Customer Deposit Receipt From Deposit Transaction Type

Topics Covered

• Customer Deposit Transaction Type

  • Start here

  • Transaction Types

  • Copy Rules

  • Accounting Setup

• Customer Receipts - from Deposits Transaction Type

  • Start here

  • Transaction Types

  • Accounting Setup

Customer Deposit Transaction Type

Start here

1. Navigate to Setup > Transaction Types > Edit.

2. Click Add. A new record will appear at the bottom of the screen. You will note that some fields are auto-populated already.

Note: If a tab is not discussed on this topic, it is because no changes are required during the setup of this Transaction Type.

Transaction Types

The defaults for Transaction Types only require a small amount of change. The only fields to change are:

1. Description - Enter 'Customer Deposit'.

2. Code - Enter 'DEPR'. This is the 'nickname' of the Transaction Type.

3. Contacts - Select Customers - All. This enables the ability for users to create a Customer Deposit for all Customers on the database.

4. Staff - Select Rep. Reps can be selected on the transaction for commission to be allocated.

5. Accounting - Check the box. This allows Customer Deposit transactions to Debit or Credit specific Accounts.

Copy Rules

Copy Rules are dependent on the other Transaction Types that need to be linked to Customer Deposits. For a more in-depth explanation of Copy Rules, click here.

• Customer Deposits to Customer Receipts - This allows you to convert the Customer Deposit into a Customer Receipt when the job is complete and invoiced.

Accounting Setup

The Customer Deposit transaction affects accounting and therefore requires Debit and Credit accounts to be set up.

Menu Navigation: Setup > Accounting > Transaction Types > Customer Deposits.

Fields to be updated include:

1. Dr Category - Select Bank. This determines what Account Category will be Debited by default. Bank will thus Debit the Bank Account by default on the Transaction.

2. Dr Account - Select Bank - Detail. This specifies the Account that will be Debited.

3. Cr Category - Select Current Liabilities as a Customer Deposit sits in your Balance Sheet as a Liability until you can invoice the customer in full.

4. Cr Account - Select Deposits Received as the default Account to Credit for this transaction type.

Customer Receipts - from Deposits Transaction Type

A customer receipt is payment made to you by a customer for goods or services that you have provided. If the customer made a deposit at the start of the job as above, receipt of the outstanding balance is known as a Customer Receipt from Deposit. From an accounting point of view, the deposit is a Liability in the Balance Sheet, and when the final payment is due, this deposit is moved over to the Customer Receipts account. A receipt is created for the outstanding balance to be paid as a Customer Receipt.

This topic covers how to set up a Customer Receipt - from Deposit Transaction Type.

All of these fields and tabs are explained in detail in the Transaction Type topic, here.

Start here

1. Navigate to Setup > Transaction Types > Edit.

2. Click Add. A new record will appear at the bottom of the screen. You will note that some fields are auto-populated already.

Note: If a tab is not discussed on this topic, it is because no changes are required during the setup of this Transaction Type.

Transaction Types

The defaults for Transaction Types only require a small amount of change. The only fields to change are:

1. Description - Enter 'Customer Receipt - from Deposit'.

2. Code - Enter 'CRDEP'. This is the 'nickname' of the Transaction Type.

3. Contacts - Select Customers - All. This is so that users can create a Customer Receipt for all Customers on the database.

4. Staff - Select Rep. This is so that commission can be allocated to the correct sales rep.

5. Accounting - Check the box. This allows Customer Receipt transactions to debit or credit specific accounts

Accounting Setup

Because this Transaction Type affects accounting, we need to set up which accounts are credited and debited by this Transaction Type.

Navigation: Setup > Accounting > Transaction Types > Customer Receipts - from Deposits.

The only fields you need to change are the following:

1. Dr Category- Select 'Current Liabilities'. This determines what Account Category will be debited by default. 'Current Liabilities' will then debit the account by default on the Transaction.

2. Dr Account - Select 'Deposits Received'. This specifies the account that will be debited.

3. Cr Category- Select 'Receivables' as you are crediting the Customer's Account.