What is a Deposit?
A deposit is a partial payment that a customer makes in advance toward their total bill. The remaining balance is settled at a later time when the customer completes their order or service. A deposit must be equal to or less than the final amount the customer is expected to pay.
For example:
If a customer makes a $25 deposit for a $50 purchase, the remaining $25 will be settled later.56
What you need:
An Open Item called ‘Deposit’.
How to Process a Deposit
Create a New Order: Start a new order on the POS system.
Add the Deposit Item: Add the ‘Deposit’ item to the order. A pop-up will appear, prompting you to enter the deposit amount.
Enter the Deposit Amount: Type the amount the customer wishes to deposit, then press DONE.
4. Complete the Payment: Press PAY and select the customer’s payment method (cash, credit card, etc.) to process the deposit.
5. Print a Receipt: Always press PRINT RECEIPT to provide the customer with proof of their deposit. Instruct the customer to retain the receipt, as it will be required when they return to complete the final payment.
Honouring a Customer’s Deposit
When the customer returns to finalize their purchase, you will need to honour the deposit they made. Follow these steps to apply the deposit to their order:
Verify the Deposit: Ensure that the customer provides the receipt from their initial deposit transaction.
Create or Continue the Order: Start a new order, or if the customer is adding to an existing one, make sure the total amount equals or exceeds the deposit.
3. Process the Deposit:
Press PAY.
Enter the deposit amount as shown on the customer’s receipt.
Select DEPOSIT. (If you don't see it, you can enable it in Settings>Payments>Manage Payments>Edit>Enable Deposit>Press Save)
The deposit amount will be deducted from the total, and the remaining balance will be displayed.
4. Finalizing the Payment:
If the customer is ready to settle the balance, complete the transaction using their preferred payment method.
If they are not yet ready, press HOLD/SEND to store the order for later. You can retrieve it from Held Orders when the customer is ready to pay the balance.
Viewing and Managing Deposits in Unclosed Orders
If you need to review a deposit for an unclosed order:
Load the unclosed order onto the Point of Sale screen.
Press the money bag icon next to the TOTAL. This will display details about the deposit associated with that order.
Proof of Deposit for the Customer
Deposit Receipt: The customer must keep the receipt from their initial deposit as proof when they return to settle the final payment.
Final Receipt: Once the deposit is honoured, provide the customer with a new receipt showing the deposit applied to the final bill. This receipt will clearly list the deposit under the subtotal, ensuring transparency.
Managing Customer Deposits in ABACUS POS (iPad)
The ABACUS POS system allows businesses to accept and manage customer deposits, enabling customers to pay a fraction of their total bill upfront and settle the remaining balance later. This feature is especially useful for pre-orders, reservations, or layaway purchases. Below is a comprehensive guide on how to process, honour, and finalize customer deposits, ensuring a smooth transaction process.
What is a Deposit?
A deposit is a partial payment that a customer makes in advance toward their total bill. The remaining balance is settled at a later time when the customer completes their order or service. A deposit must be equal to or less than the final amount the customer is expected to pay.
For example:
If a customer makes a $25 deposit for a $50 purchase, the remaining $25 will be settled later.
Requirements for Processing a Deposit
Before you can accept deposits, you’ll need to ensure your system is configured with an Open Item called ‘Deposit’. This item will be used to record and track deposit transactions within the POS.
How to Process a Deposit
Create a New Order: Start a new order on the POS system.
Add the Deposit Item: Add the ‘Deposit’ item to the order. A pop-up will appear, prompting you to enter the deposit amount.
Enter the Deposit Amount: Type the amount the customer wishes to deposit, then press DONE.
Complete the Payment: Press PAY and select the customer’s payment method (cash, credit card, etc.) to process the deposit.
Print a Receipt: Always press PRINT RECEIPT to provide the customer with proof of their deposit. Instruct the customer to retain the receipt, as it will be required when they return to complete the final payment.
Honouring a Customer’s Deposit
When the customer returns to finalize their purchase, you will need to honour the deposit they made. Follow these steps to apply the deposit to their order:
Verify the Deposit: Ensure that the customer provides the receipt from their initial deposit transaction.
Create or Continue the Order: Start a new order, or if the customer is adding to an existing one, make sure the total amount equals or exceeds the deposit.
Process the Deposit:
Press PAY.
Enter the deposit amount as shown on the customer’s receipt.
Press OPTIONS, then select DEPOSIT.
The deposit amount will be deducted from the total, and the remaining balance will be displayed.
Finalizing the Payment:
If the customer is ready to settle the balance, complete the transaction using their preferred payment method.
If they are not yet ready, press HOLD/SEND to store the order for later. You can retrieve it from Held Orders when the customer is ready to pay the balance.
Viewing and Managing Deposits in Unclosed Orders
If you need to review a deposit for an unclosed order:
Load the unclosed order onto the Point of Sale screen.
Press the money bag icon next to the TOTAL. This will display details about the deposit associated with that order.
Proof of Deposit for the Customer
Deposit Receipt: The customer must keep the receipt from their initial deposit as proof when they return to settle the final payment.
Final Receipt: Once the deposit is honoured, provide the customer with a new receipt showing the deposit applied to the final bill. This receipt will clearly list the deposit under the subtotal, ensuring transparency.
Sales Analysis for Deposits
To accurately analyse your business’s total sales for any given day or period, you’ll need to account for deposits separately. Since deposits are prepayments, they are initially included in your total daily sales, but should be deducted when calculating actual sales figures.
Calculating Actual Total Sales:
The formula to calculate the actual sales for a specific day or period is:
Actual Total Sales = Total Sales - Total Deposits Received
For example, if you received $100 in total sales and $20 of that was from a deposit, your actual sales would be $80.
Understanding Tender Types and Deposits:
When viewing your daily sales breakdown, the deposit amount will be included under the respective tender type (e.g., cash, credit card). So if a customer made a $20 deposit in cash and your total cash payments for the day are $100, $20 of that will be attributed to the deposit.
Tracking Total Deposits
To track the total amount of deposits received on a particular day or over a period of time, follow these steps:
Go to Reports > Top Selling Products in the backend.
Select the desired date range and press Filter.
Look for the total sales of the ‘Deposit’ item in the report.
You can print this report for your records to monitor the amount of deposits received.
