Collect Deposit and Refund / Forfeit of Deposit Collected

 

 

All deposits collected with either AR Receipts or Cash Receipts will appear in the Deposits Collected homepage.

 

 

 

To refund or forfeit a deposit, find the deposit and click ‘View’.

 

 

You will go to the View Deposit Collected page.

 

 

 

Date – Once you click into the Date field, the current date (i.e. today’s date) will appear, you may enter a different date if you wish.

 

Refund Amt – Enter the refund amount.

 

Forfeit Amt – Enter the forfeiture amount.

 

Refund Type – You have two choices in terms of refund type:

 

  • Payout – This refund type will produce an AR Refund Payment issued to the Debtor.

For payouts to Debtors, you will be provided with the defaults for:

  • Acc to be Credited
  • Payment Method
  • Reference No.

For payouts to a person/entity who is NOT a Debtor, you will be required to provide the payee’s name.

 

  • Credit Note – This refund type will produce an AR Credit Note issued to the Debtor.

 

 

Click ‘Create Transaction’

 

 

 

DEPOSIT COLLECTED

 

 

REFUND AUTOMATION (Documents Automatically Produced From a Deposit Refund)

 

DEPOSIT COLLECTED FROM AR RECEIPT

For refunds of deposits collected from an AR Receipt, the system will automatically create an AR Credit Note that credits the debtor’s account and debits the relevant deposit account.

 

Subsequently, what happens to the AR Credit Note will depend on the refund type that you choose:

  • If ‘Payout’ is selected as the refund type, an AR Refund Payment will automatically be generated, and the unapplied amount in AR Credit Note will be applied in the AR Refund Payment.
  • If ‘Credit Note’ is selected as the refund type, you will be free to apply the unapplied amount in the AR Credit Note to any outstanding invoice items or debit notes.

 

DEPOSIT COLLECTED FROM CASH RECEIPT

For refunds of deposits collected from a Cash Receipt, the system will automatically create a Cash Payment that credits a bank acccount and debits the relevant deposit account.

 

 

FORFEITURE AUTOMATION (Documents Automatically Produced From a Deposit Forfeiture)

 

AR RECEIPT – For forfeitures of deposits collected from an AR Receipt, the system will automatically create 2 documents:

  • An AR Invoice that credits the ‘Forfeited Deposits Collected’ income account and debits the debtor’s acccount; and­­­­­­­
  • An AR Credit Note that credits the debtor’s account and debits the relevant deposit account. This AR Credit Note will be applied to the the AR Invoice item created for the forfeiture.

 

CASH RECEIPT – For forfeitures of deposits collected from an Cash Receipt, the system will automatically create a Journal Voucher that credits the ‘Forfeited Deposits Collected’ income account and debits the relevant deposit account.