Parts Deposit and Process Deposit

Data Source: SALORD, SALDET

Customer Deposits for special ordered parts through sales orders

In some circumstances you may want to take an advance deposit on an order that is a percentage of the total amount of the order. You need to produce an invoice for the customer for the deposit amount, and subsequently allow the accounting person to keep track of the incoming cash. The process is:

  1. Set up a new G/L account number called "Parts Deposit". This account will act as a clearing account because you will put the entry in when receiving the money, and take it out when the customer returns to buy the parts. You may also want to sub-ledger this account in order to keep track of who the money was received from.

  2. Set up a special part number called "Deposit" using the new account that you just set up in the previous step. You may also want to inventory adjust a bunch of these parts in so that they will automatically be issued when they are put onto the Sales Order.

  3. At the Sales Order stage, enter all the parts to be ordered, then sell an additional part called "Deposit" for the amount of the deposit, and invoice the customer for that part only. This will produce a receipt for the customer, as well as show that amount of cash in the cash account. The opposite part of that entry will be a Credit to the G/L account "Parts Deposit", which is handled because it is on the special part number.

  4. When the customer returns for the parts, sell the part "Deposit" again for a quantity of 1-, which will reduce the amount owing by $50.00, as well as Debit the G/L account "Parts Deposit" for $50.00, and subsequently leave that account back at zero.

Deposit

The Deposit screen allows you to accept a deposit for a parts invoice and apply money to a partial invoice using deposit money.

Tip: As a best practice, dealers should not share Point-of-Sale devices and should associate each device to a separate computer for customer processing. If this is not possible, dealers should ensure that multiple customers are not being processed through a single Point-of-Sale device at the same time when a signature is required. IntelliDealer will prompt the customer for a signature on the Point-of-Sale device when required and it is important that the correct signature is associated to the correct invoice.

Note:  Signatures collected via these devices are completely independent of VESign.

The fields that on the Deposittab are:

Field Description
Pending Invoice Amount

The total amount of the parts invoice that has not been invoiced. It is the current invoice total plus any future pending invoice totals.
Current Deposit Amount

The amount of deposit that is currently applied to the parts invoice.
Deposit Amount Enter the amount of money you wish to add to the deposit.
Cash Code

Specifies the terms of the deposit,

Note:  Internal Accounts Receivable cash codes are not available when accepting accept deposits.

Use these buttons to complete your work on the Depositscreen:

Button Function
Save

Saves the changes you have made to the deposit information for this invoice.
Close Closes the deposit screen without saving the changes made.

Process Deposit

The Process Deposit screen allows you to process the deposit for a parts invoice and apply money to the invoice using deposit money.

The fields on the Deposittab are:

Field Description
Outstanding Deposit Amount The remaining amount of money deposited to this invoice that can be used for payment.
Current Invoice Amount

The amount that is about to be charged for this invoice.
Pending Invoice Amount

The total amount of the parts sale that has not been invoiced. It is the current invoice total plus any future pending invoice totals.
Deposit Amount To Be Used

Enter the amount of deposit money you wish to use on this invoice. Negative amounts can be entered in this field to indicate a refund on a deposit.

Once a deposit amount is applied to a whole or partial invoice a DEPOSIT part number will be sold and displayed on the invoice each time a deposit amount is used.

Use these buttons to complete your work on the Process Depositscreen:

Button Function
Save

Saves the changes you have made to the deposit information for this invoice.
Close Closes the deposit screen without saving the changes made.