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What is the journal entry to record a retainer fee?
Debit retainer fee expenseCredit cash / bank
What is an annual retainer fee?
An annual retainer fee is the cost for a commitment to have services available if they become needed. The annual retainer fee typically refers to legal services. Charges for work done is in addition to the retainer.
The fee is paid to an attorney to engage their services is called?
a retainer fee
How do you prorate a monthly retainer fee?
To prorate a monthly retainer fee, first determine the daily rate by dividing the total monthly fee by the number of days in the month. Then, multiply the daily rate by the number of days of service provided within that month. This calculation gives you the prorated amount for the specific period of service. Adjustments may be necessary if the retainer covers services that vary in usage or intensity.
What if your broker is requiring a retainer fee?
Lose them............fast.
Can an attorney charge two retainer fees?
Generally, unless the fees are excessive, attorneys are free to charge as much or as little as they want, and do so with whatever fee schedule they want. If the client does not like the billing method, they can hire a different attorney. It is common for attorneys to charge a set retainer that they bill against. Once that retainer has been used, they would then ask that the retainer be replenished.
How do you prorate an independent contractors monthly retainer fee?
To prorate an independent contractor's monthly retainer fee, first determine the daily rate by dividing the total monthly fee by the number of days in the month. Then, multiply the daily rate by the number of days the contractor provided services during that month. This calculation gives you the prorated amount owed for their work. Adjustments can be made if the contract specifies different rates for partial months or specific services.
Is there such a thing as having a lawyer on standby and if so how are the payments arranged?
The term usually used is "on retainer." A retainer is basically a fee paid up front for the services of a lawyer. The details vary, but usually it works something like this: The client arranges with the lawyer to represent him in either a specific legal matter (with details to come later) or just in general (as needed). The client pays the lawyer some amount of money up front. When/if the client actually uses the lawyer's services, the cost is deducted from the amount already paid. When the costs of the services approach the amount of the retainer, the lawyer and the client must reach some other arrangement. Should the client NOT use the services of the lawyer, the retainer fee is (usually) considered refundable. What you're describing sounds like something else, since the payments are made up front in a typical retainer agreement.
What does RL FEE mean?
RL FEE may refer to a "return label fee," which is a charge associated with using a return shipping label provided by a company. This fee is often deducted from the refund amount when returning an item.
Do you get your unused legal retainer fee back?
Whether you get your unused legal retainer fee back depends on the terms of your agreement with the attorney. Typically, a retainer is an advance payment for legal services, and any unused portion may be refundable. However, this can vary based on the specific arrangement and the work performed. It's best to review your contract and discuss it with your attorney for clarity.
How can I find a good product liability lawyer that doesn't require a retainer?
The best thing to do is to look in your local newspaper. It will have a listing for all the lawyers in your neighborhood and it will show on the ad if they have a retainer fee or not.
How much money does a coin star ded if you have fifty dollars?
The coin counting processing fee, deducted from the total once coins have been counted, is 9.8% in the USA, some stores may have a lower rate.
