How to use the Retainer Fee type

TechKnowledge Content


How do I use the Retainer Fee type?

1.The retainer fee will need to be added to the project. This can be done in the Fee Entry window (Cards - Project - Project - Fees). Refer to the online help for specific field information when setting up the fee.

2. Once the fee has been added to the project, you will need to bill the fee. To bill the fee, go to Transactions - Project - Billing - Billing Entry. Select the customer, enter the cutoff date, select the project and post the invoice. The Process Billing Cycle would also pick up this fee. Please refer to online help for steps on running the Process Billing Cycle.

3. After the invoice has been created for the customer, you will need to enter a cash receipt for the retainer. This is done in Receivables Management. Go to Transactions - Sales - Cash Receipts, and enter a cash receipt for the customer and apply it to the invoice that was created. At this point the On Account Amount will be updated in the Project maintenance window. It will show the amount of the retainer available to apply to future billings.Your retainerwill now be available to be apply to future billings.

4. To apply it to the invoices, create a billing entry for the transactions you want to bill (Transactions - Project - Billing - Billing Entry). Then you will need to click on the More Info button in the Billing Entry window. Click on the expansion box for the Applied Retainer, and enter the amount that you want to apply to this invoice.

This article was TechKnowledge Document ID:18621

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