Service Billing

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August 31, 2024 4 min read Definitions

Advance Fee: Prepaid Amount Deducted from Final Bill

Finance Accounting Advance Fee Finance Accounting Service Billing Prepayment

Advance fee, unlike retainers, refers to prepaid amounts that are deducted from the final bill based on the actual work done by a service provider. This guide provides a comprehensive understanding of the term, including its types, special considerations, examples, historical context, applicability, comparisons, related terms, FAQs, references, and summary.