Retainer invoices serve as official records that the firm can furnish to the client, seeking funds in advance before commencing a project. This mechanism facilitates the procurement of services for future utilization, essentially functioning as an initial payment or deposit.
The firm has the capability to furnish retainer invoices to the client, serving as a means to request funds before commencing the project. This practice ensures the availability of services when needed, essentially functioning as a safeguard or advance payment arrangement.
When you collect advance payments from your clients, they can’t be considered immediate income.
The term “retainer” in accounting means the client pays a part or all of the services as an advance. If, in case, the retainer is “pay for access,” it means the business or service provider must provide services to the client regularly for a set number of hours every month. Also, the retainer payment must be paid immediately after the agreement is signed.
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