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Best Practice Guide - Function Deposits

How do I process function deposits in my POS system? Function deposits, both taken and redeemed, are best processed through your POS system. There are two recommended methods: (1) use a dedicated "Function Deposit" product and "Function Deposit Redeem" tender, or (2) use Gift Card functionality. Both options ensure deposits are receipted at the time of payment, revenue is captured at the event, and balances are managed through your Functions Clearing account (a dedicated clearing account used to hold deposit liabilities until they are redeemed at the event — confirm this account is correctly configured in your chart of accounts before processing deposits).

Option 1: Use a “Function Deposit” Product and “Function Deposit Redeem” Tender

How it works

Register the deposit using an exclusive “Function Deposit” open item, GST free product (class) in the POS system. When redeeming the deposit, use a specific “Function Deposit Redeem” tender. Steps for Option 1:

  1. At the time of payment, enter the "Function Deposit" item into the POS for the deposit amount (e.g. $200).
  2. Process payment via the customer's preferred method (cash, EFTPOS, direct deposit, or similar method).
  3. On the event day, enter all items consumed into the POS against the correct revenue classes.
  4. Redeem the deposit using the "Function Deposit Redeem" tender.
  5. Collect any remaining balance from the customer upon completion.


Example

 A customer pays a $200 deposit. The "Function Deposit" item is entered into the POS for $200, and the payment is processed via the customer's preferred method (cash, EFTPOS, direct deposit, etc.) at the time of payment.

On the event day, items consumed are entered into the POS as usual to ensure they are captured against the correct revenue classes. The $200 deposit is then redeemed using the "Function Deposit Redeem" tender, with any remaining balance due from the customer to be paid upon completion.


How does Option 2 (Gift Card functionality) work?

How it works

Consult your POS provider about enabling Gift Card functionality to manage deposit balances. Once enabled, configure the system to separate function deposit vouchers from regular gift vouchers so that deposits can be tracked and reported independently. If your POS does not support separate voucher types, confirm with your provider whether an alternative classification method is available. Steps for Option 2:

  1. Contact your POS provider to enable and configure Gift Card (function voucher) functionality.
  2. At the time of payment, issue a gift voucher (classified as a "function voucher") in the POS for the deposit amount (e.g. $200).
  3. Process payment via the customer's chosen method (cash, EFTPOS, direct deposit, or similar method).
  4. On the event day, process all goods consumed through the POS system.
  5. Redeem the deposit using the issued gift voucher.
  6. Settle any remaining balance with the customer.


Example

A customer pays a $200 deposit. A gift voucher (preferably classified as a "function voucher") is issued in the POS for $200, and payment is processed via the customer's chosen method (cash, EFTPOS, direct deposit, etc.) at the time of payment.

On the event day, the goods consumed are processed through the POS system, and the $200 deposit is redeemed using the issued gift voucher. Any remaining balance is then settled by the customer.