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Plan Deposits

Learn how to manage deposits in Nexudus.
Deposits are a one-off fee that you can add to plans as a security. Deposits can help you cover costs such as a member failing to pay a due invoice or damaging equipment in your space. 
If your plans include deposits, customers signing up to the plans will automatically have the deposit added to their first invoice. Your deposits can be refundable or non-refundable. You can add new deposits and edit existing deposits via each member's contracts. 
 

Adding Plan Deposits

Before you can add deposits to plans, you need to add a deposit product. Deposits in Nexudus are nothing more than a product in your inventory that you use for deposits. Because you can always define the amount of your deposits in each plan, you only need to create one deposit product with a generic price.

Creating Deposit Products

  1. Go to Inventory > Products and click Add new product. 
  2. Name your product and add a short description. 
  3. Add a generic price to your product. This generic price will always be overruled by the price you set in the plan.
  4. Click Save changes.

Remember that the name of your deposit product will appear in your dashboard and on customer invoices. Give it a name that will make sense to you and your customers such as 'Deposit' or 'Plan Deposit'.

  Make sure you create a deposit financial dedicated to deposits in Nexudus and assign it to your deposit product. This keeps deposits separate from your other revenues and improves reporting. Check the billing training module for more information.

Adding Deposits to Plans

Once you've created a deposit product in your inventory, you can add it to any plan. 

  1. Go to Inventory > Plans and click on the plan you want to edit.
  2. Go to the Deposits tab and click Add deposit.
  3. Select the deposit product from your inventory.
  4. Set the price of your plan's deposit. By default, the system will set the deposit to the value of the plan.
  5. If you want your plan's deposit to be refundable, enable Refund this deposit when the contract ends.
  6. Click Save changes.

plan_deposits.png

Deposit options

Adding Deposits after Signup

If you didn't include deposits in your plans and some customers have already signed up to plans, you can still collect a deposit via each customer's contract. 
Remember that you can't overrule deposit prices when you add them via a customer's contract, meaning if your deposit product is priced at 50$ in your inventory, customers will be charged 50$ on their next invoice. 
  1. Go to Finance > Contracts.
  2. Select the contract of the customer you want to charge a deposit. 
  3. Scroll to the Price section and enable Include one-off sign-up fees on the next invoice for this contract.
  4. Click Save changes.
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Plan price options
 

Before you assign a product to a plan, you first need to ensure that a suitable deposit product has been created.

  You can ask Monika how to create a product and then add it as a deposit.

Editing Plan Deposits 

You can easily edit a plan deposit to change its price or refund policy. Bear in mind any edits you make to plan deposits will only apply to new customers signing up to plans.

If you want to change the deposit of existing customers, you'll need to edit it in their contracts. 

  1. If the side menu is not visible, click  

  2. In the side menu, click Inventory, then click Plans.

  3. Click the plan whose details you want to view, then click Deposits.

  4. To remove a deposit, click Remove against the deposit.

  5. To edit it a deposit, click Change.

  6. To add a new deposit to the plan, click Add deposit.

  7. If you are editing or adding a deposit, set the options as described below, then click Save changes

Refunding Deposits

If you've enabled the Refund this deposit when the contract ends option in a plan's deposit, Nexudus automatically issues either a credit note or a product with a negative price when a member's contract end.

When a member's contract is cancelled by the system on the set cancellation date, Nexudus issues a credit note for the amount of the deposit. 

When you manually cancel a member's contract as an administrator, Nexudus issues a deposit product with a negative price for the amount of the deposit.

Once you've assessed if you want to fully or partially refund your customer's deposit at the end of their contract, you can do so manually by invoicing your customer. 

 

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