Creating a Retainer Invoice for a Project
At times, you might have to take an advance payment to buy tools or arrange resources for the project you are going to work on. You can create a retainer invoice for the project and accept advance payments. You can later deduct the advance payment you have received from the invoice you create from the project.
Before creating a retainer invoice,
- 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 dropdown.
- 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 an 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 dropdown.
- A pop up will appear for a quick selection of attributes to create the invoice.
- Check Would you like to apply the retainers collected to the invoice, so that the retainer collected for the project will be applied to the invoice being created. (This option will be available only if the retainer has been paid.)
- As soon as you finish creating the invoice, an invoice with the retainer adjustments will be created in the Invoices module automatically.
- You can also check the details of the applied retainer in the Payments Received tab.