Deposit for Customer Stock Purchase

Managing a customer deposit for stock items purchased.

Introduction

Add a General Ledger account for Deposits

Add a Deposit Stock Item

Set Deposit Stock Item in the Stock Manager

Creating a Sales Order with a Deposit

Add the Deposit

Release the deposit and print invoice

Introduction

When you are selling stock items from your showroom and you need to order in goods, you may want to take a deposit from your customer. You can manage this in the Sales Order by adding a Deposit Stock item. When the goods arrive and the customer pays the balance, you can release the deposit from the amount remaining to pay, and the customer will pay the balance.

In order to do this, you will need to start by setting up a General Ledger account for Deposits.

Return to Top of Page

Add a General Ledger account for Deposits

Add a General Ledger account code that will be used for Deposits held.

• Go to General Ledger > New account.

In the Create General Ledger account screen:

• Code: Enter the Code for this new account; e.g. DEPOSITSHELD.
• Description: Enter a Description.
• Account Type: Select the Account Type from the dropdown list; e.g. Current Asset.
• Click Confirm.

This takes you to the Details screen.

In the Details section:

• Default tax: Select (NONE) No tax from the dropdown list.
• Click Save and close.

Return to Top of Page

Add a Deposit Stock Item

You will need to add a Stock item to use for deposit payments if you don't already have one. It isn't a physical stock item, so some fields need to be set differently to normal Stock items to cater for this.

• Go to Stock > Stock details.
• Click New stock item.

In the Create Stock Code screen:

• Code: Enter a Code for your Deposits.
• Description: Enter a Description for this item.
• Stock Group: Optionally select a Stock Group from the dropdown list, e.g. Miscellaneous.
• Discount Group: Select a Zero discount group from your dropdown list. If you don't already have a Zero Discount Group, you will need to create one, as you would not normally allow a discount on a deposit. Refer to Add a Zero Discount Group.
• Click Save and close.

This takes you to the Stock details screen.

In the Stock section, you need to adjust these fields:

• Purchase Control: Select Stop Purchase from the dropdown list. This is because you do not want to allow this item to be ordered on a Purchase Order, as you do not purchase it from a Supplier.
• Stock Control: Select No Stock Control from the dropdown list. This is because you do not want to manage stock control for deposits.
• Now go to the Pricing tab to select the Override sales general ledger account.

In the Pricing tab, in BOTH the Supplier / buying details section and the Selling details section:

• Override sales general ledger account: Select the General ledger account you created above, e.g. Deposits Held. This ensures that there is no GST / TAX calculated for the deposit line of your Sales Order.
• Click Save and close.

Return to Top of Page

Set Deposit Stock Item in the Stock Manager

The next step is to specify the Deposit Stock Item in the Stock Manager. This tells your system the Code to use when you enter a deposit for sales.

• Go to Settings > Stock Manager.

In the Stock Items section:

• Deposit stock (used to record a deposit on a sales order): Select your Deposit Stock Item from the dropdown list.
• Click Save and close.

Return to Top of Page

Creating a Sales Order with a Deposit

When you've created a Sales Order for a customer and you want to take a deposit for the goods, you can add a deposit to the Sales Order.

In the Sales Order > Order screen, you can add your stock items that you may need to order in for the customer.

In this example, you can see that the items have not yet been supplied as the quantity shows in the To Supply column, showing that they are on backorder.

• Click Save.

Return to Top of Page

Add the Deposit

Now you can add the deposit that you are receiving from the customer.

• Go to the Cash Sale Payment tab.

In the Deposit amount section:

• Deposit amount (incl): Enter the amount of the deposit that the customer has paid. In this example, the customer has paid a deposit of $2000.00.
• Payment method: Select the payment method from the dropdown list; e.g. EFTPOS.
• Click Add deposit amount and pay now.

This will print a tax invoice showing the deposit amount and a list of the items ordered by the customer that are yet to be supplied. It will also show the deposit as a line item on the Order tab screen.

Return to Top of Page

Release the deposit and print the invoice

When the goods arrive and the customer pays the balance, you can update the Sales Order to show that the goods have been delivered, release the deposit and record the final payment.

In the Order screen:

• Update the quantity in the Now column for the items that have been supplied.

Go to the Cash Sale Payment tab of the Sales Order.

• Click Release deposit amount.

This releases the deposit already paid and will update the Amount to pay in the Primary payment section to show the balance payable.

Now you can take the outstanding payment and finalise the balance of the order.

In the Primary payment section:

• Payment method: Select the payment method from the dropdown list; e.g. EFTPOS.
• Amount: Check that the correct balance amount is in the Amount field.
• Click Create Packing slip and pay now.

In the print invoice screen:

You now have the option to print an invoice. The invoice will show the deposit that was already paid at the bottom along with the totals, tax etc.

• Click Yes.

Return to Top of Page