A retainer is a fee paid in advance to secure or keep the services when required. When it comes to the design industry, firms can be seen collecting retainers from a client for an upcoming project, and applying that retainer to invoices, proposal balances, or anything else related to the client's project.
In these Best Practices, and Short Video, we are going to show you how you can collect a retainer in Designer Link 2.0. The bottom of this page also includes related articles and frequently asked questions.
VIDEO TUTORIAL
FREQUENTLY ASKED QUESTIONS
FREQUENTLY ASKED QUESTIONS
If we are collecting a retainer via our Time & Expense Invoices, is it possible to name it Retainer Invoice?
Yes, you can have your retainer invoice renamed. Please reach out to our product support team to update a custom invoice template for you.
How do I track this retainer payment in QuickBooks?
You want to enter your retainer in QuickBooks as an open payment. And then apply the payments to the respective invoices.
Can I apply to retainer to proposal balances and time invoices?
Yes, you can apply the payments to the invoices you wish. Please just make sure you are applying and tracking properly in QuickBooks.
And that is how you can collect a retainer. For further information please make sure to reach out to our help desk via the chat icon in the bottom right corner of your Designer Link 2.0 browser, or you can always email us directly at [email protected].