Some venues use the terms deposit and payment interchangeably but in Momentus Elite they are two distinct things:
- Deposits are a specific type of invoice (a deposit invoice) which is sent to the client to elicit payment ahead of an event. Deposit invoices can be for a flat amount or for a percentage of the event charges.
- Payments are the actual monies received for the deposit. Payments are recorded in Elite and then allocated to the deposit invoice.
Understanding this difference is important when you are setting up your Elite account because you will be creating both deposit types and payment types. These types capture information specific to how we use deposit and payment in Elite:
Deposit types represent the charges on your deposit invoices and allow you to segment your various deposit requests (such as rental deposit, F&B deposit, event pre-payment, bonds, and so on). Deposit types can have an associated GL code (usually a liability account). A deposit type is selected when you create a deposit invoice. Sample deposit types include:
- Rental Deposit
- Food & Beverage Minimum Deposit
- Technical Services Deposit
Payment types represent the way the customer pays. Payments also can have an associated GL code (usually an asset account such as Cash or Cash at Bank). Sample payment types include:
- Credit Card
For more information about deposits, deposit types, payments, and payment types, see these related articles: