retainers deposits argh im getting confused

[Hayleycm]

ok i dont charge a retainer

but i want to charge a 4 week notice thing is it 4 weeks money in advance to cover the 4 week notice people need to give? and do some people charge two weeks in advance? registered in novemeber but getting confused i have anoy after school but didnt charge 4 week notice thing i got all confused?

It's up to you. If people want to book a place a long time in the future, I sometimes charge a retainer, to keep the space for them.

If it is not long, I ask for a 4 week deposit, which is refunded against their first invoice.

You could specify in your contract that this 4 weeks money will be refunded against their final invoice, if you want to keep some insurance against their paying notice fees. It's up to you to decide how you want to do it.

Sorry - not much help. Remember that the 4 weeks they pay at the beginning may not be the same as 4 weeks money when the child leaves in 5 years time. Also, you will need to keep a record of payments you are holding, so you adjust their final invoice by the correct amount.

what des refunded against their final invouce mean? my current mum pay each month via standing order

argh i hate the money part thanks so much for replying

You could charge a month in advance. So payment for childcare starting 1st April would be due 1st March.
Or you could charge at the beginning of the month... so payment on 1st April to cover fees during April.
Avoid billing in arrears... so avoid providing childcare during April and then billing for it at the end of April.

I suspect the easiest way is to send out an invoice towards the end of the month, so say around 20th March, the invoice is for April childcare fees (plus any extra's owed from last payment). That invoice is due to be paid at end of March.
If they wanted to leave come 1st May, then they would give notice along with paying the invoice for April. They could then leave at anytime during April (the notice period) but would not get any money back.

That's what I do, rather than holding on to deposit cheques. I bill on approx 25th of Feb (for example) for the whole of March and the payment is due 1st March. Definitely don't bill in arrears.

right ok i got a woman coming today got child due to start on the isy april i was going to ask for two weeks in advance now to secure place, and then this would count as her first two weeks fees then hand her and invoice like a week before the next months fees are due? she may ask to pay weekly but i do state that i charge a 5 pounds late fee for each day a payment is late??