Difference between revisions of "How do I deal with used unit funding?"
From Catalyst
(→When you purchase a used vehicle) |
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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. | 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 for funding. | * 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. | * 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. | ||
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* The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|I}}. | * The {{DataPrompt|Money In/Out:}} should be set to {{DataValue|I}}. | ||
* 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 [[ | + | * Enter the centre for your used vehicle funding or press {{KeyPress|Ctrl-F1}} to search for it. If one does not exist, see [[How do I Create a Nominal Code?|HERE]] 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.}} | + | |
+ | {{Note|title=PLEASE NOTE|text= 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 of the vehicle to which 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 will need to pay back the finance company. Once again this is done by doing a simple journal. | * 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|{{NL}}|Journal Entries|Cashbook Entry}} | * Go to {{Menu|{{NL}}|Journal Entries|Cashbook Entry}} | ||
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* Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | * Once complete, press {{KeyPress|Escape}} and {{KeyPress|Accept}} to accept the posting. | ||
+ | == See Also == | ||
+ | * [[:Category:Getting Started|Getting Started]] | ||
+ | * [[:Category:Hints and Tips|Hints and Tips]] | ||
+ | * [[:Category:Master Class|Master Class Tips]] | ||
+ | * [[Getting Started - Accounts]] | ||
+ | * [[Getting Started - [Vehicle Sales]] | ||
+ | * [[The Banking Journal]] | ||
+ | * [[How do I Create a Nominal Code?]] | ||
+ | * [[How do I Set a Nominal Centre to be Reconciled?]] | ||
− | + | {{KB_Tags|Funding, Vehicle, Used, Finance}} | |
− | + | {{MClass}} {{ZN_Admin}} {{ZN_Accounts}} {{KB_NL}} {{KB_VS}} | |
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Revision as of 12:06, 22 August 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.
- 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 HERE to create one.
PLEASE 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.
- 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
- Getting Started
- Hints and Tips
- Master Class Tips
- Getting Started - Accounts
- [[Getting Started - [Vehicle Sales]]
- The Banking Journal
- How do I Create a Nominal Code?
- How do I Set a Nominal Centre to be Reconciled?