Moreover, spreadsheets simply turned all that scribbling into keystrokes. Different processes, same administrative tasks. What would it take to make it easier to handle deposits?
Make Deposits with Less Fuss
Cin7 makes it easier for Xero or QuickBooks users to handle deposits on their purchases and sales by smoothing the process for keeping inventory and financial reporting in sync. Specifically, we do this through two new deposits modules. Now, Cin7 users can activate a “Manage Deposits” function that lets you report deposits to a liability or asset account that you set up in your accounting software.
No More Messy Reconciling
In the past, a business might take deposits from customers without a system in place to process payments properly. For example, they would invoice a customer when they received a deposit payment. This, in turn, resulted in an overstatement of their revenue, since they only actually received a fraction of the money owed for that invoice. A company would have to pay attention to every deposit to make sure their deposits didn’t throw their actual revenue askew. Cin7 created Deposit Modules to make the process as clean and automated as possible. So now, when a business takes a deposit, it can easily account for it as a liability instead of revenue.
Partial Payments? No Problem
Cin7’s Deposit Modules for Xero and QuickBooks manage sales and purchases that require deposits as a partial payment. Suppliers may require light manufacturers or wholesalers to make deposits on first-time purchases, for example. Meanwhile, wholesalers and retailers may require deposits for high-value or custom products. Whatever the case, businesses handle deposits all the time.
Using our new modules, Cin7 users can add a deposit to sales or purchase orders in Cin7, flag it for complete payment, and push that information to accounts the way they would any order.