How can I manage retainer and deposit applications effectively in invoices?
When creating invoices in Design Manager, managing retainers and deposits accurately is essential to avoid common errors such as accidental application of funds or leftover deposit amounts. Below, we outline steps and tools available in Design Manager to optimize invoice processes effectively.
Managing Retainers for Invoices
To prevent an available retainer amount from being applied to an invoice accidentally, ensure the following:
Leave the Retainer field blank when creating the invoice. Do not enter any value here unless you intentionally want to apply a specific amount from the retainer.
Keep in mind that the Available Retainer shown in the invoicing screen is purely informational. No retainer will be applied unless you explicitly input a value.
This method ensures that retainers are not applied inadvertently, offering better control over fund allocation.
Preventing Leftover Deposits After Final Invoicing
When issuing a final invoice, especially if multiple items are involved, leftover deposit amounts can sometimes occur. To avoid this issue, follow these steps:
Use the Deposit Analysis report to review and reconcile deposits before generating the final invoice. - Navigate to the applicable reporting tool within Design Manager to access Deposit Analysis functionality. - Review the Deposit Received amounts for each item on the last page of the report. This allows you to confirm how deposits will be applied during invoicing.
If discrepancies or residual amounts are identified, adjust your records to ensure each item's deposit will be fully applied to the final invoice.
Once all deposits have been reconciled at the item level, proceed with generating the invoice.
This approach ensures accuracy in deposit applications and prevents any "deposit available" balance from remaining after invoicing.
Additional Tips
Regularly review invoicing and deposit practices to maintain consistency and avoid errors.
Leverage reports and tools within Design Manager to gain insights into fund application processes.
By following the steps outlined above, users can effectively manage retainer and deposit applications in invoices, minimizing errors and ensuring a smooth invoicing workflow.