You may require customers to pay a deposit when they open an account depending on their credit history and other factors. The deposit is maintained as a separate balance for the account and may earn interest for the customer according to a state-mandated interest rate.
The deposit balance and recent transactions may be included as an optional report in the XML Invoice.
Interest is earned on the entire deposit balance in accordance with the configured method. Interest is recorded and posted to the deposit balance at the end of the compound period (by a scheduled job that runs nightly).
Set-up
You can define interest rate specifications on a state-by-state basis and specify how interest is compounded. Set up interest rates before accepting deposits from your customers. See Interest Rates.
Managing Deposits
Deposits are entered and managed via the Customer window. When you accept a deposit and enter it into the IDI platform you can make journal entries and follow-ups as required to document related issues. The solution also lets you allocate deposit funds after the deposit has been held for the required length of time. Funds may be returned to the customer or be applied to the postpaid balance. In this case the funds are allocated according to the same rules that apply for payments.
Access
The Customer window provides two ways for accessing and managing deposits:
From the Customer window menu bar, select Status > Deposits.
Click the Balances tab on the Customer window. Then use the drop-down menu to select Deposit Balance.
To work with deposits see:
Permissions