Retainer invoices serve as formal requests from the firm to the client for funds in advance of the project commencement. This approach ensures the availability of services when needed and functions as a deposit or pre-payment to secure the anticipated services.
Retainer invoices serve as formal requests from the firm to the client for funds in advance of the project commencement. This approach ensures the availability of services when needed and functions as a deposit or pre-payment to secure the anticipated services.
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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