When should I use the Receive Payment function as opposed to the General Retainer function when entering a receipt from a client?
The Receive Payment function should be used if the payment from a client should be applied to an invoice that has already been created. The General Retainer function should be used if the payment should be applied to items that will be billed in the future. In general, determine if the items for which you want to pay have been billed. If they have, use the Receive Payment function. If they have not, use the General Retainer function. Example 1: You discuss a case with a client and agree to take on the case. The client gives you a check for $500 toward the work you will do. Since no bills have been created for this client, you should use the General Retainer function to receive the funds. When you eventually bill the client, the $500 general retainer will be automatically applied to the bill to reduce the amount owing. Example 2: You have worked on a case for a client and have entered time and expense recovery entries. A bill is created and mailed to the client. A week later, you receiv
