Handling Forfeited Deposits for Events or Party Bookings

For accounting and record-keeping purposes, it is recommended that forfeited deposits be recorded on event invoices.  This is done by removing all event assignments and event upsells from the event invoice and adding an undefined priced product you create called something like "forfeited deposit revenue" to the event as an upsell.

Additionally, for reporting purposes and to clear up the now available time slot, we will create an event category, schedule, sub schedule, price rule, site, assignment, and package to which events that have forfeited deposits can be assigned.

  1. To begin, go to Event Management > Other Settings > Categories, and create a new category called "Forfeited Deposit".

  2. Next, create a new Schedule with the duration of "10 Minutes" and an appropriate time zone.

  3. Then add a new sub-schedule with "Daily" settings in Times & Recurrences. The start time and end time will be according to your times of operation.

  4. Next, create a Price Rule with "$0" as the Base Price and set the Upper Limit to 10. That value indicates the number of parties that you can be forfeited in a single time slot.

  5. Then. create a new site called "Forfeited Deposit" in Administration > Location > Site.

  6. Go back to the Event Management page. create the appropriate Assignment and assign the appropriate settings like Category, Location/Sites, Tax Option, Capacity, and Schedule. Please consider whether forfeited deposits are sales taxable when considering the tax option. Take note that you need to disable the "Exclusive Use" button.

  7. Also, disable the "View on Event Portal" option, as well as the other options in that same section. This should not be visible on the online portal and should only be accessible in the Bookings module. Click on Add to proceed.

  8. Once the assignment is created, go to the Pricing tab and add the Price Rule you created.

  9. Next, create the Package label it as "Forfeited Deposit" and set the Assignment and Price Rule to those created in the above steps.

  10. Open the booked party in Bookings and click Edit under the Booking Details tab.

  11. Click on the Category tab and find the Forfeited Deposit on the drop-down menu. Choose any time (the time does not really matter, but you could choose the original time for which the party was booked if that is of interest to track).

  12. Go to the Finalize tab of the booking to see how much in payments will be forfeited.  Navigate to the Customization tab and add the Up Sell product created for forfeited deposits from the above steps to match the amount of payments that will be forfeited.  

You can also learn more about how to do Invoice Adjustments for Bad Debt, Discounts, Price Overrides, and Partial Refunds for Events.

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