Entering Deposit
Deposit is the amount of funds paid by customers in advance of a product or service delivery.
Foundry Bean Global Work System uses Deposit as a receivable transaction to record fund receivable to the company as par the agreement between buyer and seller.
Deposits is a contract liability account in the general ledger.
Transaction class for Receivable Deposit is Deposit.
Click “Create Invoice” to create a new Deposit.
Primary Information
Choose the transaction class “Deposit”. Transaction class determine the type of transaction entered in the system. Transaction type is filtered based on transaction class.
Choose Customer/client for the Deposit . Entering customer automatically populates billing address, payment terms, payment due date etc. Payment term can be changed to “Immediate” for the credit memo to be effective immediately.
Transaction date and accounting date are automatically populated as today’s date but can be changed manually.
Currency / Amount
Invoice currency and payment currency are automatically populated from the associated ledger. User can change the currency and need to enter exchange rate to calculate the credit memo amount.
Communication
This section is used for business communication and is optional.
Predefined Business messages are selected from this section while sending invoices to customer .
Selecting the message name automatically populates the message but can be changed in the “Message” field.
Email address is automatically populated from customer .
Save Debit Memo
Click “Save” to save the Deposit.
Click “Add” in Deposit lines with amount for each line.
Click “Save” to save the Deposit line.
Click “Show Invoice” to see the Deposit.
Click “Actions” in “Show Invoice” for the Deposit and click “Complete” .
System automatically creates payment schedule and accounting for the Deposit.
