Deposits

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What are Deposits?

Deposits are payments you collect upfront from customers as a form of security.

You can add them to plans, include them in contracts when needed, or just charge them with a product or booking.

Deposits can be refundable or non-refundable. Use refundable deposits for booking or contract guarantees. You keep the deposit until the customer's contract or booking ends. If all went well, you can easily refund it. If not, the deposit can help cover losses like damage to your space or missed payments.

Use non-refundable deposits when you'd like to charge customers some type of sign-up fee or holding deposit to reserve a specific desk or booking for them.

How Deposits work

Deposits are simply products that you add to plans and products as such. Deposits need a financial account that has a deposit type. You need a deposits account to avoid having your deposits counted as any other sales revenue when running your reports and for accounting purposes as well.

You first create one or more Deposits accounts. The number of deposit accounts you need depends on the segmentation you want in your accounting and deposits report.

Aim to strike a balance between your accounting/business strategy needs and overly segmented accounts that complicates your operations with little to no added value.

Whether you're adding deposits as such or as a one off fee, you'll need at least one deposit product.

Refundable deposits vs one-off fees

Adding deposits to plans automatically adds them to any new contract. It's a great way to automatically collect deposits for new contracts.

If you forgot to assign a deposit to a new customer contract — no worries, you can always charge as a one-off fee.This one off fee can be the same deposit product you would have added to the initial contract.


FAQ

Can I use the same deposit product for all my plans?

While you can use the same deposit product for all your plans or contracts and manually edit its price, we recommend you create individual deposit products. This ensures you can easily see which deposits are in each customer's account. It also offers better segmentation in your Deposits reports.