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:

1. 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.)

2. 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.

3. 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.

4. Post the check using Post G/L Manual Check Register.