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Client to replenish retainer account

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Dera Pease Posted: Tue, Aug 1 2006 11:56 PM

I would like to establish a monthly bill for clients with retainers/escrow accounts that shows the monthly charge, the required retainer balance (the original amount) and the amount they are to pay that month (the monthly charge).  

The retainer would be returned to the client at the end of his project in full assuming he has paid his invoice in full each month.

 I could handle this by setting up a billing account for each client and an escrow account for each client.  However, I was hoping I could have just one account and show the monthly billing, the amount due, and the retainer balance.  If the client does not pay his account in full for 2 months, the retainer is used to bring his account current and using the two account method, I would have to physically make this adjustment.

Any input would be appreciated.

Thank you,

Dera Pease

Legal Secretary

Auburn, IN

TM/BM Plus 7.0  

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Posts 1,280

If I understand correctly, you want these matters to always have a fund balance and you do not want to use those fund monies to pay the invoices. You do not create separate fund accounts for matters. Billing Matters will keep track of the funds that are associated with each matter although they are in the same physical account. 

This is a billing set up question. For each matter, set the billing preferences - funds tab to the proper fund account. In the minimum and prefered balance enter the amount that you want in the fund account. Make sure the auto apply payments is NOT checked. Create your bills. There should be an added messages asking to replenish the funds account to the apprpriate amount.


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