Page 78 - Unanet AE: Introduction to Project Management

LESSON 3: RETAINERS

Learning Objectives

Review how to work with retainers.

• Describe how to use the Retainer Wizard.
• List applets that allow you to review retainer amounts.

Introduction

A retainer fee is a fixed amount of money that a client agrees to pay in advance to
secure services. A Sales Journal entry and a Receipt Journal entry need to be created
to record this payment, hitting the retainer account. Our Retainer Wizard takes care of
these entries for you. When clicked, the retainer wizard displays and walks the user
through allowing the user to enter data that creates both the Sales and Receipt
Journal entries.

Retainer Wizard can also be used to apply unidentified cash received for a project.

Retainers

The applets below for retainer postings, and applications, are outlined to show when a
retainer is deposited, how much of a retainer balance remains, and applying retainers to
invoices.

Activity 3.1 – Use the Retainer Wizard for deposits/pre-
payments
In this activity, you will apply a retainer to an account using the Retainer
Wizard.

Activity Steps

1. Navigate to Accounts Receivable > Receipt Journal. The Receipt Journal
applet opens.
2. Select Tools > Retainer Wizard. The Retainer Receipt Wizard window opens.
3. Select 1005 - Checking – Operating in the Bank field.
4. Select 1100 – Accounts Receivable – Trade in the A/R Account field.
5. Select Retainer Account down-arrow. The 1120 – Retainers - Contra Asset
account automatically displays.

LESSON 3: RETAINERS ©2024 Unanet. All rights reserved. 78