Difference between revisions of "How do I deal with used unit funding?"
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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 unit funding or press {{KeyPress|C-F1}} to search for it. If one does not exist, see [[How do I | + | * Enter the centre for your used unit funding or press {{KeyPress|C-F1}} to search for it. If one does not exist, see [[How do I create a nominal code?|here]] to create one. |
{{Note|text=This should be a balance sheet code flagged as an asset/liability if you wish to have the ability to reconcile it.}} | {{Note|text=This should be a balance sheet code flagged as an asset/liability if you wish to have the ability to reconcile it.}} | ||
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== See also == | == See also == | ||
* [[The Banking Journal]] | * [[The Banking Journal]] | ||
− | * [[How do I | + | * [[How do I create a nominal code?]] |
* [[How do I Set a Nominal Centre to be Reconciled?]] | * [[How do I Set a Nominal Centre to be Reconciled?]] | ||
{{KB_Tags|funding, vehicle, used, finance}} | {{KB_Tags|funding, vehicle, used, finance}} | ||
{{MClass}}{{KB_NL}}{{KB_VS}}{{ZN_Accounts}}{{ZN_Admin}} | {{MClass}}{{KB_NL}}{{KB_VS}}{{ZN_Accounts}}{{ZN_Admin}} |
Revision as of 06:30, 8 January 2019
Contents
Summary
The following article explains how to deal with used unit funding from a finance company.
More Information
Finance companies may offer funding for used unit purchases or part exchanges to help with cash flow under some circumstances.
When you purchase a used unit
- When you purchase a used unit 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 unit 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 unit to which the payment relates.
- Once complete, press <Esc> and <Accept> to accept the posting.
When you sell the used unit
- Once you have sold the used unit, 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 unit 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