Retainer invoices are issued by firms to request upfront funds before a project begins. This ensures secured services as needed, acting as a deposit or pre-payment for future work.
Retainer invoices are documents issued by a firm to request funds from a client before a project begins. This ensures secured services for future use and acts as a deposit or prepayment.
Advance payments collected from clients cannot be recognized as immediate income.
In accounting, a “retainer” refers to an advance payment by a client for services. If it is a "pay for access" retainer, the business or service provider must deliver services regularly for a set number of hours each month. The retainer payment is due immediately upon signing the agreement.
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