How do I deal with used unit funding?

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Revision as of 11:25, 11 November 2013 by Richard Green (talk | contribs) (See Also)
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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


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Keywords AND Misspellings
Funding, Vehicle, Used, Finance