How do you create an invoice for an advance payment or retainer prior to the entry of time and expense?
How do I handle the retainer?
Depending on your BillQuick Edition, you can create a retainer invoice from the Project screen or Retainer Management screen. BillQuick includes three retainer invoice formats and you can even customize them using Crystal Reports.
After receiving the retainer (advance payment, deposit, monies on account), you can record it on the Payment screen as a Client Retainer (select the client) or as a Project Retainer (select a project).
After recording time and expenses, you can associate the items with a project bill. The bill can be based on the value of hours, percent complete of the contract, a milestone or any other amount you wish to charge the client. One of your billing decisions may be to apply all or part of a project or client retainer to the net bill amount (thus reducing it). If you have both a Client Retainer and a Project Retainer available, you must use the project retainer before applying the client retainer.
You can also apply a retainer as a form of payment to invoices already issued.
When you integrate with QuickBooks, Peachtree or MYOB Australia, the retainer transfers to the proper accounts.