![]() In case of ACH ePayments, the status displays ACH Initiated after the clients initiate ACH transfer on the ePayments Portal it then changes to ACH Scheduled or ACH Processed. If not, you can turn it on individually in the detail view or in a batch for multiple invoices using Batch Update.ĭisplays the status of the ePayments for the invoice if that option is enabled, say CC Processed for credit card processed. Indicates whether the ePayments option is turned on for the retainer invoice or not. This indicates the type of invoice or transaction listed, such as retainer invoice, trust fund invoice, trust fund received, retainer used and so on. Any retainers refunded are also displayed in this column. Retainer amount used or applied on invoices. Reference number for the retainer payment received from a client. Mark Screen as Favorite Field Descriptions Field Name It lets you to transfer retainers between projects of the same client as well as different clients.Īpply Retainers on Invoices Advanced Tasks CORE allows you to set a minimum retainer amount for projects and then tracks it for you for automatic retainer invoices. You can memorize retainer invoices and schedule them for automatic processing on a user-defined frequency. When applying retainers to the invoices, project retainers are to be used first and then client retainers. Whether CORE classifies the amount received as a client retainer or a project retainer depends on how you record it. ![]() Project retainer is an advance payment received from a client for a particular project and can be applied on that project only. Clients can pay the retainers electronically using the online payment option (ePayments). However, the time and expense entries link correctly, giving you the correct realization rates and accurate write-up/write-down values. This results in a zero dollar invoice, which you do not email to the clients. Then internally create a regular invoice at the end of the month for the same amount and apply the retainer received. You can handle this situation by sending the clients a retainer invoice at the beginning of every month. In other words, there are no time or expense entries when they issue invoices. Typically, they use fixed fee contract types involving monthly, quarterly or annual billing. You might be having clients who pre-bill for all their work or offer pre-paid services. Most of the industries, especially architectural and engineering, consider retainer as a security deposit and use it at the end of a contract. Attorneys are the fiduciary of the IOLTA bank account, which is a trust fund account used to deposit the retainer payments, settlement monies, money for case costs, future services and expenses, etc. ![]() It is also common in the construction industry. Retainers are commonly used in the legal industry where law firms deposit retainer payments into trust fund accounts and are required to manage each client’s retainer payment separately. Click to watch this video on managing retainer in CORE. Unlike standard invoices, a retainer payment does not apply to a specific invoice it just debits the retainer account. Also, if retainers are non-refundable, they are recognized as income when the client pays them. However, depending upon your accounting practice, your company can regard it as an income when received. Typically, you apply a retainer toward the end of a project on the final invoice. When it is applied to an invoice, only then is it recognized as an income. ![]() CORE recognizes a retainer and makes it available for application only after you record it in the Payments screen. Similarly, retainers received are not directly connected to retainers requested.Īs retainers represent advance money received but not yet earned, they are considered a liability in accounting, even though you deposit this fund in the client's account. However, retainers do not have to be necessarily requested in order to be received. They are pre-payments that are usually requested before work begins and then used against future billings or for the final invoice payments. Retainers are advance payments that you can request from your clients.
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