Deposits Taken

When you first converted to Dealerlogic Accounting it is possible that you had taken deposits on sales that were not yet finalised.  These deposits will be included in your opening balances although the sales themselves are not.  At the time the Sale does reach completion and is entered into Dealerlogic Accounting, the original deposit amount must be accounted for in order to reduce the amount owing by your customer and to remove the amount from your Deposits Taken account.

How do I do this?

•Ensure the stock item has been marked as Sold and that the Sale Journal appears in Dealerlogic Accounting.

•Open the Customer Payments window from the Logic Centre or Dealerlogic Menu.

•In the bank account field at the top of the window, select the Deposits Taken account.

•Complete the Customer Payments window including your customer’s name and the amount of the original deposit taken (for further information on Customer Payments see page 122.).

•Click Process.

What happens as a result of what I have done?

The receipt (Customer Payment) that you have entered has credited Assets:  Accounts Receivable and debited the Liabilities:  Deposits Taken account.  The result of this transaction has ‘journalised’ out the original deposit amount.