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Forfeit Deposit |
  
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Forfeit Deposit |
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Deposits are monies accepted on pending layaways, orders, service orders, and internet orders. Your store policy may be that layaways not claimed in so many days will be voided and the deposits will be forfeited.
Using Accounts Receivable
1) Create a customer named Store Forfeits and use your store address and phone info.
2) Edit an unclaimed layaway or order.
3) Press CTRL-N to add a line NOTE to the layaway (preferably at the top of the layaway).
In the note field, enter the customer information, name, address, phone number. This is done to document the original source of the layaway in the event the customer does return. Also include a statement that the deposit of $$$.$$ amount will be forfeited.
4) Choose the ESC Menu and choose Change Customer. Select your Store Forfeits customer.
5) Print the Layaway and file the printout away.
6) On the Layaways in Process screen, highlight the layaway and choose the Void button.
7) Enter a reason.
8) Choose Store Account for the refund tender type of the refund. (This will make the Store Forfeits customer now have store credit.) You may print the layaway.
Note: The voided layaway can be reviewed under List of Voids - Pending. If necessary, the layaway can be recovered and reassigned to the customer (with a penalty charge, of course).
(see List Of Voids)
Without Using Accounts Receivable
Advanced Setup - Create a tender type used only for tracking monies forfeited.
Go to Maintenance: Definitions: Tender
Choose Add and enter these settings:
Tender Code: FOR
Description: Forfeited
Receipt Description: Forfeited
Type: Check or Credit Card (this will allow you to track values under a separate report entry)
(No other fields activated. Should not be available for Quick Sale (cash sale) invoicing.)
1) Edit the unclaimed layaway or order.
2) Press CTRL-N to add a line NOTE to the layaway (preferably at the top of the layaway).
In the note field, enter the customer information, name, address, phone number. This is done to document the original source of the layaway in the event the customer does return. Also include a statement that the deposit of $$$.$$ amount will be forfeited.
3) Print the Layaway and file the printout away.
4) On the Layaways in Process screen, highlight the layaway and choose the Void button.
5) Enter a reason.
6) When prompted for the Refund, choose the Forfeited tender type.
7) Complete the process, print a receipt.