A Customer Deposit is an advanced payment made by a Customer which can be taken on a Sales Order. It is recorded as a liability and when it is applied to an Invoice the liability is removed.
Here are the statuses for a Customer Deposit:
- Open: When a deposit is created it is in Open status, meaning none of the amounts has been applied or refunded.
- Partially Applied: Some of the Deposit’s amount has been applied to an Invoice.
- Partially Refunded: Some of the Deposit’s amount has been refunded to the Customer and none has been applied to an Invoice.
- Applied: All of the Deposit’s amount has been applied to Invoice(s).
- Refunded: All of the Deposit’s amount has been refunded to the Customer.
The Customer Deposite module:
- Deposit Date: Select the date of the deposit here.
- Store: Select the store from where the deposit was made from.
- Customer: Search and select a customer in this field.
- Payment Method: Select a payment method.
- Deposit Amount: Enter the amount of the deposit.
- Deposit Account: Select the account the deposit is going into. Typically this would be Undeposited Funds.
- Liability Account: Select the liability account (e.g. Unearned Revenue or Customer Deposits).
- Sales Order Ref#: Search and select a SO# to attach this Deposit to. If a SO is selected here, then the deposit is eligible for use during Pack & Ship. It is recommended to use this field whenever possible.
- Link SO Amount: Enter the amount on SO that is to be linked with the Deposit.
- Exchange Rate: If a foreign customer is selected, you can edit the exchange rate here.
- Reference Number: Enter a reference number here if necessary.
- Reference Number 2: Enter another reference number here if necessary.
- Memo: Enter a memo here if necessary.
- Recording a Customer Deposit
- Customer Deposits: Why it is called Unearned Revenue?
- How do apply or unapply Deposits/Credits on Invoices?
- How do I handle a scenario where I took a 100% deposit on an order and then under shipped them?
- Linking Deposits & Prepayment to Orders
- Sending Deposit/Payment links to your Customers
- Customer Credit, Deposit, and Payment Workflow
- How to hide the display of Invoice/Customer Deposit?
- Is there a way to pull a report for a customer that shows a detailed view of their balance (invoices, deposits, etc)?