How do I pay finance settlement on a unit purchase?

Summary

The following article explains how to settle outstanding finance on a stand-alone unit purchase.

More Information

Units: Unit is a general term used to cover all types of vehicle and machinery, including items such as motorcycles, scooters, cars, trucks, vans, caravans, motorhomes, boats, tractors, ATVs, agricultural equipment, wholegoods and construction equipment.

This is done by journalling the amount from your bank account to the finance settlement control account.

When purchasing a unit, either by the part exchange route or a direct purchase, that has outstanding finance, the system posts the finance balance to the Finance Settlement Control account and this will need paying to the appropriate finance company.

Go to " Nominal Ledger Journal Entries".

• At "Entry mode:", choose 'Multiple'.
• At "Date:", enter the date of the cheque or BACS payment that you are going to make.
• At "Reversing?", choose 'No'.
• Enter the nominal code for the Bank Account.
• Enter the amount of the settlement in the Credit(-) column.

Note: Because you are entering the value in the "Credit(-)" column, the figure will automatically be a negative amount, so you do not need to enter a '-' sign here.

• Enter a comment of the stock number of the unit and the word 'Settled', e.g. 'VEH 1234 Settled'. If you paid by cheque, enter the cheque number as well.
• Enter the nominal code for the 'Finance Settlement Control', (e.g. '19850' in the standard nominal codes).
• Enter the amount of the settlement in the Debit(+) column.
• Use the same comment as above by clicking the [Last Comment] button at the top of the screen.
• Click [Done] and [Accept] to complete the posting.

See also

• How do I deal with finance settlement on a unit?
• Creating a used unit
• How do I purchase a unit from a customer?

Feedback

Thank you for using our Knowledge Base, we value your feedback. Did you find this article useful? 'Yes' or 'No'

Keywords AND Misspellings

unit, vehicle, wholegood, caravan, agricultural machine, tractor, trailer, car, suv, motorcycle, motorbike, scooter, truck, van, lorry, motorhome, quad, atv, boat, tricycle, quadricycle, bicycle, bike, plant, finance, settlement, purchase, stand, alone, control