Preparing to Take Deposits

Before you can accept deposits at point of sale, you need to do the following:

Add a clearing account for deposits to your general ledger (TireMaster Point of Sale and TireMaster Corporate). This account is typically a liability account, because it’s used for tracking unearned revenue. For more information, see Creating a Liability Account.
Define the deposit clearing account in System Controls (TireMaster Point of Sale and TireMaster Corporate). For more information, see Deposit - Clearing Account.

Note: To pass the data validation in TireMaster Plus and TireMaster Corporate, the clearing account for deposits must be defined in System Controls.

Define a minimum dollar amount for deposits in System Controls. For more information, see Deposit - MIN Dollar Amount.
Define a minimum percentage for deposits in System Controls. For more information, see Deposit - MIN Percentage (%).

Note: When the minimum deposit percentage for an invoice is less than the minimum dollar amount for deposits, the customer is required to pay the minimum deposit dollar amount.

In addition to completing these settings, you might also want to add an inventory item for assessing service charges (such as restocking fees) when customers back out of purchases and ask for refunds of their deposits. For more information, see Adding Items to the Inventory and Setting Up Fees.