Types of Transactions

A deposit is the dollar amount paid in advance of a meeting or event before invoicing occurs.

• A deposit is added to a reservation. After you invoice the reservation, all outstanding deposits are applied to the invoice to reduce the balance due.
• A damage deposit is used to a collect a deposit that is not applied to an invoice and therefore, does not reduce the balance due. Instead, if the customer does not damage the room, any reserved equipment, and so on, then you must return the damage deposit to the customer by voiding the damage deposit transaction.

A payment is the dollar amount that is applied to an invoice to reduce the balance due. A pre-payment is similar to a deposit and is applied to a reservation.

An adjustment is a modification that is made to the amount due on an existing invoice. For example, if you send out an invoice to a group for $202.00 and the group sends you a check for $200.00, you can make an adjustment of “$2.00-” to close out the invoice.