How does RMS record Deposits forfeited by customer?

Posted by Nathan Jung on May 29, 2008, 3:41 pm

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When you cancel a layaway, and keep part of the deposit, how does RMS record
the deposit amount kept for accounting purposes?

It doesn't appear to show up on the Z report, and it doesn't seem to
transfer to the accounting system when you post closed batches.

However, the cash drawer balances. From an accounting perspective, you only
have 1/2 of the transaction accounted for.

Posted by Dave M on May 29, 2008, 5:34 pm

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Good question, I've been struggling with this too.

I'd also like to be able to set the default vale of "Deposit to Keep" to $0,
rather than the full deposit amount as it seems to be set. Can this be done?

"Nathan Jung" wrote:

> When you cancel a layaway, and keep part of the deposit, how does RMS record

> the deposit amount kept for accounting purposes?

Posted by Ashot on August 8, 2008, 12:26 pm

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I am looking for 1st question's answer myself , but with deposits you can
just go into manager, FILE> Configuration, Select "Ordering" tab and change
deposit to 0 % on layaways or Work Orders as you want it to be ...

"Dave M" wrote:

> Good question, I've been struggling with this too.

> I'd also like to be able to set the default vale of "Deposit to Keep" to $0,

> rather than the full deposit amount as it seems to be set. Can this be done?

> "Nathan Jung" wrote:

> > When you cancel a layaway, and keep part of the deposit, how does RMS record

> > the deposit amount kept for accounting purposes?

> >

Posted by Dave M on August 8, 2008, 1:28 pm

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The issue comes up when there is a deposit, irrespective of the default
amount. It is the default value of "Deposit to Keep" that I would like to be
able to set, but that is not accessible to the user.

Back to the first question, I've looked into this a bit and at least as far
as QuickBooks goes, kept deposits are not journaled. From the accounting
standpoint, the funds remain as an outstanding liability in the layaway
deposits account.

I've reported this as a bug and after first denying that it was happening,
and then describing the behavior as a "design feature", it is now claimed
that the development team is working on it. Yes, really.

"Ashot" wrote:

> I am looking for 1st question's answer myself , but with deposits you can

> just go into manager, FILE> Configuration, Select "Ordering" tab and change

> deposit to 0 % on layaways or Work Orders as you want it to be ...

> "Dave M" wrote:

> > Good question, I've been struggling with this too.

> >

> > I'd also like to be able to set the default vale of "Deposit to Keep" to $0,

> > rather than the full deposit amount as it seems to be set. Can this be done?

> >

> > "Nathan Jung" wrote:

> >

> > > When you cancel a layaway, and keep part of the deposit, how does RMS

record

> > > the deposit amount kept for accounting purposes?

> > >

> >

Posted by McSlagerhaden on October 2, 2008, 1:16 pm

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> The issue comes up when there is a deposit, irrespective of the default

> amount. =A0It is the default value of "Deposit to Keep" that I would like=

to be

> able to set, but that is not accessible to the user.

Excellent point. I have a bunch of deposits on work orders that
customers never picked up, and never will. They are LONG gone. I would
like a way to handle these.

The only way I can think of fixing it is changing all of the deposits
to 0 and tendering the credit on a house account. Then you can take
the house account and do one big adjustment at month-end. Let the
forfeited deposit adjustment get handled in accounting.