Retainers

Retainers are set fees we bill clients on a monthly schedule that is for work we are going to do or have done. The client receives and pays the retainer. The payment is applied as a credit payment to the client account. Invoice projects are then paid by the retainer invoice.

Retainers are not billed from QuickBooks. They are billed from a retainer template in the client folder in N://Bookkeeping/Accounts – Retainer/. Retainer invoices are generated by the 5th of each month and due by the first of the following month.

When a new retainer account is sold the Account Manager will notify billing. Billing is responsible to setup the billing folder for that client, create a word template in the folder.

If the client cancels their agreement, the Account Manager will notify billing to move the folder to the client archive file on the archive drive.

To generate retainer invoices:

1. Open the folder N:\Bookkeeping\Accounts – Retainer
2. Open each client folder one at time
3. Open Retainer Invoices folder
4. Open the Word file [template.docx]
5. Change the date to the invoice date
6. Edit the Project:  Retainer – [Next Month and Year]
7. Edit the invoice number: increment the last digits up one
8. Edit Terms: Due [Next Month] 1 [Year]
9. Edit the Description: Retainer [Next Month and Year]
10. Save the document
11. Save a PDF file, the file name should be the Invoice number [Next Month] Retainer
12. Email or mail to the client