Deposit

Deposits

1. Purpose

Deposit functionality allows customer to make a deposit for specific contract to the leasing company. This deposit should be kept until the end of the leasing contract and returned or consumed for the last payments. Leasing officer can choose which financial products allow deposits and set rules for deposit collection.

2. Deposit setup

Deposit can be allowed for specific financial products, to do that, navigate to Financials Products and choose financial product that should have deposits allowed. In the Accounting And Tax fast tab Allow Deposit field should be checked and in Posting Group for Deposit officer should choose or create new appropriate customer posting group for deposit amounts.
Officer can also choose rule, which defines when the deposit is expected to be paid. To do that, navigate to Rules fast tab in Financial Product Setup page and find Deposit Payment Control Rule. There are 2 options:

• Paid Before Activation
• DD Collection on Activation.

Paid Before Activation means that customer should pay deposit before contract is activated. DD Collection on Activation means that deposit will be collected automatically when the contract is activated.

Figure 1 Financial product setup, Accounting and Tax fast tab

3. Contract

When financial product allows deposits, Deposit group becomes visible in Schedule Card for the contract.
Officer can fill in either Deposit Amount field or Deposit % and the other field will be calculated automatically.

Figure 3 Contract - Schedule Card
Compliance officers can see required Deposit Amount and Deposit received while filling out compliance card. If deposit is supposed to be paid before contract activation, officer will not be able to activate contract before the entire deposit amount is received

Figure 4 Contract – Compliance Card

When the contract is activated, field Remaining Deposit is visible in Balances fast tab. Before closing the contract, officer should return remaining deposit to the customer or use it for the last payments.

Figure 5 Contract - Balances