Creating project retainers
You cannot create a retainer that is outside of
the date range of the contract. The project that is used for posting the retainer
transaction is not subject to any date checks until the
GLTransactionDetail
record is created. You cannot create an invoice for a
retainer that extends beyond the boundary of the contract.- Sign in as Project Accountant, Project Administrator, or Project Manager.
- Select Project Contracts.
- On the Contracts tab, open a contract.
- On the Project Funding tab, select a funding source.
- On the Retainers pane, click Actions > Create.
- Specify this information:
- Description
- Specify a name for the retainer.
- Retainer Amount
- Specify the amount that is billed for the retainer.
- Date
- Specify the date that the retainer is projected to be invoiced.
- Status
- Select the status of the retainer.
Select To Process to indicate that the retainer is complete. The contract is billed when the retainer date is reached.
Select Hold if the retainer is manually controlled. You must remove the retainer hold before the invoice is submitted.
After the retainer invoice has been generated, the status is changed to Draft.
After the retainer invoice is journalized, the status is changed to Processed.
- Payment Terms
- Select a payment term for the retainer invoice. If this field is blank, then the payment terms from the funding source are the default.
- Retainer Project
- Select a posting project to which the retainer is billed.
- Retainer Rule
- Select whether the retainer is applied to expenses for only the retainer project or if it applies to all projects.
- Retainer Finance Structure
- Specify the finance structure to which the retainer is posted. You must select a liability balance sheet account.
- Taxable
- Select this check box if the retainer is taxable. If this check box is selected, the tax rate is calculated using the project funding source tax rate. If a rate does not exist on the project funding, then no tax is calculated when the retainer invoice is generated.
- Next Applied Amount
- If the retainer is not applied in total, you can specify an amount to apply to the invoice. The amount is applied when the invoice is generated and the Apply Retainer field is selected.
- Next Applied Percent
- If the total retainer is not applied, then you can specify a percentage of the original retainer amount to apply to the invoice. The percentage is applied when the invoice is generated and the Apply Retainer field selected.
- Hold
- Select this check box to put a hold on the Next Applied Amount and Next Applied Percent. If the project retainer is on hold when the invoice is generated, and the Apply Retainer field is selected, then the retainer is not applied to the invoice.
- Invoice Format
- Select an invoice format for the retainer invoice. If this field is blank, then the invoice format from the contract is the default.
- Click Save.