Creating a Retainer project

Retainer is one of the four budget types available for projects in Forecast. Retainer budgets allow control of your project's financials for the duration of the project. Retainers help manage the ongoing, dynamic needs of your clients when the exact workload or tasks may not be known from the start, but you’ve agreed to provide a certain number of hours or a specific value of service each month. 

This article covers:

• Creating a new Retainer project
• Updating an existing project type
• Adding or deleting periods
• Related articles

Creating a new Retainer project

Users can create new retainer budget projects using Create or New Project in All Projects.

To create a retainer project

1. Click Projects in the top bar. 
2. Select All Projects from the dropdown
3. On the Projects page, click New Project.

• Alternatively, click Create from anywhere in the platform and select Project.

1. Complete the fields in Create new Project.
2. Click More settings.
3. Under Budget Type, select Retainer. 
   
4. Set the budget for the new project.
   • Rate Card: Select the rate card that should be associated with the project. All financial information will be based on the rates that the rate card currently has. 
   • Billing period: Select from Daily, Weekly or Monthly. The periods that are created on the project will be based on this setting. For example, if the setting is set to monthly then the periods will be months.
   • Frequency of billing: Select how frequently the project should be billed. For example, if the billing period is set to monthly, it is possible to set the frequency to two months instead of one. 
   • Period budget type: Select whether the period's budget type should be Fixed Hours, Fixed Price, or Time and Material. Based on this setting the last option will adapt accordingly.
   • Hours/price/target: Depending on the previous setting, it would be required to input either the hours, the price, or the target. This will be the goal, of each period. The amount you set up here will become the Default Period Target.
5. Select to pre-create periods, if desired. It is possible to create periods manually later from the project itself.
   
6. If Yes is selected, set the number of periods that should be pre-created in the field next to it.
7. Change/edit the dates of the periods using the calendar button.
8. Click Save and Continue.

Updating an existing project type

It is possible to update an existing project into a Retainer budget project, if needed. 

To change an already existing project to a Retainer Project

1. 1. Click on Projects in the top bar,
   2. Select All Projects from the dropdown.
   3. Locate the project you wish to update to Retainer. 
   4. In the left side panel, click Settings.
   5. Select Financials. 
   6. Click Change Budget Type.
   7. Select Retainer and complete the Period Billing and Budget type, and then click Change.

Adding or deleting periods periods

Periods may be added to Retainer projects during the initial project setup. It is also possible to add new periods to existing retainer projects as long as the project is ongoing and not in Halted or Done stages. For additional information on locking, unlocking and handling period rollover values, check out Managing Retainer Periods.

To add a new period

1. Click Projects in the top bar. 
2. Select All Projects from the dropdown. 
3. Open the project you wish to add a new period to. 
4. In the left side panel, click Retainer Tracking.
5. Click New Periods at the top right.
6. Set the number of periods that should be created.
   
7. New Retainer Dates will increment based on the billing frequency of the project. This will also update the project's end date to reflect the additional period/s.
8. New Total Value will reflect the additional periods based on the project's period target value.
9. Click Add.

It is possible to delete a period if necessary. The option to manage any rolled over or subtracted values will appear before the period is deleted. Deleting a period is final and cannot be undone. If you have deleted a period in error, you will need to recreate it. More information on unlocking periods and reverting rollover or subtracted values can be found in Managing Retainer Periods. 

To delete a period

1. In Retainer tracking, locate the period to delete. 
2. On the far right of the period, use the three dots to select Delete.
3. In Delete Period window, click Confirm to acknowledge the action. 
   
4. In the next Delete Period window, determine how to handle any rolled over or subtracted values that may have already been rolled over or subtracted when the period was locked. 
5. Click Confirm to delete the period. 
   

Related articles

• Overview of Retainer Budget Type
• Understanding Retainer Tracking
• Managing Retainer Periods