Deposit Setup
Before using deposits in COSMO Rental, you must define deposit values in items/machines, set deposit requirements in customers, specify G/L account for deposit posting, and determine whether deposits are automatically activated in Rental Contract lines. The sections in this topic describe these set up areas.
Set Deposit Values in Items/Machines
In the Rental Item, Machine Type Card, Machine Component Type Card, and Supp. Part Type Card pages, there are two fields that determine how and if deposits are required for the item/machine. Both are described in the following table.
| FastTab | Field | Description |
|---|---|---|
| Item | Rental Deposit Unit | Indicates what the deposit value is based on. The options are: - Amount: fixed value - Unit Cost %: a percentage of the unit cost of the item |
| Rental Deposit Value | Indicates the value of the deposit unit either as an amount or a percentage. This field must be filled in to use with deposits. If this field is empty, the Deposit checkbox will not be automatically selected when the item/machine is entered in the Rental Contract line. |
Notă
Setting a deposit value only makes the items/machine considerable for deposit processing. You can enter a deposit for any item in the Rental Contract line by selecting the Deposit checkbox and then manually enter a deposit value in the Rental Deposit Worksheet.
Examples
Item 1000 is a lower value item with a price that never changes so the deposit amount is always 100. Therefore, the Rental Deposit Unit is set to Amount and the Rental Deposit Value is set to 100.
Item 10000 is a high value item that is frequently revalued so the deposit is always 15% of the unit cost. Therefore, the Rental Deposit Unit is set to Unit Cost % and the Rental Deposit Value is set to 15.
Require Deposits for Customers
Once a deposit is entered on an item/machine, the Deposit checkbox is selected on the Rental Contract line. To ensure that a deposit is considered for a customer, turn on the Deposit Mandatory toggle in the Rental FastTab of the Customer Card. If this toggle is turned on, you cannot remove the checkmark in the Deposit field on the Rental Contract line(s). This does not prevent you from changing the deposit value to zero and waiving the deposit, but it forces some type of deposit posting to ship the item to the customer.
Define G/L Account for Deposit Posting
Deposit invoices and credit memos use a G/L Account that is designated for deposit posting. Therefore, this G/L Account must be set up and then assigned to the Rental Deposit Account field in the General Posting Setup page for all relevant posting group combinations.
Determine Automatic Activation or Manual Deposits
By default, once a deposit-enabled item/machine is entered in a Rental Contract line, the Deposit checkbox is selected.
Instead of automatically activating deposits on Rental Contract lines, you can turn on the Manual Deposit toggle in the General FastTab of the Rental Setup page. With this setting, the Deposit checkbox is not automatically selected, which allows the user to choose whether to require a deposit when creating the Rental Contract. If the checkbox is selected, and the item/machine has a defined deposit value, the information will transfer to the Rental Deposit Worksheet for processing as usual. If there are no defined values, the user can manually enter a deposit unit amount or deposit amount.
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Once the Deposit checkbox is selected in the Rental Contract line, it cannot be cleared for a customer with Deposit Mandatory = Yes.
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