Retainers
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      2. General Ledger
      3. Retainers

      How to create a Retainer

      The retainer function facilitates the reconciliation of time accrued and amounts invoiced under a client retainer, without the necessity of capturing the time under a single job

      Prerequisites: 

      Before creating a retainer, you must first create the following 

      • Create a Job - this will serve as the retainer invoicing job. 
      • Create an Estimate - this will contain the cost details of which task types and hours the retainer covers. 

      Steps:

      1. Navigate to ACCOUNTING > General Ledger > Retainers.
      2. Select CREATE A NEW RETAINER.
      3. Enter the following information

      Medium KB -1

       Field Description 
      Client  Select the Client 
      Product  Select the Product if applicable
      Start & End Date  Select the Start & End Date - This will be the range of time activity dates that the Retainer covers
      Description  Enter a Description 
      Estimate Job No. Select the Job No created 
      Estimate Version Select the Estimate Version - The estimate lines define which Task Types (activities) are covered by the retainer and the number of hours the retainer covers for each activity
      Specific Job

      By default, the retainer is reconciled on the basis that the Retainer covers all Task Types (activities) that are defined in the retainer estimate.

      In the case that activities for some jobs are outside (charged in addition to) the retainer - check the Specific Jobs box. click the "Save" button, then click the Specific Jobs link to select the jobs which are covered by the retainer.

      4.     Select SAVE or SAVE & CLOSE.