As far as I can tell, in researching the Sage City Forum, the only way to handle retainers with Timeslips, is to receive a payment, and then transfer it to the retainer funds account. This works, but it seems a bit clunky. What if I want to send my client an invoice for the retainer? It sounds like there’s a “workaround for that.” Who wants workarounds? I just want it to work. This may be another reason Timeslips users are switching to BillQuick.
With BillQuick, you have an entire area devoted to Retainer Management, and sending your clients an invoice for a retainer, is as simple as creating a retainer invoice. Managing retainers and applying them to an invoice when the time comes, is also very simple.
It’s important to remember that invoicing a retainer, doesn’t make the funds available to be applied to an invoice. It’s not until the money actually comes in, that you can apply them. In other words, you cannot give a customer credit for having paid for something, when you haven’t actually received the money. In short, a retainer is just a document that you can use to send to the client, so they can pay your retainer. It has no real accounting function. The payment does.
Invoicing the retainer will not make the funds available to be applied to an invoice in BillQuick. It is only when you receive the payment, and mark the funds to be applied as a retainer, that you will see the retainer funds become available to be applied.
These little things make life much easier. It’s the little bits of friction, that slow us down, and really impede your productivity. The fact that I have a process in BillQuick, that makes sense, where I can invoice a retainer, then get paid, then easily apply that retainer to an actual invoice, gives me great comfort. It should comfort you to know that you can do this, and that it is easy to do, too!
BillQuick makes it easy to invoice for, and manage retainers. See how it’s done in the video.