Creating Customer Deposit
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In XoroERP, creating deposits entails entering the details such as the Customer Name, Store Location, and Liability account needed to register a deposit amount for a client. The module also gives you the option to link the customer deposit to a specific Sales Order belonging to that customer or store, facilitating the payment process.
To create a Customer Deposit, use the Customer Deposit Module.
Deposit Date
This is the date of the deposit creation.
Store
This is the store from where the deposit was made from.
Customer
This is the name of the customer for which the deposit is being created.
Payment Method
This is the preferred method of payment for the deposit.
Deposit Amount
This is the amount for which the deposit is being created.
Deposit Account
This is the account the deposit is going into. Typically this would be Undeposited Funds.
Liability Account
This is the liability account (e.g. Unearned Revenue or Customer Deposits).
Sales Order Ref#:
Allows you to search and select a SO# to which you can link this Deposit. Selecting an SO number here makes the deposit eligible for use during Pack & Ship. It is recommended to use this field whenever possible to facilitate applying deposits during the Invoice payment process.
Note: You will only be able to link to Sales Orders where the Customer is the same for both the SO and the CD.
Link SO Amount
This is the amount on SO to be linked with the Deposit.
Exchange Rate
Allows you to edit the exchange rate here if a foreign customer is selected.
Reference Number
Allows you to enter a reference number here if necessary.
Reference Number 2
Allows you to enter an additional reference number.
Memo
Allows you to enter a memo if necessary.
To effectively handle and apply client deposits, the client Deposit module provides an array of options at both the header and detail levels.
These options are located under the "Options" menu in the top right corner of the page.
Show Transactions - Shows the Journal Transaction View of the transactions related to the saved customer deposit including details such as Transaction Number, Type, and Reference Number.
Show Audit Trail - This will show a date and time-stamped record of the history and details around a transaction related to the Customer Deposit.
Apply on Invoice - This allows you to apply the Customer Deposit to the Invoices related to the customer or store.
Show Applied on Invoice - Allows you to view the Invoices to which the Customer Deposit has been applied.
Show Refunds(s) from Deposit - This allows you to view the Refunds linked to the Customer Deposit.
Void - Allows you to void the Customer Deposit.
Update SO Linking(s) - This will save the data and update the Sales Order linking for customer deposit for the specific customer registered in the Customer Deposit.
UnApply Deposits - This allows you to unapply the Deposits. It is vital to unapply the deposits when voiding an Invoice to which that deposit has been applied.
Refund Balance - This leads you to the Refund Balance module where you can create a Refund Deposit and refund the remaining deposit amount to the customer.
These options empower users to efficiently manage and apply customer deposits, streamline workflows, and enhance customer satisfaction.
