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. | ||
==More Information== | ==More Information== | ||
| − | + | Finance companies may offer funding for used vehicle purchases or part exchanges to help with cash flow under some circumstances. | |
===When you purchase a used vehicle=== | ===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 | + | * When you purchase a used vehicle from a customer, or take one in in part exchange, you can apply for funding. |
| − | * When you | + | * When you are 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 {{Menu| | + | * Go to {{Menu|{{NL}}|Journal Entries|Cashbook Entry}}. |
* Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress|Enter}}. | * Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress|Enter}}. | ||
* The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|I}}. | * The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|I}}. | ||
| Line 16: | Line 15: | ||
{{Note|This should be a balance sheet code flagged as an asset/liability if you wish to have the ability to reconcile it.}} | {{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 | + | * In the {{DataPrompt|Comment}}, type in the stock number of the vehicle to which the payment relates. |
* Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | * Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | ||
===When you sell the used vehicle=== | ===When you sell the used vehicle=== | ||
| − | * Once you have sold the used vehicle, you | + | * Once you have sold the used vehicle, you will need to pay back the finance company. Once again this is done by doing a simple journal. |
| − | * Go to {{Menu| | + | * Go to {{Menu|{{NL}}|Journal Entries|Cashbook Entry}} |
* Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress|Enter}}. | * Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress|Enter}}. | ||
* The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|O}}. | * The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|O}}. | ||
| Line 27: | Line 26: | ||
* Enter the centre for your used vehicle funding or press {{KeyPress|Ctrl-F1}} to search for it. | * Enter the centre for your used vehicle funding or press {{KeyPress|Ctrl-F1}} to search for it. | ||
* Enter the amount you are paying the finance company. | * Enter the amount you are paying the finance company. | ||
| − | * In the {{DataPrompt|Comment}}, type | + | * In the {{DataPrompt|Comment}}, type the stock number to which the payment relates. |
* Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | * Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | ||
Revision as of 16:29, 1 July 2013
Contents
Summary
The following article explains how to deal with used vehicle funding from a finance company.
More Information
Finance companies may offer funding for used vehicle purchases or part exchanges to help with cash flow under some circumstances.
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 for funding.
- When you are 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 of the vehicle to which the payment relates.
- Once complete, press <Esc> and <Accept> to accept the posting.
When you sell the used vehicle
- Once you have sold the used vehicle, you will 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 the stock number to which the payment relates.
- Once complete, press <Esc> and <Accept> to accept the posting.
See Also
