Difference between revisions of "How do I deal with used unit funding?"
From Catalyst
m (Les Ward moved page How do I Deal with Used Vehicle Funding? to How do I deal with used unit funding?: Lower case (except for Platinum menu options)) |
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=== 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. |
* Go to {{Menu|{{NL}}|Journal Entries|Cashbook Entry}}. | * Go to {{Menu|{{NL}}|Journal Entries|Cashbook Entry}}. | ||
− | * Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress| | + | * 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}}. | ||
* Enter the date you see the payment from the finance company. | * Enter the date you see the payment from the finance company. | ||
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* 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| | + | * Once complete, press {{KeyPress|ESC}} 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}} | ||
− | * Enter your bank nominal code into {{DataPrompt|Centre:}} and press {{KeyPress| | + | * 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}}. | ||
* Enter the date you pay the funds back to the finance company. | * Enter the date you pay the funds back to the finance company. | ||
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* Enter the amount you are paying the finance company. | * Enter the amount you are paying the finance company. | ||
* In the {{DataPrompt|Comment}}, type the stock number to which the payment relates. | * In the {{DataPrompt|Comment}}, type the stock number to which the payment relates. | ||
− | * Once complete, press {{KeyPress| | + | * Once complete, press {{KeyPress|ESC}} and {{KeyPress|Accept}} to accept the posting. |
== See also == | == See also == | ||
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* [[How do I Set a Nominal Centre to be Reconciled?]] | * [[How do I Set a Nominal Centre to be Reconciled?]] | ||
− | {{KB_Tags| | + | {{KB_Tags|funding, vehicle, used, finance}} |
− | {{MClass}} {{ | + | {{MClass}}{{KB_NL}}{{KB_VS}}{{ZN_Accounts}}{{ZN_Admin}} |
Revision as of 06:32, 22 December 2018
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.
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