How do I account for retained deposits?

Summary

The following article explains how to deal with any retained deposits for vehicle sales orders that have fallen through and for which you are keeping the deposit.

In Detail

• Once you have cancelled the sales order and chosen not to refund the deposit, the amount held on the customers account will need to be payed 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.
• Point at the document for which you wish to pay off.
• 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.
• Press <Esc>.
• Choose [Accept] to post the payment.

Feedback

Thank you for using our Knowledge Base, we value your feedback. Did you find this article useful? 'Yes' or 'No'

Keywords AND Misspellings

deposit, kept, retained