Deposits on Rental Contracts
Counter Menu -> Deposits on Rental Contracts
Counter Menu -> Reservation
Deposits / Work Order Deposits ->
Contract Deposit option -> Deposits on Rental
Contracts
Use this program to add a deposit to an existing contract, and
to reprint the contract, without having to review the whole
document in the Contract entry
program.
Deposit history may also be viewed, displaying when previous
deposits were taken, the amount, and the method of payment
used.
This utility can also be used to refund deposits, if a customer
decides to cancel a contract.
A deposit is money received as a security against the equipment
rented. It is assumes that only money which can be taken to the
bank that night is a deposit.
A blank credit card imprint or a blank check is NOT a deposit since
actual money has NOT yet changed hands. A Credit Card Authorization
for a fixed spending limit by your customer is NOT a deposit as no
funds were collected.
Security:
A flag can be set by operator in Operators
to control whether an operator should be able to return or edit
existing contracts from a division other than his own default
division. When activated, this setting also prevents operators from
entering deposits on contracts from other divisions.
Reporting:
The Outstanding Deposits Report can be
used to track deposits taken.
The prompts for taking a contract deposit or refunding a
contract deposit, include:
-
- TYPE OF DEPOSIT
- Select one of the following document types to receive the
deposit:
- Click Contract and add the contract deposit as outlined
below.
- Click Reservation and add the reservation deposit as
outlined in Reservation Deposits.
- Click Work Order and add the W.O. deposit as outlined in
Work Order Deposits.
CONTRACT #
- Enter the contract number or look it up in the Contact Search window.
Deposits should NOT be added to closed contracts, unless the
purpose is to reverse an existing outstanding deposit amount.
A warning displays on the screen if a closed contract number is
entered. Click OK to acknowledge the warning message and exit the
window.
BILL TO NAME
- The customer's billing name is displayed on the screen, so that
the operator can visually confirm that this is the right
contract.
ACCUMULATED DEPOSIT
- The sum of previous deposits on this contract appears on the
screen. This is a display information only field.
A button is provided to view the deposit history on this
contract as outlined in Deposit
History.
DEPOSIT USED
- The amount of the deposit that has already been applied to
invoices generated from this contract displays on the screen.
For example, if $100 was deposited, and the customer returned part
of his equipment on rental, the counter clerk could use up part of
the deposit $80.00 against the returned equipment, and leave $20
outstanding for the remaining equipment outstanding.
DEPOSIT REMAINING
- The amount of deposit outstanding on this contract is
displayed.
Deposit Request
- Click the EMAIL FOR DEPOSIT button to email this
document to the customer requesting a deposit payment on the
Contract. This is useful when the customer is not present.
The Email For Deposit window is generated
where a single address can be selected or entered to receive the
email document request and the deposit amount required.
If the Texada Pay feature is not enabled,
a warning is triggered and a Marketing link is generate when the
user clicks OK to provide more information on Texada Pay.
Contact Texada Services to activate this feature.
ADDITIONAL DEPOSIT AMOUNT
- Enter the amount of the new Deposit as positive. This will add
to the outstanding deposit on the contract.
Enter the amount as negative to Credit (CR) or Void (VO) a deposit.
Card and Authorize feature - without Texada Pay:
When a Credit Card payment is made without Texada Pay or for a
customer with a currency that does not use Texada Pay and the
Card Information Processing options
apply.
Deposit Refund by Texada Pay:
If a contract is cancelled or voided or a security deposit needs to
be refunded, the outstanding deposit must be refunded in order to
close or delete the contract.
A deposit refund can be entered as a negative dollar amount,
usually in the same Methods of Payment
that it was taken so that the same G/L Deposits Held account is
updated by the change in value.
With Texada Pay if the 'Refund Existing Payment
Only' control is activated in the Texada
Pay configuration, a one-time refund can only be given if it is
less than or equal to an existing deposit transaction amount.
