A Note on Deposits

When you record a deposit on an order, MoneyWorks creates the appropriate receipt or invoice (for a sales order) or payment (for a purchase order), and also accumulates the deposit amount in the order itself.

When the goods are shipped/received, an additional line is added to the resultant invoice to reduce it by the deposit amount. Because orders are inherently “product” based, all transactions involving such deposits must use a “Deposit” product—you need to specify this the first time you make a deposit.

  • You can have different Deposit products for deposits you receive and deposits you make (or you can just use the one);
  • For deposits on Sales Orders, the Deposit product is one that you sell. In the Income account when selling field of the product, you should specify a current liability account (such as Deposits Held);
  • For deposits on Purchase Orders, you must buy the Deposit product. Use a current asset account (such as Deposits Paid) for the Cost-of-goods Expense Account;
  • Do not stock the deposit product;
  • Multiple deposits can be made on an order (just open the order and set the Process Order pop-up to Pay deposit for order). If the additional deposit is for a negative amount, the accumulated deposit is effectively reduced.
  • If you need to cancel the deposit you must put through a new negative deposit, as the deposit amount is stored on the order. Cancelling the deposit transaction will not clear this.
  • You cannot delete an order that has a deposit balance.

When the order is processed and an invoice (or receipt/payment) is created that takes up the deposit, or part of the deposit, the orderDeposit field of the invoice is set to the amount of the deposit. The amount displayed in the Gross field will be the total processed less the deposit. If you want to see the sale/purchase amount excluding the deposit, customise the list with a calculated column to show gross+orderDeposit.