How do I refund a unit deposit?
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Revision as of 10:56, 1 March 2010 by Tim Laundon (talk | contribs)
Contents
Summary
Deposits may be refunded for vehicles for a number of reasons. The customer cancels his order, the dealer can't get the bike the customer wants, the customer's circumstances may have changed.
Actions
Removing the Deposit
To remove a deposit on its own, go to "Vehicle Sales" -> "Deposits".
- Press <F2>, then <F2> again to show all the deposits. They are listed in account code order.
- Find the deposit to refund and press <F2>, and confirm that you want to refund it.
- Check the refund method is correct, press <Esc>, print a receipt for the refund if required, and then accept the refund.
Removing Deposit and Sales Order together
- Check whether a sales order has been created by going to "Vehicle Sales" -> "Review Sales Orders".
- Press <F2> to show the outstanding orders.
- Find the order relating to the customer and press <F10> to delete this order. The system will warn you about the deposit and ask if you want to refund the deposit, leave the deposit unallocated on the customer's account, or cancel the removal of the deposit.
- Choose the appropriate option - if you are retaining the customer's deposit, then use the "Leave Unallocated" choice, and your accounts people will deal with the money from there. If you are refunding the deposit, the system will prompt you to refund the money by the same method as the deposit was paid originally. Press <Esc> and accept the refund if the refund method is correct.
- If there was a part exchange involved and it has not been sold, the system will ask if you want to remove the part exchange vehicle. Choose "Yes" if you are not retaining the part exchange vehicle.
More Information
- Accounts will need to deal with retained deposits. Current legislation at this time says that there are no V.A.T. implications to retaining a deposit since no taxable sale or contract has been made. You may choose either to keep the money available for the customer to use against other sales, or to have the customer forfeit the money.
- If they are to forfeit the money, use Sales Ledger, Receipts to write the customer balance off to an Other Income nominal code, or the nominal code of your choice.
