A retainer example
Here's an example of how retainer billing might work for you.
Let's say you're a graphic designer and have a retainer agreement
with Acme Widgets to provide 20 hours of time each month at an
hourly rate of $100.00. The first thing you would do is create a
billing category to record retainer amounts. Each month you would
add an entry to your "Acme Widgets:Ongoing work" project/matter,
using your "Retainer" billing category, and an amount of
$2,000.00.
Then for all Acme Widgets work, you add entries using a
"Design-Retainer" billing category which applies to the retainer by
default. (A setting you made when you created or edited the
category.) The only charge on the project for time is the $2,000
retainer fee.
Since your retainer agreement does not cover expenses, any expense
entries for Acme Widgets would be added to the $2,000 retainer
total each month.
Since your retainer agreement allows you to charge for time beyond
the 20 hours, any work after you've reached $2,000 for the month is
entered with a different billing category that is not applied to
the retainer (or you can change individual entries' retainer
status), so that they too will be added to the $2.000 total for the
month.
If your agreement with Acme Widgets provides for a separate
retainer amount for individual projects, you can create separate
projects for each retainer.
|
Previous Next Up to "Retainer
billing"
|