How to Handle a Retainer

When A8 receives a Retainer Check:

1. Create a retainer invoice (different than regular invoice) in Harvest for the retainer amount.

2. Record payment on Harvest and inform Abacist.

3. Email Abacist with retainer details: (client(s) name, amount, retainer invoice #) so that when payment comes through to QBO she can assign the client and put retainer in Retainers/Client Deposits account.

How to Create Retainer in Harvest

1. Log in to Harvest

2. Under "Invoices" select Retainers

3. + New Retainer

4. Choose Client from drop down list

5. Choose Project from drop down list

6. Create Retainer

7. + Add Funds

8. Add Project Name

9. Change "Issue Date" to the date payment was received

10. Change "Due Date" to Upon Receipt

11. Add Subject: Allied8 Retainer Invoice

12. Delete unnecessary "services" line items

13. Add description: Retainer for "name of project"

14. Add Unit Price

15. (If Applicable) Add any notes, which will be displayed on the invoice

16. Save Invoice

17. Record Payment

18. Add payment and any relevant notes.  

19. Not required, but it is nice to send the automatic "Send Thank-You" e-mail for payment

20. Save copy of PDF invoice to Admin folder: Accounting - Invoice backup 

When Applying a Retainer:

1. Create monthly client invoice

2. Select, apply the retainer when drafting invoice.  This is also relevant when applying partial retainers.

3. Add a note in the subject invoice line "Retainer has been applied" or "Partial retainer applied"

4. Send the client the invoice

How to Archive a Retainer with a Balance

1. Go to Invoices > Retainers, and open the retainer you need to close.

2. Click + Add Funds.

3. Generate a dummy invoice for the negative amount of the balance of the retainer.

   • Ex. If the retainer balance is $100, generate a retainer invoice for -$100.

4. Save the invoice, and mark it as paid from Record Payment.

5. Save the retainer invoice for record retention.

6. Select View Retainer Details at the top left of the invoice to open the retainer.

7. Click Archive.

8. Update A/R spreadsheet retainer amount

9. Inform Abacist of the refund to client.

If you’d like those funds to show up in future invoice and payments received reports, simply create a new, free-form, regular invoice for that amount and mark it as paid.