Some clearing houses will not approve a refund unless the original
payment has been processed and approved so if a refund cannot be
processed immediately the operator is given the option to add the
Refund Request to the TP Pending Refund
Queue table to be re-submitted to the clearing house at a later
time.
METHOD OF PAYMENT
- Enter the payment method or select how the dollar amount was
taken from the options outlined in Method of
Payment Options and Explanations.
The payment method is based on whether the Texada Pay feature has been activated and the
currency of the Customer.
DATE
- If a deposit amount was entered, enter the date the deposit was
received.
PRINT CONTRACT
- Uncheck this box to skip printing the contract.
Check this box to reprint the contract with the additional deposit
information.
A printer can be confirmed or re-selected from the Printer
option located on the menu bar at the top of the screen.
- PRINT EXTENSIONS
- Check this box to print the product amounts and totals on the
contract.
Uncheck this box to omit the contract totals, but to include the
deposit totals.
Finished?
- Click ACCEPT to complete the deposit or CANCEL to abort this
deposit entry.
- CLERK Confirmation
- If the Prompt For Clerk flag has been set in the
Company Security Parameters, the Clerk Confirmation window is triggered to capture
the clerk code and also the password if required.
If this security feature is not used and a clerk code is not
entered, then the current operator signed in will be assumed.
CASH DRAWER
- If the operator signed in has been flagged to utilize the
Cash Drawer in Operators, the
associated drawer opens per the command set in the Cash Drawer utility.
If a specific drawer has not been assigned to the operator, then
the default drawer assigned for the document division in Divisional Miscellaneous Parameters, opens.
An audit record is written to the Cash Drawer
Inquiry for function RSCH15, with the system generated reason
of "Add Contract Deposit".
PRINT PRODUCT RATES Confirmation
- This Print Product Rates window only
appears when a contract is to be printed with no extensions, and if
the option to Prompt to Print Rates when Suppressing
Extensions, is activated in the Divisional
Contract Parameters for the document's division.
GENERATE RECEIPT
- The Print Receipt pop-up is triggered
for the payment only if the 'Prompt for Payment Receipt'
feature is activated in the Company Customer
Forms Configuration settings.
Deposit Refund by Check Alternative:
Instead of giving cash to the customer for the refund, a check can
be issued instead, as follows:
- Setup a special payment method to handle check refunds to
customers.
To do this, first setup a special payment code in order to make the
Cash Drawer balance to the Bank Deposit Worksheet at the end of the
day in Method Of Payment as follows:
-
- CODE
- Type in CKREF for Check Refunds.
- DESCRIPTION
- Type in CK REFUND.
- CURRENCY
- Type C for Canadian.
Type U for United States.
Type A for Australian
- G/L ACCOUNT
- Select the G/L Account for Customer Refunds Owing.
(The G/L account should be setup as a Liability Account in Chart Of Accounts first.)
-
Record the Deposit refund, using the special Method Of Payment
Code CKREF setup above, as a negative dollar amount in the
Additional Deposit Amount field in the Add Deposits
utility for the contract or reservation.
-
Then also enter the actual check in G/L
Manual Checks, as follows:
-
- CHECK NUMBER
- Enter the check number for the refund check.
- CHECK DATE
- Enter the date the refund was issued.
- BANK ACCOUNT
- Enter the G/L Bank Account applicable to this check.
- PAYEE
- Enter the name of the customer to be paid back.
- DETAILS
- Type CONTRACT or RESERVATION DEPOSIT REFUND and enter the
document # for reference.
- CHECK AMOUNT
- Enter the refund amount as positive.
Check Details:
-
- SEQ#
- Accept the sequence # 001.
- ACCT #
- Select the G/L Liability Account for CUSTOMER REFUNDS OWING
setup in step 1.
This must be the SAME G/L Account as applied to the CKREF
Check Refund Method of Payment, in step 2.
- DIV
- Use the same division as the contract/reservation.
- TRANS AMOUNT
- Enter the amount of the refund as positive to issue the
check to the customer.
-
Post the check using Post G/L Manual Check
Register.
Topic Keyword: RSCH15