Retainer


X

XTMAN

Does anyone know if this program can keep track of a retainer?
I see that employee's can enter in billable time for a client but can that
time be deducted from the client's retainer?
 
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C

Chris Schatte

XTMAN,
This is the way we do this.
From our Quote we create 2 invoices. One for the major percentage of the
contract 90% or whatever. This invoice is where all costs (time/materials)
are related to. This will reduce your overall gross and net for the job
initially, but when the job is finished and the retainage is paid via the
second invoice related to the job/customer your profit %, labor and cost of
goods sold should equal to the quote/bid percentage your company sets.
Your accountant or someone else may be able to give you a better scenario on
retainage contracts.
 

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