When you cancel a layaway, and keep part of the deposit, how does RMS record the deposit amount kept for accounting purposes?
It doesn't appear to show up on the Z report, and it doesn't seem to transfer to the accounting system when you post closed batches.
However, the cash drawer balances. From an accounting perspective, you only have 1/2 of the transaction accounted for.
Good question, I've been struggling with this too.
I'd also like to be able to set the default vale of "Deposit to Keep" to $0, rather than the full deposit amount as it seems to be set. Can this be done?
"Nathan Jung" wrote:
The issue comes up when there is a deposit, irrespective of the default amount. It is the default value of "Deposit to Keep" that I would like to be able to set, but that is not accessible to the user.
Back to the first question, I've looked into this a bit and at least as far as QuickBooks goes, kept deposits are not journaled. From the accounting standpoint, the funds remain as an outstanding liability in the layaway deposits account.
I've reported this as a bug and after first denying that it was happening, and then describing the behavior as a "design feature", it is now claimed that the development team is working on it. Yes, really.
"Ashot" wrote:
Excellent point. I have a bunch of deposits on work orders that customers never picked up, and never will. They are LONG gone. I would like a way to handle these.
The only way I can think of fixing it is changing all of the deposits to 0 and tendering the credit on a house account. Then you can take the house account and do one big adjustment at month-end. Let the forfeited deposit adjustment get handled in accounting.
I would just make up a "forfeited deposit" item, add it to the work orders and set the price to the amount of the deposit, remove the other items from the work orders and tender (pick up) the work order, paying for it with the deposited amount. This will release the deposit liabilities account and square your books.
-dave
"McSlagerhaden" wrote:
Dave M,
How does that square the books? That records a sale! Not correct! And very bad if you are on a VAT system.
The correct entry would debit Deposit Liability and credit Other Income.
Your way debits Deposit Liability and credits Sales.
You are correct. Whther this i VAT or Tax and whether it is Work Order, Layaway or BackOrder againsit which you have takena Deposit you need to have the following issues resolved:
1- Do you give the deposit back to the customer or do you apply that as Deposit Forfeit (in part or in whole) 2- You will need to ZERO the qty on the workorders, layaway and Backorders. 3- Placethe words "Forfeit Deposit" on the Detail of WO, BO, LayAway as reference 4- Post instead a non-inventory item to the amount of the deposit Forefeit and then pick the whole order (in effect only the Forfeit which can be Vatabale or not) > pay on customer account any credit in excess of forfeit amount 5- System generates an invoice with ZERO total 6- You now have the data for your accounting pacakagePreferably this shoud be an automated process - you get the list - you select the ones you want to close and apply forfeit This can be done as an Add-in if you are interested (approx development Cost around $1,800 - around 6 days of development)
Contact me if you are interesetd
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