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 | + | The following article explains how to deal with used unit funding from a finance company. |
== More Information == | == More Information == | ||
| − | Finance companies may offer funding for used | + | 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 | + | === When you purchase a used unit === |
| − | * When you purchase a used | + | * 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. | * 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. | ||
| Line 13: | Line 13: | ||
* 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 | + | * 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.}} | ||
* 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 | + | * In the {{DataPrompt|Comment}}, type in the stock number of the unit to which the payment relates. |
* Once complete, press {{KeyPress|ESC}} and {{KeyPress|Accept}} to accept the posting. | * Once complete, press {{KeyPress|ESC}} and {{KeyPress|Accept}} to accept the posting. | ||
| − | === When you sell the used | + | === When you sell the used unit === |
| − | * Once you have sold the used | + | * 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 {{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}}. | * 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. | ||
| − | * Enter the centre for your used | + | * Enter the centre for your used unit funding or press {{KeyPress|C-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 the stock number to which the payment relates. | * In the {{DataPrompt|Comment}}, type the stock number to which the payment relates. | ||
Revision as of 17:05, 4 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
