Difference between revisions of "Deferred profit for unit sales"
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If deferred profit is enabled: | If deferred profit is enabled: | ||
| − | * If a unit, which is currently on a unit purchase order but has not yet been received into stock, is invoiced the system will post the nett sale value and any unit costs already incurred to specific balance sheet centres. When the unit is received into stock the system will then post the required journals to release the sales and costs of sales to the Profit & Loss. | + | * If a unit, which is currently on a unit purchase order but has not yet been received into stock, is invoiced the system will post the nett sale value and any unit costs already incurred to specific balance sheet centres. When the unit is received into stock the system will then post the required journals to release the sales and costs of sales to the Profit & Loss. |
Go to {{PlatinumModuleSettings}} | Go to {{PlatinumModuleSettings}} | ||
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* Click {{Button|OK}} and {{Button|Accept}}. | * Click {{Button|OK}} and {{Button|Accept}}. | ||
* At {{DataPrompt|Customer prepayments centre modifiers}} click {{Button|Edit}}. | * At {{DataPrompt|Customer prepayments centre modifiers}} click {{Button|Edit}}. | ||
| − | ** These settings control whether the customer prepayments nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction {{DataValue|Site}}, {{DataValue|account}} being invoiced and whether the primary unit is a {{DataValue|New/Used}} unit. It is advised that only the {{DataValue|Site}} should be allowed to modify this specific code. This allows your system to hold a prepayment value per transaction site. If you are unsure of the settings to use please {{SupportContact}}. | + | ** These settings control whether the customer prepayments nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction {{DataValue|Site}}, {{DataValue|account}} being invoiced and whether the primary unit is a {{DataValue|New/Used}} unit. It is advised that only the {{DataValue|Site}} should be allowed to modify this specific code. This allows your system to hold a prepayment value per transaction site. If you are unsure of the settings to use please {{SupportContact}}. |
** If you make any changes to this setting click {{Button|OK}} else click {{Button|Cancel}}. | ** If you make any changes to this setting click {{Button|OK}} else click {{Button|Cancel}}. | ||
* Select {{DataPrompt|Deferred costs centre}} and click {{Button|Edit}}. | * Select {{DataPrompt|Deferred costs centre}} and click {{Button|Edit}}. | ||
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* Click {{Button|OK}} and {{Button|Accept}}. | * Click {{Button|OK}} and {{Button|Accept}}. | ||
* At {{DataPrompt|Deferred cost centre modifiers}} click {{Button|Edit}}. | * At {{DataPrompt|Deferred cost centre modifiers}} click {{Button|Edit}}. | ||
| − | ** These settings control whether the deferred costs nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction {{DataValue|Site}}, and whether the unit is a {{DataValue|New/Used}} unit. It is advised that only the {{DataValue|Site}} should be allowed to modify this specific code. This allows your system to hold a deferred cost value per transaction site. If you are unsure of the settings to use please {{SupportContact}}. | + | ** These settings control whether the deferred costs nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction {{DataValue|Site}}, and whether the unit is a {{DataValue|New/Used}} unit. It is advised that only the {{DataValue|Site}} should be allowed to modify this specific code. This allows your system to hold a deferred cost value per transaction site. If you are unsure of the settings to use please {{SupportContact}}. |
** If you make any changes to this setting click {{Button|OK}} else click {{Button|Cancel}}. | ** If you make any changes to this setting click {{Button|OK}} else click {{Button|Cancel}}. | ||
* Click {{Button|Done}} and {{Button|Accept}} to save the deferred profit settings. | * Click {{Button|Done}} and {{Button|Accept}} to save the deferred profit settings. | ||
Revision as of 05:29, 22 May 2021
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This article or section applies to a Platinum feature currently being developed. Be aware: Content may change. |
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This article or section is under development. Be aware: Content will change as the document progresses. |
Summary
This article explains how to enable deferred profit for unit sales. These settings are used in conjunction with Unit Purchase Order Processing.
More Information
When selling units, in advance of them actually being received into your stock, you may wish to defer the sale. This will enable you to incur the costs of the item in the same financial period as the sale is included on your Profit & Loss report.
This is a method that suits items which are invoiced well in advance e.g. Combine Harvesters and other large farm machinery.
If deferred profit is enabled:
- If a unit, which is currently on a unit purchase order but has not yet been received into stock, is invoiced the system will post the nett sale value and any unit costs already incurred to specific balance sheet centres. When the unit is received into stock the system will then post the required journals to release the sales and costs of sales to the Profit & Loss.
Go to " Reports & Settings Maintenance Options System Administrator Module Settings"
- Select " Unit Sales Module Settings"
- Scroll down the screen to "Deferred profit"
- Select "Record deferred profit" and click [Edit].
- Select 'Yes' and click [OK].
- Select "Customer prepayments centre" and click [Edit].
- Enter a suitable Balance Sheet centre in which the nett sale will be held until the unit is booked into stock.
- You may press <Ctrl+F1> to search for a centre.
 | If you need to create a new centre, press [Add] from the 'Nominal Centre Search' screen. Follow the instructions in How do I create a nominal code? The suggested settings are Balance Sheet - Current Liability but please check with your accountant. |
- Click [OK] and [Accept].
- At "Customer prepayments centre modifiers" click [Edit].
- These settings control whether the customer prepayments nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction 'Site', 'account' being invoiced and whether the primary unit is a 'New/Used' unit. It is advised that only the 'Site' should be allowed to modify this specific code. This allows your system to hold a prepayment value per transaction site. If you are unsure of the settings to use please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page.
- If you make any changes to this setting click [OK] else click [Cancel].
- Select "Deferred costs centre" and click [Edit].
- Enter a suitable Balance Sheet centre in which the nett costs will be held until the unit is booked into stock.
- You may press <Ctrl+F1> to search for a centre.
| If you need to create a new centre, press [Add] from the 'Nominal Centre Search' screen. Follow the instructions in How do I create a nominal code? The suggested settings are Balance Sheet - Current Asset but please check with your accountant. |
- Click [OK] and [Accept].
- At "Deferred cost centre modifiers" click [Edit].
- These settings control whether the deferred costs nominal centre should be modified to divert transactions to alternative nominal codes based on the transaction 'Site', and whether the unit is a 'New/Used' unit. It is advised that only the 'Site' should be allowed to modify this specific code. This allows your system to hold a deferred cost value per transaction site. If you are unsure of the settings to use please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page.
- If you make any changes to this setting click [OK] else click [Cancel].
- Click [Done] and [Accept] to save the deferred profit settings.
