Settle Security Deposits in Orders

Settle your security deposit in Orders

Let’s say you run car rentals and have a customer who’s renting out a car. A car is a high-ticket asset, so it makes sense if you want the customer to deposit some security against it. The security deposit is important, especially in the rental industry. It serves as an assurance that even if the customer doesn’t return the item, you can at least use the deposit to recoup the lost rental income.

EZRentOut now gives you the ability to settle security deposit payments against rented out Orders. Let’s dive deeper to learn more about settling security deposits.

Contents

1. Enable the setting
1.1. Create a security deposit
2. Charge payment for the security deposit
3. Settle the security deposit
4. Add settlements while charging payment
5. Add settlements while returning the Order
6. View settled amount history in printouts

1. Enable the setting

To enable the setting, go to Settings → Company Settings → Settle Security Deposits in Orders and click  ‘Enabled’.

Enable setting for settling security deposit

1.1. Create a security deposit

Before you can start settling security deposits, you need to create one. You can create a deposit by following the pathway: Settings → Company Settings → Invoice Line Items. Click ‘Create New Invoice Line Item’. Now, choose ‘Security Deposit’ under the ‘Type’ drop-down field.

1.1. Create-line-item

Don’t forget to hit the ‘Create Invoice Line Item’ button once you’re done.

Read More: Using Invoice Line Items for Security Deposits, Damage Waivers, and More

2. Charge payment for the security deposit

To charge the payment for a security deposit, go to the Orders module and open the particular Order. On the Order Details page, scroll down and click on ‘Pay’ next to the security deposit as highlighted below.

2. Pay security deposit

This action pops open the following overlay:

3. Payment overlay

In the ‘Amount’ field, specify the amount of the security deposit that the customer is depositing. If the deposit is $252, the customer does not have to pay it all in one go. They can pay $100 right now, and the remaining later on. Hit ‘Submit’ and the payment has been charged!

3. Settle the security deposit

Let’s assume that the customer paid the entire deposit of $252 in one go. After the payment has been submitted, you’ll see a new entry for the paid amount:

4. Settle security deposits button

Once the customer returns the car back safely, you can pay the security deposit back by clicking on ‘Settle’. You don’t have to settle the deposit all at once. Instead, you can return some of the deposit back right now and the rest, later on.

Let’s settle the deposit for $100. Clicking ‘Settle’ opens up the following overlay:

5. Settle security deposits overlay

In the ‘Amount’ field, enter the amount of the security deposit that you are settling. Don’t forget to hit ‘Settle’ to save the changes!

The customer had initially deposited $252, and you have returned $100, so $100 has been settled. To settle the remaining amount, simply click ‘Settle’ again.

You can see that the amount settled is deducted from the deposit, as highlighted below:

6. Revert payment

You can also revert the settlement by clicking the ‘Revert’ button if necessary.

4. Add settlements while charging payment

Instead of the process outlined above, you can also settle the security deposit while you charge the payment. To do so, click the ‘Charge Payments’ button from the right of the Orders Details page. This opens the following overlay:

7. Add settlements through Charge payment

In the above case, we have settled $100. However, the remaining $152 deposited by the customer still has to be settled. To settle this remaining amount, click on ‘Add Settlements’. This opens up the following overlay, where you can settle the remaining $152 left from the security deposit:

8. Add settlement for security deposits

Once you’re done settling the deposit, you just have to charge the payment as you normally would.

5. Add settlements while returning the Order

You can also carry out this entire process while the customer returns their Order. Click on the ‘Return Order’ button. This directs you to the page below, where you can ‘Add Settlements’ following the steps outlined in section 4.

9. Settlement for security deposits when returning order

Note: This is only possible if you have enabled the ‘Charge payment while returning order’ setting from Settings → Company Settings.

6. View settled amount history in printouts

When you print the invoice for a particular Order from More → Printout Templates → Orders  → Invoice templates, you can see the history of settled amounts in the invoice.

As you can see in the highlighted section below, all settlements with their associated amount and time are printed along with the invoice.

10. History of all settlements for security deposits

Have any questions?

For more assistance, drop us an email at support@ezrentout.com. You can also share your ideas on our Community Forum or visit our blog for detailed support posts.

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