How do I refund a unit deposit?
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Contents
Summary
This article explains how to refund a deposit taken against a unit.
More Information
 | Units: Unit is a general term used to cover all types of vehicle and machinery, including items such as motorcycles, scooters, cars, trucks, vans, caravans, motorhomes, boats, tractors, ATVs, agricultural equipment, wholegoods and construction equipment. |
Deposits may be refunded for units for a number of reasons. The customer cancels their order, the dealer can't get the bike the customer wants, the customer's circumstances may have changed.
Removing the Deposit
To remove a deposit on its own, go to " Unit Sales Deposits".
- Enter the customers account, then <F2> to show the customers deposits.
- Find the deposit to refund and press [Refund].
- Check the refund method is correct, press [Done], print a receipt for the refund if required, and then accept the refund.
Removing Deposit and Sales Order together
Check whether a sales order has been created by going to " Unit Sales Unit Sales Documents".
- Find the order relating to the customer and press <F10> to delete this order. The system will warn you about the deposit and ask if you want to refund the deposit, leave the deposit unallocated on the customer's account, or cancel the removal of the deposit.
- Choose the appropriate option - if you are retaining the customer's deposit, then use the "Leave" choice, and your accounts people will deal with the money from there. If you are refunding the deposit, the system will prompt you to refund the money by the same method as the deposit was paid originally. Press <Esc> and <Accept> if the refund method is correct.
- If there was a part exchange involved and it has not been sold, the system will ask if you want to remove the part exchange unit. Choose "Yes" if you are not retaining the part exchange unit.
Retained Deposits
- Accounts will need to deal with retained deposits. Current legislation at this time says that there are no V.A.T. implications to retaining a deposit since no taxable sale or contract has been made. You may choose either to keep the money available for the customer to use against other sales, or to have the customer forfeit the money.
- If they are to forfeit the money, you will need to refund the unit deposit as per "Removing the Deposit" above, make sure that you enter a comment about the deposit being retained.
See also
- How do I find a customer?
- Taking a unit deposit
- How do I account for retained deposits?
- How do I account for VAT on unit deposits?
- Selling a unit
