Budget 
2. Contract Budget
3. Enter the Retainer Amount
4. Save

Receiving Payment for Retainer

1. Access Account Receivable
2. Payments
3. Enter the Retainer Amount
4. Save

Applying Retainer to Invoice: 

1. Access Draft Invoice
2. Apply Retainer
3. Enter the Retainer Amount
4. Save and Finalize

In-Depth Step-by-Step Guide: 

Setting Up Retainer:

1. Access Project Budget:

   Click on the Clients & Projects tab, followed by the Projects & Proposal subtab.  Find your project in the list and click on the project name, this will give you a small menu, choose Budget.

   
   
   
   

2. Contract Budget
   

   When setting up a retainer for a project, you will do so when you are ready to contract the project budget.  Open up the applicable project budget, and click the green 'Contract Budget' button.

   
   
   
   
3.  Enter the Retainer Amount

   A new window will open up for you to enter the contract details.  The bottom field is where you will enter the retainer amount.  Click 'Save' when finished. 

   
            
   
   
   
4. Save when Finished

   You have successfully added a Retainer to the project.  You will not be able to apply this retainer to future invoices until you have marked the retainer invoice as paid.  For this next process, you will need to access Account Receivable.

Receiving Payment for Retainer:

1. Access Account Receivable
   

   Click on the Financial tab, followed by the Accounts Receivable subtab.
   
   
   
   
   

2. Payments
   

   Find the retainer invoice from the Accounts Receivable list and click on the Payment button, located on the right side of the invoice.

   
   
   
   

3. Enter Retainer Payment
   

   After clicking Payments, a dialog box where you will record the amount of retainer received, and, if desired, select a bank account for the retainer to be recorded in.
   
   
   
   

4. Save when Finished 
   

   After you have entered the retainer payment, be sure to click save.

   
   
   
   
   You have successfully added a retainer to this project and recorded the payment in Accounts Receivable.  In the next section, you will learn how to apply the retainer balance, or part of the retainer balance, to an invoice. 

Applying Retainer to Invoice: 

1. Access Draft Invoice
   

   When you are ready to finalize an invoice and apply a retainer, open up the draft invoice for the applicable project. 
   
   
   
   
   
2. Apply Retainer

   Scroll down to the 'Summary' section.  You will see a section that says 'Retainer Applied'.  Click the edit icon. 

   
   
   
   NOTE: This field will only appear if a retainer was properly applied when contracting the project budget.  If you don't see this field, you can modify your budget to apply the retainer.
    
   
   

3. Enter Retainer Amount

   A new window will open up for you to apply the specific retainer amount for this invoice.  You will also see the available retainer balance.  Enter the amount you'd like to apply, then click 'Save'.

   
   
   
   
   

4. Save and Finalize when Ready

   The 'Summary' section will now show the updated balance information and the retainer that has been successfully applied for this invoice.  You can now finalize this invoice whenever you are ready.    

   
   
   
   
   

SUCCESS!!!

• You have successfully learned how to set up and apply retainers! 
• For more questions related to projects or anything else, browse through the rest of our Knowledge Base for other helpful articles. 
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