| Retainer Bill Instruction|
The Retainer Invoice is to be used for generating invoices for retainers or any other type of pre-payment arrangements.
The Retainer Invoice is intended for situations when a client is paying in advance for the work that will be done in the future while you will later charge a client for actual time and expenses incurred. Please review the following sequence of events to ensure the proper usage of this feature:
If the project is a "Fixed Fee" based and you are not going to invoice a client at some later time for actual fees, you should not be using this feature. Instead enter "Fixed Fee Amount" on the time entry screen.
- Generate and send the Retainer Invoice to a client regarding a particular project.
- The payment is received and recorded in the Timesolv payments section.
- During the course of the project keep tracking actual time and expenses.
- When it is time to bill the client, generate the invoices in the standard way. The newly created invoice will include actual time and expenses recorded while the total amount will be the difference between the retainer payment (assuming that you have done step 2) and actual amount owed.
- Send the invoice and allocate payments received.
Keep in mind that the retainer amount entered on this invoice will not be stored anywhere in the system. Timesolv will only know of time and expenses entered during the life of a project.
Document name: retainer_bill