Create and monitor a Retainer

A Retainer is when you make an agreement with a Client to work together for a long period of time, collaborating on several projects. The Retainer allows the client to reserve a set amount of your time for an agreed fee. Setting up a Retainer will enable you to link the relevant Projects and track how much of the Retainer has been committed and how much remains, as well as an amalgamated Budget vs Actual.

In this article, you'll learn how to: 

  • Create a Retainer
  • Monitor a Retainer
  • Link a Project to a Retainer

Create a Retainer

  1. From your Dashboard, you can access the Pipeline area from either the CRM tab or the Projects tab.
  2. You will see a list of the Potential Projects in your CMap instance. Click the  icon at the top of the grid and select either Project or Project Extension from the pop-up window.
  3. Complete the Add your new Potential Project form.

    Learn more:
    Want to learn more... here's an article on Setting up a Potential Project. 

  4. When you get to Fee Type, select Retainer from the drop-down list.

    If this option does not appear in the drop-down list, then contact our Support team, who can enable this feature in your instance.

  5. Complete the additional fields that have been added to the form.

    Fields

    Description

    Retainer Value

    The fee value of the retainer.

    Carryover

    The fee value carried over from a previous retainer project (if applicable).

    Additionals

    The additionals value of the retainer.

    Note: This is not a mandatory field, so you can leave it blank.

    Currency

    The rate card that will be used.

    Note: You cannot change the currency here. You need to change the rate card instead.

  6. Once you’ve completed the form, click Save. CMap will give it a new project number and add it into your Potential Projects list.

    If you have Manual Project Numbering switched on, CMap won’t give it a new project number. Instead, you will be required to give your project a code in the Add Your New Project form. 

Monitor a Retainer

Project Details

Go to the Projects tab and click Live Projects. Select the Project No-Title of the Retainer project you wish to monitor. On the Project Details page you will notice some key metrics in the right-hand column.

More Information

This overview provides both the dates and users that undertook key actions.

  • Project Created By: The User that Added the Retainer and the date
  • Project Won By: The User that Won the Retainer and the date

Retainer Overview

This provides an overview of where the project currently is, and where it’s heading.

  • Original Value: The sum of the Retainer Value and Additionals entered when adding the Retainer into CMap.
  • Total Childs Project Value: The sum of all the Projects linked to the Retainer.
  • Total Used (% Complete): The value of linked Projects that can be recognised based on the Progress Percentage Completes.
  • Remaining in Retainer: The value of the Retainer left to be covered by Projects.

Link a Project to a Retainer

  1. Head to the Projects tab and click Live Projects. Select the Project No-Title you wish to link to the Retainer.
  2. When you arrive at the Project Details page, either click the mceclip1.png icon or click Actions and then Edit. This will open the Project Details.
  3. Scroll down to find Parent Retainer. Select the relevant Retainer project from the drop-down list. Press Save at the bottom of the page.

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