What is Clients & Profits definition of a retainer?
Retainers allow an agency to bill a client before actually incurring any costs. Retainers are not monthly fees for services that will be billed repeatedly, but rather a prepayment for services that will eventually be billed. These eventual billings can be from any of a client’s job tickets or even miscellaneous billings. Clients & Profits treats this prepayment as a liability in the General Ledger.
