Bonds

When managing bookings and invoices in HirePOS, utilising bonds for security payments is a common practice to ensure full payment is received before the hire commences. Bonds serve as an additional payment over the hire charge, providing customers with a clear understanding of the total amount due. This document outlines the process of setting up and managing bonds within the HirePOS system.

When creating a booking or invoice, follow these steps to include a bond:

1. Raise a booking/invoice with the relevant details.

2. Click on the '+ Add Bond' link below the TOTAL section.

3. Enter the bond amount required.

4. Preview the booking to display the total amount including the bond.

Once the hire commences, the bond section is hidden from the preview. The full payment, including the bond, must be received before the hire starts. Follow these steps for payment processing:

1. Receive the full payment.

2. Click on the 'Receive Payment' button to finalize the transaction.

3. Save and preview the payment details.

After receiving the payment, indicate the hire start and end dates to manage the hire period. The bond is refunded to the customer upon the return of goods in good condition. Follow these steps:

1. Populate the Hire From and Hire To dates to indicate the hire period.

2. Refund the bond amount by clicking on the 'Refund Payment' button.

3. Save and preview the refund transaction.

If deductions need to be made from the bond amount, simply add the charges to the invoice. The refund amount will be adjusted accordingly. If a bond amount is not specified on the invoice, the required bond value will be treated as a deposit to ensure additional payment is received.

You can set default bond amounts for items in the system to streamline the invoicing process. Follow these steps:

1. Set default bonds per item in the Setup > Items > Rates/Prices tab.

2. Utilise the default bond amounts when creating invoices.

If default bond amounts are set for items, you can use the Calculate option in the Bonds section to automatically include these amounts in the invoice total.

To set a global default bond amount for all sales records, follow these steps:

1. Go to Setup > Preferences > Sales.

2. Enter a numeric value in the Default Bond Amount field.

3. Save the changes to apply the default bond amount to all new sales records.

By following these guidelines, you can effectively manage bonds for security payments in HirePOS, ensuring smooth transactions and accurate financial records.