Deposit Ledger - Attaching Deposits to Contracts

Deposit Ledger - Attaching Deposits to Contracts

Introduction

If you're not familiar with the Deposit Ledger - this module logs and tracks customer deposits. Deposits can be categorised by purpose/type, and payment type. For accounting purposes, they can be assigned a unique ledger code that separates them from other cash ledgers. The key difference is that these transactions don't hit the customer's main account, instead sitting inside a separate ledger. A simple receipt, for example, would appear on the customer's account and statements, which could end up being refunded accidentally.

These Deposits can also be attached to contracts. They will automatically roll over each time the customer renews, and, when based on a % of the contract, will automatically update in value as the contract value updates.

Configuring a Contract with a Deposit

Here are outlined two workflows for keeping a 10% deposit for a contract - one for a fully manual process, and one for a partially-automated process. Havenstar can be configured to support either.

Manual Process
  1. Set-up your Current or Renewal Contract as normal.
  2. Click the purple Deposit Ledger button at the top of the contract screen to open the Deposit Ledger. 
  3. The Deposit Ledger will automatically filter on the current account, only showing relevant deposits.
  4. Click the green Add button to create a new deposit.
  5. Enter the deposit type, amount, payment type, and date, and save the deposit.
  6. The deposit will appear in the grid, and automatically associate itself with the contract, visible in the Contract Links grid in the bottom-right.
  7. Close the Deposit Ledger screen and continue with your contract set-up.

Automated Process
This workflow assumes that an appropriate Deposit Type has been set-up and configured to automatically apply to contracts at 10% of their value. This can be done by going to Settings -> Contract Management -> Deposits. From here, configure a new Deposit Type, and use the Setup Deposit Requirements screen to assign required deposits to relevant contract types as required.

  1. Set-up your contract as usual.
  2. Upon creating the new contract, you'll be receive a notification indicating that the required deposit(s) were created automatically.
  3. These deposits are created without assuming the payment type - upon receiving physical payment of the deposits, you will need to update this information in the Deposit Ledger.
  4. That's it - continue setting up your contract as usual.
If you end a contract, you will be prompted to refund the associated deposits. If a contract renews, the deposit values will be updated automatically. You will still need to take physical payment for the difference.


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