Deposits, late fees and rental invoices
Take the security deposit, invoice the rental, charge late fees when items come back late and settle everything when you close.
Each rental can hold a refundable security deposit. Late returns add a late fee for each started day. When you close the rental, the deposit pays what is still owed and the rest goes back to the customer.
Steps
-
Open the rental. A late rental is marked Late in red, with its return time.
A late rental -
Record the deposit received. Under Security deposit, check the amount, choose Bank or Cash and click Record deposit received. It is kept on your Customer deposits account, not as income.
Record the deposit -
Create the invoice for the rental with Create invoice. A draft invoice opens: check it and click Issue invoice. It is listed under Invoices on the rental with what is still due.
Invoice the rental -
Record the return. Because it is late, the late fee is added for each started day, shown on the line.
A late return adds a fee -
Invoice the extra charges. Click Create invoice again: late fees and damage charges get their own invoice. Issue it like the first.
Invoice the late fee -
Close the rental. Leave Use the deposit to pay what is still due ticked and click Close rental. The deposit pays towards the invoices; anything left over is refunded the way it was paid.
Close and settle
Tip Set the deposit and late fee once per product in Rental prices; every new rental uses them.
Good to know
- Untick Use the deposit to refund the whole deposit and collect the invoices separately.
- Damage or loss charges are entered when you record the return.