Difference between revisions of "How do I deal with used unit funding?"
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==Summary== | ==Summary== | ||
The following article explains how to deal with used vehicle funding from a finance company. | The following article explains how to deal with used vehicle funding from a finance company. | ||
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* Enter the date you see the payment from the finance company. | * Enter the date you see the payment from the finance company. | ||
* Enter the centre for your used vehicle funding or press {{KeyPress|Ctrl-F1}} to search for it. If one does not exist, see [[here|How do I Create a Nominal Code?]] to create one. | * Enter the centre for your used vehicle funding or press {{KeyPress|Ctrl-F1}} to search for it. If one does not exist, see [[here|How do I Create a Nominal Code?]] to create one. | ||
| + | {{Note|This should be a balance sheet code flagged as an asset/liability if you wish to have the ability to reconcile it.}} | ||
* Enter the amount received from the finance company. | * Enter the amount received from the finance company. | ||
* In the {{DataPrompt|Comment}}, type in the stock number the payment relates to. | * In the {{DataPrompt|Comment}}, type in the stock number the payment relates to. | ||
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*[[The Banking Journal]] | *[[The Banking Journal]] | ||
*[[How do I Create a Nominal Code?]] | *[[How do I Create a Nominal Code?]] | ||
| + | *[[How do I Set a Nominal Centre to be Reconciled?]] | ||
{{FAQ}}{{KB_Tags|Funding, Vehicle, Used, Finance}}{{ZN_Accounts}} | {{FAQ}}{{KB_Tags|Funding, Vehicle, Used, Finance}}{{ZN_Accounts}} | ||
Revision as of 16:10, 1 July 2013
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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 used vehicle funding from a finance company.
More Information
Sometimes, finance companies will offer you funding for your used vehicle purchases or part exchanges to help with cash flow e.t.c.
When you purchase a used vehicle
- When you purchase a used vehicle from a customer, or take one in in part exchange, you can apply only with your finance company for funding.
- When you get notified of payment into your bank account from your finance company, you need to do a simple journal in Platinum to reflect this. This is done using journal entries.
- Go to " Nominal Ledger Journal Entries Cashbook Entry"
- Enter your bank nominal code into "Centre:" and press <Enter>.
- The "Money In/Out:" should be set to 'I'.
- Enter the date you see the payment from the finance company.
- Enter the centre for your used vehicle funding or press <Ctrl-F1> to search for it. If one does not exist, see How do I Create a Nominal Code? to create one.
 | This should be a balance sheet code flagged as an asset/liability if you wish to have the ability to reconcile it. |
- Enter the amount received from the finance company.
- In the "Comment", type in the stock number the payment relates to.
- Once complete, press <Esc> and <Accept> to accept the posting.
When you sell the used vehicle
- Once you have sold the used vehicle, you then need to pay back the finance company. Once again this is done by doing a simple journal.
- Go to " Nominal Ledger Journal Entries Cashbook Entry"
- Enter your bank nominal code into "Centre:" and press <Enter>.
- The "Money In/Out:" should be set to 'O'.
- Enter the date you pay the funds back to the finance company.
- Enter the centre for your used vehicle funding or press <Ctrl-F1> to search for it.
- Enter the amount you are paying the finance company.
- In the "Comment", type in the stock number the payment relates to.
- Once complete, press <Esc> and <Accept> to accept the posting.
See Also
