This feature streamlines invoicing for retainer projects by allowing clients to bill fixed amounts without relying on timesheets or milestones.
Adding a Retainer Project
To activate this feature, start by creating a new project.
Go to the Projects tab and choose Project List under Projects section, then select Create Projects under Active Projects.
During the project setup, you can select the billing model as Retainer in the billing and expenses section. Once this is selected, add all the required custom fields to complete the project creation.
To learn how to configure a new project, click here.
Next, configure the retainer billing details.
Open the Project settings and go to the Billing (1) section and click on Setup Project Billing (2).
You will need to set up the following:
1. Retainer Fees: This is the fixed amount that will be charged to the client at a set frequency (e.g., daily, weekly, monthly).
2. Billing Effective From: This date marks the start of the retainer billing cycle.
3. First Invoice Date: The date when the first invoice will be generated.
4. Billing Frequency: Choose the frequency of billing (e.g., daily, weekly, bi-weekly, monthly).
Note: Once these details are set up, the retainer fees will appear as an activity on the invoice dates. The first entry will be made on the first invoice date, and subsequent entries will be made on the upcoming invoice dates.
Generating Invoices
During each billing period, the system will automatically generate an entry for retainer fees, similar to how time and material billing entries are created. If there are any project-related expenses, they will also be included in the billing process. Clients have the flexibility to adjust the billed amount and include any necessary comments. After selecting all the retainer fees to be invoiced, simply click on "Continue" to proceed with generating the invoice.
Clients will have the option to view the retainer fees listed on the invoice, giving them the flexibility to customize details such as the description, rate, and other invoicing specifics. Once adjustments are made and they are satisfied with the changes, they can simply click on "Generate Invoice" to finalize the process.
For more details, click here: Use a Retainer Billing Model