Project Accounting Retainer Schedule

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Posted on by Richard Wheeler

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What is the proper suggested way to setup and use retainer schedules using GP Project Accounting? Let say your retainer schedule consists of the following:

8 hour block of hours is $1,000

20 hour block of hours is $2,000

40 hour block of hours is $3,000

When the project starts the client purchases a block of 40 hours and is billed a retainer fee of $3,000. These hours are consumed but a little more time is required so the client purchases an additional block of 8 hours. On the project screen there is only room for one retainer fee. Do you click on the blue arrow next to Frequency-Scheduled and add an additional $1,000 with a date in the future? Will this then allow you to enter a bill for $1,000?

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Microsoft Dynamics GP

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Isaac Olson Microsoft Employee on at

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Hi Richard,

You are correct, you would start with your $3000 40 hour block, then when they purchase an additional 8 hour block, you would add a new line to the schedule, but you would use the date that they they purchased the new block of hours so that the next billing that you send, it will be picked up. If you future dated it, then it won't automatically get picked up on the billing until your billing date is after the date of the scheduled retainer fee amount.

Thanks!

Isaac Olson

Microsoft Support