Books - Deposits with Deskera
Easy-to-use Online Deposit Software
Keep up to date with advance payments and cash deposits in a single view.
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Choose the Deposit's Payment Method of Your Choice
Easy-to-use Deposit Software for Your Business
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What is a deposit?
A deposit (also known as a down payment) is an advanced payment required before the fulfillment of an invoice. Deposits are usually required for orders that require a large number of products, customized orders, or services such as home improvement or repair services. The outstanding payment is due after the customer receives the goods or services in full.
Why do I need a deposit?
Introducing a deposit requirement for large or custom orders can significantly improve your cash flow as it provides you some resources before the final payment.
Additionally, a non-refundable deposit also discourages customers from defaulting on their orders and provides compensation if they do not pay in the end.
What is the difference between direct payment and advance payment?
Both direct payment and advance payment record the deposits from your customers. However, you can utilize advance payment against invoices to knock off the outstanding balances of the customers.
How can I add more bank and cash accounts to receive deposits?
When you create a deposit, you can choose which bank or cash account you want to deposit the money in.
To create more bank and cash accounts, go to Accounting > Chart of Accounts and click on the 'Add' button.
Can I create a deposit in another currency?
Yes, you can create a deposit in another currency based on the currency of the bank or cash account you choose.
What are the payment methods available?
If you create a deposit into a bank account, there are two payment methods: cheque and bank transfer. You can record a reference number for the bank transfer and a cheque number for the cheque method. There is no payment method if you create a deposit into a cash account.
How can I add more accounts to be used for deposits?
When you create a deposit, you can choose which account you want to credit.
To create more accounts, go to Accounting > Chart of Accounts and click on the 'Add' button.
Can I edit my deposits?
Yes, you can edit, copy, print, and delete deposits by clicking the 3 dots on the right-hand side of the deposit.
Buying Tip from Deskera
You will be able to see the outstanding amount of any Bill. Indicate the Currency, Amount to be paid, and the Account used to deduct the Payment – Cash or Bank, or other Bank accounts created previously.