How We Just Made it Easier to Handle Deposits

Imagine what it was like when retailers and wholesalers did everything by the book. I mean that literally. First, they kept a ledger to track stock by hand. Then, someone wrote sales figures in an accounting ledger. “What a palaver,” as we say in New Zealand. Moreover, spreadsheets simply turned all that scribbling into keystrokes. Thus, different processes, same administrative tasks. What would it take to make it easier to handle deposits?

Handle Deposits in Xero or QuickBooks with Less Fuss

Cin7 makes it easier for users to handle deposits on both purchases and sales. Generally, Cin7 smoothes the process for keeping inventory and financial reporting in sync. Specifically, we do this through new modules. Now, Cin7 users can activate a “Manage Deposits” function which lets you set up coordination of stock and sales with the liability or current accounts 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 may wait until they invoice a customer before they apply a partial payment. However, if they did not know how to account for that payment, their financials might fail to reconcile that payment with actual sales. This, in turn, disrupt the timely fulfillment of a purchase. For example, the business might not dispatch an order until a bookkeeper reconciled a partial payment to an invoice. Even with software solutions, a company would have to be diligent about these processes. Cin7 created Deposit Modules to make these processes as clean and as automated as possible.

Handle Deposits Cleanly Through Cin7

Cin7’s Deposit Modules for Xero and QuickBooks manage sales and purchases that require deposits as a partial payment. Suppliers might require light manufacturers or wholesalers to make deposits on first-time purchases, for example. Meanwhile, wholesalers and retailers might accept deposits for high-value 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 orders.

Learn more about how these modules work and how to set them up for Xero and QuickBooks.