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How to - Retainer billing

TimeCache has extensive support for retainer biling. If you have clients who pay on a retainer basis, TimeCache can help with your billing as well as with your time tracking.

Basically all you need to do to bill clients for retainers with TimeCache is to create a retainer billing category.

Setting a billing category to default to "Apply to retainer"

Then when your retainer period begins, add an entry to your Daily Log that uses a retainer billing category, and set the charges for that Daily Log entry to the amount of your retainer.

A Daily Log retainer entry

Meanwhile, to track the actual time you put against a retainer, TimeCache offers two options. The first is to enter your time as you normally do, but use the "Apply to retainer" option for entries billed to a retainer.

Setting "Apply to retainer" for a Daily Log entry

Or you can use billing categories that are set up to apply to a retainer by default. Using one of these "default apply to retainer" billing categories eliminates the need to choose the "Apply to retainer" option for Daily Log entries. Creating a billing category with apply to the retainer as the default simply requires clicking the "Apply to retainer" checkbox in the Billing Category dialog when you set up or edit a billing category listing.

Setting a billing category to default to "Apply to retainer"

Invoicing

When it's time to bill for retainer jobs, use the TimeCache invoice options to show only the retainer amount, or to also include entries applied to the the retainer. (Some users show only the retainer entry(ies), and then follow-up with a report that details the work applied to the retainer.) There is also an invoice option to show a review of retainer activity, including how much of a retainer fee there is remaining.

Setting "Apply to retainer" for a Daily Log entry

You can have more than one retainer billing category if necessary. You can also use them for handling situations that aren't formal retainer arrangements, such as day rates.

Download a free trial copy of TimeCache 9.0 and see for yourself.

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