In HirePOS, a "Deposit" refers to a required partial payment of the invoice/booking to secure the hire. While not mandatory by default, you can customize deposit due dates and values for your hires, whether percentage-based or a flat amount.

If a deposit is not paid by the due date, it will be flagged as an 'Overdue Deposit' on the Reminders List and can be viewed in Reports > Payments > Deposits Due by Date.

Deposit invoices are essential for businesses that require deposits to secure bookings.

HirePOS provides a feature to handle deposit payments efficiently, ensuring smooth transactions and clear reminders for due dates.

This document looks at deposits (payments in advance) and how to create deposit invoices in HirePOS efficiently and accurately.

On the sales record screen, the 'other tab' contains a section dedicated to deposit dates and amounts.

Booking deposits are essential to confirm reservations and are typically a portion of the final invoice amount. Hirepos allows you to set Deposit Due Dates, making them visible on bookings and invoices. This feature generates reminders on your Home Screen for upcoming deposit deadlines, ensuring timely payments.

Within the Other tab on the invoice screen, you will find two fields related to the deposit: Deposit $ and Deposit %. These fields can be customized to display on your booking and invoice documents alongside the Deposit Due Date, providing clarity to both you and your customers regarding the deposit amount and percentage.

For businesses requiring deposits well in advance, such as event companies, creating separate invoices for deposits is common practice. This ensures accurate accounting and tax reporting, especially for accrual-based income tax reporting.

By issuing a separate deposit invoice, you maintain the original booking until finalization, converting it to an invoice closer to the event date. This process avoids altering previously reported invoices and simplifies financial tracking.

To create a deposit invoice in HirePOS, follow these steps:

Before creating deposit invoices, set up a 'deposit item' in the system by navigating to Setup > Items. Create a new item with the description 'Deposit', code 'Deposit', item type as 'Misc', and enable Non-Stock in the configuration section. Assign this item as your 'Deposit' item in Setup > Preferences > Bonds & Deposits.

To create a new deposit invoice:

1. Open a Booking that requires a deposit to be paid.

2. In the Booking/Invoice screen, click the Other tab.

3. Ensure the Deposit Required fields are set correctly.

4. Click the + New Deposit Invoice button.

5. Set the Deposit Amount field and click Create Deposit Invoice.

The deposit amount is calculated based on the Deposit Required fields. The system prioritizes the higher value between the $ and % values. If both are absent, the $ value from the deposit item setup is used. You can override the calculated value during invoice creation.

When a Deposit Invoice is created, the original booking's "Deposit Due" field is cleared to prevent reminders. The Deposit Due date from the booking becomes the due date for the new Deposit Invoice.

To export a Deposit Invoice to your accounting service, you need to ensure that the Deposit Item you've setup has a code assigned to it which corresponds to the correct account in that accounting software.

You can do this is done by going into Setup > Item Related and ensuring the item has an account code assigned in either its Income Code field or Income category field.
In the case of Xero, for example, these would be displayed as Xero Income Code and Xero Income Category.

If the item does not have an income code/category value, you will need to either:

• Create a new category for "Deposits", give it a suitable Xero Account Code, and assign your new deposit item to it.

• Assign your new deposit item to a suitable existing category.