Create a Retainer Invoice Template for Procurement Effortlessly

Retainer invoice template for Procurement

foreign [Music] hi everyone I'm Jackie with the support team at monograph today I will walk you through our recommended practice for adding retainers to your invoices quick disclaimer we currently don't have a dedicated retainer field this video will provide a workaround for how to add a retainer to your invoice now that that's out of the way let's get started with our invoice the first thing you would want to do is head into your project of choice and navigate to the invoices tab alternatively you can also navigate to the invoicing page on the left side menu once there you could click on new invoice to get started or click on an existing draft invoice I'll click into invoice 2. since I already created it beforehand here you'll be greeted by your invoice Builder that contains fixed fee services hourly services consultant Services expenses and other items for the retainer we'll go straight to the other items tab to add it as a one-time charge here I'll click on add line item and then I'll add the item in question description quantity and rate to keep everything clear and concise for your client and your team I would recommend adding the description stating that this retainer will be applied to the final invoice next I'll head into the designer tab well I'll put in my terms reference number and notes for this invoice for the reference number we suggest adding retainer to help identify that this invoice was for the retainer we also suggest adding some details in the notes field to indicate that a retainer of ten thousand dollars has been added you could also let them know that this will be applied as a credit in your final invoice once the terms have been laid out and notes have been added you can head into the preview tab to check out the invoice before marking it as open and sharing it with your client here you'll see the reference number notes and the other line item containing the retainer since I'm all good to go I'll mark this invoice as open when your client has paid this invoice Mark the invoices paid and select the payment date alternatively if your client makes a payment through monograph the invoice will automatically be marked as paid now that our initial invoice has been created and paid we will head back into the projects invoices tab to get started with our final invoice as before click on new invoice to get started I'll click into invoice 3 since I created it beforehand similar to before we will build any items as necessary before heading into our other items tab if you would like more information on how to build Services expenses or Consultants feel free to head to Our Help Center or our YouTube channel to view our existing resources on the subject now I'll head into my other items Tab and add the line item for the credit of the retainer once again you can add the item in question description quantity and rate except with this final invoice being a credit you would update the verbiage of the description to indicate that you would also add a dash in front of the rate to create a negative line item which in this case is a credit to the invoice we can then head into our designer tab to allocate terms a reference number and notes as you can see the notes were saved from the last invoice we can update the notes to Let the client know that the retainer will be applied to this final invoice as a credit just like before head into the preview tab to take a look at the invoice before marking as open and sharing it with your client while the retainer information can be found within the individual invoices we also recommend adding a note to the project to do this head back into the Project's overview page click edit then General to add a note that a retainer has been added to your invoices this ensures everyone is aware that a retainer has been applied to this project without having to go into each invoice we hope this best practice helps you in adding retainers to your invoices if you have any questions please reach out to your customer success manager or to our support team and we'll be more than happy to help thanks for watching and talk to you soon