Deposits
It is common practice for rental companies to require a deposit from their customers when renting items/machines. This ensures that the customer will return the item undamaged to receive their deposit back. At the same time, the rental company is protected if the item is damaged because there is immediate compensation.
COSMO Rental makes it possible to collect deposits prior to shipping while providing the flexibility to adjust or waive deposits as needed. The deposit amounts are assigned to the items/machines as either a fixed value or a percentage of the unit cost. Once added to a Rental Contract line, the Deposit field controls whether deposits are required to ship the item/machine. Unless a customer has a deposit requirement, this field can be changed to by-pass the requirement and ship as usual.
A required deposit does not necessarily mean that any financial transaction must occur. In fact, a deposit amount can be changed to zero. The deposit requirement means that some type of deposit posting must occur, which is defined as one of the following:
- the deposit is posted to create a deposit invoice, which must be paid.
- the deposit is waived and the Deposit Unit Cost or Deposit Amount is changed to zero and then posted. No invoice or payment is required.
- the deposit needs to be adjusted but not waived and, therefore, is changed and then posted to create the deposit invoice, which must be paid.
The item/machine can be shipped if the deposit is waived or after the deposit invoice is posted and the payment is recorded.
After the item/machine is returned, a repayment can be processed, which results in a credit memo posting. During this process, you can adjust the repayment amount if there are any damages; otherwise, the full deposit will be credited.
Notă
Deposits are only used in Rental Contracts.
The following table describes a series of tasks, with links to the topics that describe them.
| To | See |
|---|---|
| Set up deposit information in items/machines, customers, general posting setup, and activate automatic or manual deposits. | Deposit Setup |
| Learn about the fields and actions on the Rental Deposit Worksheet. | Rental Deposit Worksheet |
| Learn about the posted rental deposits and delete posted deposits and unposted documents. | Posted Rental Deposits |
| Process a deposit starting from the rental contract creation through to the repayment of the deposit. | Processing Deposits |
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