Deposit Structure Settings

Deposit structures allow your team to save commonly used deposit structures, reducing entry errors and increasing efficiency when creating a new contract.

Creating a New Deposit Structure

To create a new deposit structure, navigate to Settings → Conveyancing, select the Deposit Structures tab, and click + Deposit Structure.

First, enter the deposit structure name, description and type. If the deposit type is Options & Upgrades, Color Schemes, or Parking, be sure to select which upgrades, color schemes, or parking stalls the deposit structure is applicable to. Next, use the toggles to select whether the initial deposit should be subtracted from the next deposit and whether to automatically include the deposit structure on new deposits. Finally, and choose which team members should be reminded of upcoming deposits. The user who creates a deposit will receive a reminder by default. Once all of the necessary information has been entered, click Save Deposit Structure.

 

 

If Less Initial Fixed Deposit was toggled on, an initial deposit and 1st deposit less initial deposit are automatically created. Click the pencil icon to the right of the deposit to enter the deposit parameters. If the option was toggled off, click + Deposit to create a deposit and enter its parameters.

Adjust the deposit name and add a description, if desired, then define the payment amount. Except for the Less Initial deposit type, each deposit can have any combination of percentage amounts, fixed amounts, or both.

To enter a fixed amount, click the Fixed Amount button and enter the appropriate number. To enter a percentage amount, click Percentage Amount and enter the percentage amount in the first field then choose the appropriate qualifiers from the two drop down lists. 

Next, define the payment terms, which can be either a Fixed Term or a Percentage Term.

Once the deposit information is complete, click Save Deposit. 

Continue adding deposits as required until the deposit structure is complete. For example, if the deposit structure should be a total of 2% of the Purchase Price, divided into 4 deposits where the initial deposit is $10,000, the next deposit is 5% less the initial deposits, and the remaining deposits are 5% and 10%, all spaced 3 months apart with the initial deposit due on the Contract Date, the deposit structure should be as follows:

 

Editing a Deposit Structure

To edit an existing deposit structure, click the Edit button to the right of the structure. 

This will allow you to edit the deposit structure name and description, toggle the Auto Include option on or off and adjust the deposit reminder recipients.

When the desired edits are made, click Save Deposit Structure

To edit an existing deposit component within a structure, click the Pencil icon to the right of the commission. 

This will allow you to edit the deposit name, description, payment amounts and payment terms.

When the desired edits are complete, click Save Deposit.

 

Deleting a Deposit Structure

If you need to delete a deposit structure, click the Edit button to the right of the structure and scroll to the bottom of the modal then click Delete. This action cannot be undone, so be certain you wish to delete the deposit structure.

If you only need to delete a particular deposit within a deposit structure, click on the deposit name and then click Delete Deposit. As with the deposit structure, this action cannot be undone, so be certain you wish to delete the deposit.

Note: Deleting a Deposit Structure or a Deposit will not remove it from existing contracts.

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