Best Practice Guide - Function Deposits

Function deposits, both taken and redeemed, are best processed through your POS system.

There are two recommended best practice options that ensure deposits are receipted at the time of payment, with the function’s revenue captured at the event, and balances managed through your Functions Clearing account.

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

How it works

When a customer pays a deposit, register the payment 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.

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.

Option 2: Utilise Gift Card Functionality in Your POS System

How it works

Consult with your POS provider about enabling Gift Card functionality to manage deposit balances. Where possible, configure the system to separate function deposit vouchers from regular gift vouchers, ensuring that deposits can be tracked and reported independently.

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.