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Here is How To Automatically Generate a Retainer Invoice For Your Business

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2023-09-08 16:30:03 • Filed to: Invoice • Proven solutions

There are some businesses that charge a payment in advance for goods that are to be provided or services about to be rendered. This amount of money is captured in a retainer invoice. The document contains the details of money paid in expectation of products to be delivered or services to be provided. The retainer invoice is provided to the client by the vendor after the first business interaction.

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What is a Retainer Invoice

A retainer invoice is a document that contains details about the products or services about to be provided to a client. According to the official retainer invoice definition, it requests some initial payment before the work can begin. There are businesses that operate in this way for example in the housing sector. Upon receipt of a retainer invoice, the client is obliged to make the payment so as to receive the goods or services that they desire. It acts as a guarantee of provision from the vendor.

What to Include in a Retainer Invoice

There are a number of important parts in a retainer invoice. They are:

• The Title “Retainer Invoice”

This document is generated in official capacity. Therefore, it must be formally titled as a “Retainer Invoice”.

• The Invoice Number

This is a unique identifier of the document. Often made up of numbers, it can also contain letters as well.

• The Date of Issuance

This is the exact date when the retainer invoice was issued.

• The Vendor

This is the party or individual that is providing the goods or services on retainer. Their name, postal address, phone number and email address are indicated. In addition to that, if the vendor is a company, their registration number is indicated as well.

• The Client

The specific recipient of the goods provided, or services rendered on retainer is indicated here. Their full name, postal address, phone number and email address are accurately indicated.

• A Complete Description of Goods Provided or Services Rendered

The products provided, or services rendered in the retainer transaction are indicated here. This is a comprehensive description of all activities provided by the vendor to the client. Should there be some physical products involved, a detailed description along with units of measurement are included.

• The Currency

This is the specific type of legal tender that is utilized in the transaction. This element is especially important in situations where the parties involved are from different countries or unique nationalities.

• The Grand Total

The total amount of money owed to the vendor by the client is indicated here. This amount is tax inclusive.

• The Due Date

This is the specific date by when payment for the goods or service which are indicated in the retainer invoice should be made.

How to Create a Retainer Invoice Easier with FreshBooks

What is FreshBooks

The FreshBooks software is a digital accounting assistant that can assist you to run your business in an easier, more secure way. It can help you to experience rapid growth and profitability. This digital assistant can assist you to automate enterprise processes. Along with this, it assists in the creation of official documents such as retainer invoices. Thanks to this, you have more time and resources to handle other enterprise activities such as advertisement, expansion and market research.

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retainer invoice definition

This software presents you with an interface that is very easy to use and highly intuitive. Thanks to these characteristics, it has a short learning curve. Within it is a collection of capabilities that can automate various activities such as task scheduling, the creation of invoices, organizing expenses, reporting accounts and client interaction sessions. FreshBooks is constructed on Cloud technology. As a result, its users can gain access to the software from any location globally.

How to Create a Retainer Invoice with FreshBooks

With FreshBooks in your business systems, it is quite easy for you to develop a retainer invoice. The software provides you with a pair of modules which can make this possible. They include the Dashboard and also the Invoices panel.

1. Through the Dashboard

The Dashboard contains some resources which can assist you to create a new retainer invoice. Simply tap on the button labeled “Create New”. Having done so, proceed to select the option titled “Invoice”. This will take you directly to a screen labeled “New Invoice”.

create new invoice

2. Through the “Invoices” Panel

This is another resource provided by the FreshBooks software which can help you to develop a new retainer invoice. In this panel, simply tap on a button labeled “New Invoice”. You can find it at the top right-hand corner of the window. Upon doing so, the software will take you directly to a new template where you can enter some details about your retainer invoice.

invoice settings

The FreshBooks retainer invoice template allows you to enter specific types of data. Examples of these are whether the invoice will recognize and accept payments made via credit cards. You also get some options that assist with the customization of the invoice. You can determine the color of the headings and also pick between Helvetica and Garamond fonts for the document.

An important part of the retainer invoice sample is the transaction details section. This part provides you with options where you can enter specific details about the transaction at hand. You are able to customize some important details. Examples of these include:

  • The Company Name, Phone and Address
  • Your Logo
  • The Date of Issuance
  • The Client's Name
  • The Description of Goods or Services
  • The Total Amount
  • Due Date of the Invoice

Having entered the details above in your template, you can Save it. This gives you a chance to resume the document later and make some more changes. On the other hand, if you are sufficiently satisfied with the retainer invoice, you can simply Send it to the client. FreshBooks will deliver the document to them through email.

When it comes to effective business software, FreshBooks takes the cake. This software is capable of assisting with automating business activities and also generating official enterprise documents. You can use it to create retainer invoices whenever required.

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