Event Deposit: What is it?

An event deposit allows you to take an advanced payment or deposit for a future event. This deposit can be tendered to the tab on the day of the event to pay down a portion of the check.

Event deposits are typically used for larger events, renting out rooms, putting a deposit down on a large reservation (usually paid for by one person), or paying in advance for a large party using a fixed menu. You will attribute the amount of their tab as sales taken outside of the POS or prior to the event and use the deposit as a discount to the tab, or as an entirety of their tab. The main function of event deposits is to secure a minimum amount from the guest then allow the guests to redeem it later. 

Example: You are charging a guest a $500 event deposit for a large party. They pay this deposit through the POS prior to the day of this party. 

Then, the day of the event they run up a $1200 tab. You can use this event deposit to reduce their bill by $500. 

To learn how to set up an Event Deposit, click here.

To learn how to invoice an Event Deposit, click here