Difference between revisions of "How do I account for retained deposits?"
From Catalyst
(Bulk update) |
|||
| Line 1: | Line 1: | ||
| + | {{Review}}{{Update}} | ||
== Summary == | == Summary == | ||
The following article explains how to deal with any retained deposits for unit sales orders that have fallen through and for which you are keeping the deposit. Since no taxable sale has taken place and the contract has been broken, you should not need to account for any V.A.T. on this money, but you should check with HMRC or your local tax authorities to establish the correct procedure. | The following article explains how to deal with any retained deposits for unit sales orders that have fallen through and for which you are keeping the deposit. Since no taxable sale has taken place and the contract has been broken, you should not need to account for any V.A.T. on this money, but you should check with HMRC or your local tax authorities to establish the correct procedure. | ||
Revision as of 10:45, 13 July 2020
 |
This article or section is under review. Be aware: Content may change as the document is reviewed. |
 |
This article or section is out of date and scheduled for a review. Be aware: Content may not match the current version of Platinum. |
Summary
The following article explains how to deal with any retained deposits for unit sales orders that have fallen through and for which you are keeping the deposit. Since no taxable sale has taken place and the contract has been broken, you should not need to account for any V.A.T. on this money, but you should check with HMRC or your local tax authorities to establish the correct procedure.
More Information
 | Once you have cancelled the sales order and chosen not to refund the deposit, the amount held on the customer's account will need to be paid off to a relevant nominal centre using " Sales Ledger Receipts". |
Go to " Sales Ledger Receipts".
- At "Customer:" type in the Customer's account code if known, or search for a Customer.
- Select the document that you wish to clear.
- Press <F> and <Enter> to pay the amount in full.
- Press <Esc> to enter the payment details.
- Enter an applicable comment e.g. 'Deposit Kept'.
- In the "Centre", enter an appropriate Nominal Centre code, or create one.
- If you do create one, ensure that it is on the 'profit and loss' as Sales.
- Press <Esc>.
- Choose [Accept] to post the payment.
See also
