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Retainer is a newly introduced feature by FreshBooks to manage client payments.
For businesses, a retainer is an excellent way to manage tasks and forecast income.
Retainers help you work effectively with your clients and office team.
This new feature is available for Plus or Premium plans customers of FreshBooks.
Don’t get confused between retainers and recurring invoices. Retainers are completely different than recurring invoices.
Here are the following ways retainers can help you with many ways to manage your billing payments:
Get a prediction of your monthly income.
Easy way to receive recurring payments from clients in advance.
Simply track working hours against the allocated time and bill clients for extra working hours.
Why You Should Use Retainers?
One tool for all solutions
Easy way to manage billing, payments, Time tracking, and reporting
Automatically send invoices to your clients and get paid on time
Retainers help you save time so that you can focus more on your work.
A simple way to track your working hours
How to Create A Retainer on FreshBooks?
Step-1: Click on the retainers in the menu section. To create retainer, on the green section click on the button “new retainers”.
Step-2: It will open up a form to set retainer terms and invoice schedule. Fill out the information and then click on the button “set and continue”.
Step-3: Now it will show you the preview of your invoice. If required you can make changes in your invoice using the settings menu on the right side.
How to Edit and Track a Retainer?
Step-1: In the left menu section under invoices click on retainers. Now select the retainers which you would like to edit.
Step-2: To edit retainer click on the green button “Edit” on the top right of the dashboard. From here you can edit your invoice before sending it to your client.
How to access Retainer reports?
Step-1: Under invoice section click on the retainer. Now select the retainer which you want to access.
Step-2: Now click on the summary report tab to access the retainer summary.
Step-3: This is your retainer summary report. From here you can download the report and send to your client or download your copy.