How to Create and Draw from a Retainer
Learn how to add funds to and drawn funds from a retainer.
How to Create and Draw from a Retainer Video
How to Create and Draw from a Retainer Step-by-Step
How to Create a Retainer
- Go to Invoices > Retainers.
- Click Create Retainer, and pick the client and projects to which you want the retainer to apply.
- Complete the retainer invoice as you would a free-form, open invoice.
- Save the retainer, and send it to the client.
- Record Payment for the retainer when it’s received, and you will then be able to draw from the retainer.
How to Draw from a Retainer
You can only draw from a retainer for an invoice based on project hours and expenses. You can not draw from a retainer with a free-form invoice.
- Go to Invoices > Overview, and click Create invoice.
- Choose to create an invoice based on project hours and expenses for the client who you need to bill.
- After you click Next Step, you will be asked if you would like to draw from the client’s retainer. Select this option.
- Continue to complete the invoice.
- When you save, the retainer balance will automatically be applied to the invoice.
- If the retainer covers the invoice, it will automatically be marked as paid.
- If the retainer does not cover the entire invoice, send the invoice to your client, and they can pay the balance.