Is a retainer an asset or liability?

The retainer or deposit is treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services. When you invoice the customer and receive payment against it, you'll turn that liability into income.

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Legal Services Agreement - Retainer

Pima Arizona Legal Services Agreement - Retainer

Name: Pima Arizona Legal Services Agreement - Retainer
Brand: US Legal Forms
Rating: 4.67 (254 reviews)

Category:

Attorneys

State:

Multi-State

County:

Pima

Control #:

US-00554

Format:

Instant download

Description

According to this agreement, client agrees to pay a retainer fee for legal services. The client and attorney agree that no attorney/client relationship will exist until the law firm has received the retainer fee from the client.

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How to fill out Pima Arizona Legal Services Agreement - Retainer?

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FAQ

A retainer agreement is a contract wherein a client pays another professional in advance for work to be specified at a later point in time. In exchange, that professional agrees to make himself available to that client for a certain number of hours within a predetermined timeframe.

The retainer or deposit is treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services. When you invoice the customer and receive payment against it, you'll turn that liability into income.

Retainer agreements should: Always be in writing. Oral agreements are common, even though ethical rules in many jurisdictions prohibit or discourage them.

For example, write Cash in the accounts column and $6,000 in the debit column to reflect the receipt of the retainer fee in cash. Write Unearned Revenue with a left indent in the accounts column on the next line of the journal entry and the amount of the retainer fee in the credit column on the same line.

A retainer fee is an advance payment that's made by a client to a professional, and it is considered a down payment on the future services rendered by that professional. Regardless of occupation, the retainer fee funds the initial expenses of the working relationship.

Write a description of the journal entry in the accounts column on the next line of the entry. For example, write Record receipt of retainer fee in the accounts column.

How to Write a Retainer AgreementStep 1 Acquire Your Copy Of The Retainer Template From This Page.Step 2 Introduce This Retainer, The Service Provider, And The Client.Step 3 Define When Service Must Begin And When It Must Terminate.Step 4 Document The Pay Rate Or Manner Of Compensation.More items...

A retainer is by default non-refundable and is not returned. Instead, it gets applied to the total. Think of a security deposit for an apartment or a cleaning deposit for an event venue rental (separate from the actual fee for the event cost itself). These are fees that are separate from the total.

How to record a retainer payment to a vendor in quickbooks...Go to the Lists menu, then select Chart of Accounts.In the Chart of Accounts, right-click anywhere, then select New.From the Other Account Types drop-down, choose Other Current Asset.Enter Prepaid Inventory as the Account Name.Select Save & Close.

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Would you like to have help completing a default form for your Family Court case? You cannot have a conditional costs agreement in a criminal or a family law matter.1. EDDIE G. DISTEL, attorney registration 05727, is DISBARRED from the practice of law in the State of Colorado effective thirty – one days. Investment Management and Advisory Services. School funds of the county lies in the dis- Kenton County ( Ky .

And the total sum of monies then owing to all the parties concerned, together with court costs of this action, amounts to the sum of 22,500.00 The parties wish to do business with each other, and are engaged in business with Eddie Distal, Attorney Registration No. 05727, in this action. Eddie Distal, attorney, having been duly registered and licensed under the provisions of the rules of legal conduct for professionals in the state of Colorado, hereby does make this written statement and declare that he knows of no reason why this action should not be dismissed with costs and without the necessity of taking testimony. Signed on this day of August 29, 1993. EDDIE DISTAL, Attorneys for Defendant The Plaintiffs/Respondents/Attorney Registration No. 05727 in the matter of The State of Colorado v. James V. Liner, Respondent, JOSEPH B. GATT IS, Attorney Registration No. 05727, and DANIEL G. GATES, Attorney Registration No. 05727.

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Pima Arizona Legal Services Agreement - Retainer

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How does retainer contract work?

Is a retainer an asset or liability?

Does a retainer agreement have to be in writing?

How do you record retainer fees in accounting?

What is a retainer agreement what should be contained in it and when should it be created?

Is a retainer fee an expense?

Where do you record retainer fees in accounting?

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