Retainer invoices are documents that the firm can provide to clients to request funds before the project begins. It’s a way to secure services for use as needed. In other words, it acts as a form of deposit or pre-payment.
Retainer invoices are documents that a firm can issue to clients to request funds before a project begins. This method secures services to be used when needed. In other words, it serves as a form of deposit or pre-payment.
When you collect advance payments from your clients, they cannot be considered immediate income.
In accounting, the term “retainer” means the client pays part or all of the service fees in advance. If the retainer is a “pay for access” type, it means the business or service provider must deliver services to the client regularly for a set number of hours each month. Additionally, the retainer payment must be made immediately after the agreement is signed.
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