How do I set up flat rates and retainers in a project?

With TimeStatement, you can add fixed amounts to a project that are invoiced independently of the recorded project time. There are two types:

• Flat rate: a service that is invoiced once on a specific date.
• Retainer: a service that is invoiced at regular intervals, for example monthly or yearly.

You set up both types directly in the project. When you create an invoice, you can then add them in just a few clicks – this saves time and makes sure recurring amounts aren't forgotten.

Flat rates and retainers explained & practical examples

A flat rate is a good fit for services that are billed once at a fixed price, for example:

• Setup or onboarding fees
• Fixed prices for a project or a project phase

A retainer is a good fit for services that are provided and billed at regular intervals, for example:

• Licenses, subscriptions and memberships
• Rental and leasing agreements
• Maintenance, support and consulting agreements
• Registered office fees, board fees and flat accounting fees

Opening flat rates and retainers in the project

1. Go to the "Projects" tab and select the project.

2. In the project, click the "Flat rates / Retainers" tab.

3. Use the "Flat rates" sub-tab for one-off services and the "Retainers" sub-tab for services that are invoiced at regular intervals.

Creating a flat rate

1. In the "Flat rates" sub-tab, click "Create Flat rate".

2. Enter a name in the "Name" field, for example "Setup fee". The name is required – you can only save the flat rate once it's filled in.

3. Enter the amount in the "Amount" field. The currency is the currency set for the project.

4. Select the date of the flat rate in the "Date" field. By default, today's date is entered.

5. The content of the "Text" field appears as the invoice line on the invoice. By default, it contains "[name] from [start]". Adjust the text if needed. The following placeholders are available:

• [name]: name of the flat rate
• [start]: date of the flat rate
• [startDay], [startMonth], [startYear]: day, month and year of the date

6. In the "Remark" field, you can add further information about the flat rate.

7. Optionally, you can enter an "Accounting ID". This ID defines the account for this service in your accounting software, for example a revenue account.

8. Click "Save".

Note: To edit or delete a flat rate, click the entry in the list. Adjust the details and click "Save", or remove the flat rate with "Delete". When editing, a drop-down menu with text templates is also available next to the "Text" field.

Creating a retainer

1. Switch to the "Retainers" sub-tab and click "Create Retainer".

2. Enter a name in the "Name" field, for example "Maintenance contract", and set the "Amount". Here, too, the currency is the project currency.

3. In the "Interval" field, enter how many months there are between invoices – for example 1 for monthly or 12 for yearly.

4. In the "Start" field, set the date from which the retainer applies. The "End" field is optional: if you leave it empty, the retainer has no end date.

5. Under "Invoice at", you can choose "Start" (default) or "End". This setting is for information only and doesn't affect invoicing.

6. For retainers, too, the content of the "Text" field appears as the invoice line on the invoice. By default, it contains "[name] from [start] until [end]". In addition to the flat rate placeholders, retainers offer the following placeholders:

• [end]: end date of the period
• [endDay], [endMonth], [endYear]: day, month and year of the end date

7. If needed, add a "Remark" and an "Accounting ID" as for flat rates.

8. Click "Save".

Adding flat rates and retainers to an invoice

1. Go to the "Invoices" tab and click "New Invoice". The "Select Project(s) to invoice" window opens.

2. Switch to the "Project" tab and select the project.

3. Under "Period", select the billing period: "Since last invoice", "This month", "Previous month", "This quarter", "Previous quarter", "This year", "Previous year" or "Custom".

4. The "Flat rates / Retainers" section shows the project's flat rates and retainers that fall within the selected period. Select the entries individually or check "Select all Flat rates / Retainers".

5. Click "Add" to add the selected entries to the invoice.

Note: A retainer appears as a separate entry for each period. Example: a monthly retainer "Maintenance contract" starting on November 1 is shown twice for the period "This year" – once for November and once for December. For the period "This month" in October, it doesn't appear yet, whereas the "Setup fee" dated in October does.

For more information on creating invoices, see How do I create invoices and record payments?

Billable items in the project

On the project's "Details" tab, use the "Billable" field to define what is invoiced for this project when you create an invoice. The field is shown as soon as "Billing type" is set to something other than "Not billable". You can select one or both options:

• "Tracked hours": the recorded project time is invoiced.
• "Flat rates and Retainers": the flat rates and retainers set up in the project are invoiced.

By default, both options are selected. If only "Flat rates and Retainers" is selected, only the flat rates and retainers are invoiced, not the tracked hours. If both options are selected, the tracked hours are invoiced in addition to the flat rates and retainers.

Copying flat rates and retainers with a template

When you create a new project based on an existing one, you can copy its flat rates and retainers:

1. Go to the "Projects" tab and click "Create Project".

2. Under "Template", select the project you want to use as a template.

3. Enable "Copy Flat rates / Retainers".

4. Click "Next" and complete the new project.

Tip: With a sample project, you define your standard settings once and reuse them for new projects.

Currency note: The examples in this article are given in euros (€). However, other currencies such as CHF and USD are also available in TimeStatement.