Retainer Invoice in Projects
In a business, you also undertake projects to render varied services which you will expect an advance payment to be made or a retainer amount to be paid by the customer. If you are managing your projects through the Projects module under Timesheet in Zoho books,
- You can raise a retainer invoice to your customer from the projects module.
- you can create an invoice after completion of the project and apply the retainer collected to the invoice.
Creating a Retainer Invoices for a project
Before creating a retainer, create a new project or select the project you are already working on.
- Navigate to Timesheet > Projects and select +New Project to create a new project or select a project you are already working on.
- Select the Create Retainer Invoice option under the New Transaction drop down.
- After you finish creating the retainer invoice, you can find the retainer invoice created under retainer invoices module.
- A notification about the retainer invoice will also be displayed under the Retainer Invoices notification tab in your project window.
Applying the Retainer to Invoice
After completion of the project, an invoice should be sent to your customer for collecting the payment. Here you can create an invoice from the project module and apply the retainer collected to the invoice.
- Select the Create Invoice option from the New Transactions drop down.
- A pop up will appear for a quick selection of attributes to create the invoice.
- Check the Would you like to apply the retainers collected to the invoice box, so that the retainer collected for the project will be applied to the invoice being created.
- As soon as you finish creating the invoice, Zoho Books will automatically create an invoice with the retainer adjustment in the invoice module.