Managing Retainers When Crediting an Invoice in NetSuite SuiteProjects Pro

Understanding how retainers are managed when crediting invoices is crucial for maintaining accurate financial records and ensuring your retainer balances are correctly applied in NetSuite SuiteProjects Pro. When an invoice with a retainer is credited, the total charge is reverted, but the retainer amount stays on the original invoice. If this step is overlooked, it can lead to discrepancies in your retainer pool, affecting future invoices and cash flow.

By following the correct procedure to clear out the retainer before crediting an invoice, you prevent potential errors and ensure that your retainers remain accurately tracked and available for future use.

Example:

• Invoice Total Charge: 10,000 USD
• Retainer Draw: 1,000 USD
• Total Balance: 9,000 USD

After crediting, the 10,000 USD becomes available for re-billing, but the 1,000 USD retainer does not return to the retainer pool. To correct this, you must manually recreate the 1,000 USD retainer.

!! Important.  Be sure to clear the retainer before crediting the invoice.

• Go to the invoice.
• In the Credit/Rebill tab, navigate to Properties.
• Under General, remove the 1,000 USD retainer draw.
• Click Save.
• Refresh the page.

The retainer balance will update to reflect the 1,000 USD available for use.

Following this process ensures the retainer is correctly reallocated before crediting the invoice.