Deposits are fees that customers usually pay whenever they're renting a resource for a set period of time, e.g an office.
They're meant as proof of intent to move-in and care for the space that the member/company is going to occupy.
Usually the deposit amount is equal to at least a single monthly fee for the specific membership, although depending on the use case it may vary.
Deposits are often refunded on the last month of the membership's duration. That way the last invoice, that is issued to the customer is covered by the deposit.
Please see how you can do that here.
Recording a deposit
There are currently a couple of ways to record a deposit, regardless of which one you use, the one-off fee that is recorded in the system will receive the "Deposits" tag, when invoiced and will be allocated to the default deposits revenue account.
- Create a billing plan which account is set to be the default revenue account that is used for deposits.
- Add a manual fee and enable "Bill in advance" and "Refundable":
- You can specify a deposit for each particular resource. That way when you're assigning a membership the deposit field will be automatically pre-filled with the deposit amount entered for that specific resource.
Note: This amount can be overridden when assigning a membership/creating a contract for that membership. More on that in the next part of the article.
- When assigning a membership that uses a billing plan which has a type of "Private office" the system will automatically add a "Deposit" field, where you can enter the desired amount.
Once you're done with the assigning of the membership, the deposit will be automatically created as a one-off fee under the company/member's profile.