Learn how to add, invoice, and delete deposits.
You might charge a deposit when a child first joins your institute. In this article, we will go through how to add a deposit and invoice it.
Deposits can also be used as credits and applied to specific invoices, making them a flexible tool for managing customer balances.
Add Deposit
To add a deposit that will be invoiced, follow these steps:
Navigate to the child's profile
Click on the Invoices tab
Click the New Deposit button
Add the deposit information
Click Save
Note: if the deposit has already been paid and doesn't need to be invoiced, select the Already paid check-mark.
Additionally, you can add deposits as credits to a customer's balance, where they will automatically offset future invoices.
Invoice a Deposit
To invoice a deposit that needs to be paid, simply generate a new invoice or wait for the system to generate it if you have your invoicing rule set.
Delete Deposit
If the deposit has not been paid or invoiced, you can delete it. To delete a deposit, follow these steps:
Navigate to the child's profile
Click on the Invoices tab
Click Delete
Return Deposit
If the deposit has already been paid, you can return it. Returning a deposit will create a credit note and credit the child's account with the value of the deposit.
To return a deposit, simply click on Return and confirm that you want to complete the action.
Use Case Examples
How to Cover a Child’s Invoice with Their Deposit?
Open the specific invoice for the child.
Choose the option to apply the child’s deposit to the invoice.
Confirm the process to ensure the deposit offsets the balance and prevents further charges.
Applying Deposits for a Specific Period, E.g., a September Invoice
Wait until the invoice for the desired period (e.g., September) is generated.
Apply the deposit manually to cover the issued invoice.
Advanced Deposit Management
Applying Deposits to Specific Invoices
Navigate to the relevant invoice within the Parent system.
Select the option to apply a deposit amount to that invoice.
Confirm and process the application to offset the invoice balance with the deposit.
Applying Deposits to Future Invoices
Add the deposit as a credit to the customer’s account.
Once invoices are generated, ensure the deposit automatically offsets the balance due, covering the invoice without further action.
Correcting Errors in Deposit Allocation
Locate the original deposit payment transaction.
Open the transaction to view details. Scroll to find the Delete option and remove the incorrect transaction.
Create a new deposit for the correct payer.
Click the Deposit button for the child.
Select the correct payer, input the deposit amount, and mark it as Paid externally.
(Optional) Use the Add to Balance option to apply the deposit automatically to future invoices if desired.