Difference between revisions of "How do I account for finance commission?"
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* Enter the commission amount as an exempt figure. | * Enter the commission amount as an exempt figure. | ||
* Post the invoice to a sales centre that links to {{DataValue|Sales F&I Commission}} on the Profit & Loss. If a centre doesn't exist, see [[How do I Create a Nominal Code?|here]] for details on how to create one. | * Post the invoice to a sales centre that links to {{DataValue|Sales F&I Commission}} on the Profit & Loss. If a centre doesn't exist, see [[How do I Create a Nominal Code?|here]] for details on how to create one. | ||
| − | {{Note|text=If Platinum is being used with the vehicle sales integration to the nominal turned | + | {{Note|text=If Platinum is being used with the vehicle sales integration to the nominal turned, the invoice will need to be posted to {{DataValue|Vehicle Expense Accruals}}}} |
* When you receive notification of payment, pay the invoice off to the bank account. See [[Posting Payments Received|HERE]] for details on how to do this. | * When you receive notification of payment, pay the invoice off to the bank account. See [[Posting Payments Received|HERE]] for details on how to do this. | ||
Revision as of 16:21, 5 February 2015
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
Contents
Summary
The following article explains how to deal with Finance Commission.
More Information
When you sell a vehicle on finance, the finance company may pay you commission on that deal. To account for this you need to post a negative expense against the vehicle, and also account for the payment received from the finance company.
Logging the commission against the vehicle
- Go to " Unit Sales Add or Edit Vehicles".
- Type in the stock number of the required vehicle or <search> for the vehicle.
- Press <Edit> to go into the vehicle.
- Press <F7> to open the "Expenses" pop-up.
- Click <Add> to add a new expense.
- Enter a date for the commission and a description of finance commission.
- In the "Cost:" field, enter the commission amount as a negative figure.
- Use a category of 'COM'. If this category doesn't exist, add a new one.
- In the "Type:" field, select 'Vehicle'. This will reduce the general expenses against the vehicle.
- Click <Done> and <Accept> to save the expense.
Posting the commission in the accounts
When the commission statement arrives, you need to create an invoice to the finance company.
- Go to " Accounts\Systems Sales Ledger Sales Ledger Postings".
- Enter the finance company in the "Customer:" field.
- Enter the commission amount as an exempt figure.
- Post the invoice to a sales centre that links to 'Sales F&I Commission' on the Profit & Loss. If a centre doesn't exist, see here for details on how to create one.
 | If Platinum is being used with the vehicle sales integration to the nominal turned, the invoice will need to be posted to 'Vehicle Expense Accruals' |
- When you receive notification of payment, pay the invoice off to the bank account. See HERE for details on how to do this.
See also
- How do I Post Expenses against a Vehicle?
- How are Vehicle Expenses classified?
- Vehicle Expenses Explained
- How do I Create a Nominal Code?
- Posting Payments Received
- How do I Post Expenses against a Vehicle?
