Using Retainers

Customers with Multiple Retainers (and Accounts)

When mutiple Retainers (and retainer accounts) are being used for a customer, the selection of the correct Retainer may be necessary when applying a Retainer as a payment to the customer invoice.

To select the correct Retainer:

  • Enter the Receive Payments window
  • Select Pay from Retainer
  • Click the Details button
  • Select the correct Retainer, which is linked to its retainer liability account, from the Retainer dropdown menu
  • Continue processing

Customers with Existing Retainers (and Accounts)

If you currently have customer retainers in liability accounts, the new AccountEdge 2011 Retainer feature will not automatically know about them. You have 2 options when upgrading: you can use your current implementation of retainer tracking until the funds are exhausted, then switch the the new Retainer system. Or, you can update the new Retainer system with the value of the current retainer liability account for each customer. This would be done after creating the retainer information, and linking it to the appropriate (curren) account. Here are the steps:

  • Create a client Retainer Record, indicating its name, and link it to a customer card and the current liability account
  • Click on Receive Retainer
  • Select your checking account at the top of this window forDeposit to Account
  • In the Amount Received field, indicate the amount in the current liability account
  • On the allocation line, use the same checking account as the posting account
  • Indicate the value of the current liability account on the allocation line, in the Amount column
  • (The above step creates both a credit and debit to the checking account)
  • A note should be made in the memo field as to why this is being done (to be recalld next year)
  • The Retainer system will now have a record of the funds in the linked retainer liability account
  • Either now, or at next bank reconciliation, you'll need to clear the 2 offsetting, checking entries you just created

Refund Retainers

To Refund a Retainer

  • Using a Miscellaneous Layout, Create and Record an empty Sale for the customer
  • In the Sales Command Center, select Receive Payments
  • Select Pay from Retainer
  • Enter the customer's name
  • Place a check mark in the Include Closed Sales box (lower left)
  • Indicate the Amount Received (the Retainer Refund amount)
  • Indicate this amount in the Amount Applied column for this invoice (the invoice will have an SJ invoice number if you used the Miscellaneous Layout)
  • Click Record. You'll have created a Credit Memo
  • In the Sales Register, select the Returns and Credits tab
  • Highlight the Credit Memo, and select Pay Refund
  • Click Record to record the Refund Check