Difference between revisions of "How do I pay finance settlement on a unit purchase?"
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* Enter the nominal code for the Bank Account. | * Enter the nominal code for the Bank Account. | ||
* Enter the amount of the settlement in the Credit(-) column. | * Enter the amount of the settlement in the Credit(-) column. | ||
+ | {{Note|title=Note|text=Because you are entering the value in the {{DataPrompt|Credit(-)}} column, the figure will automatically be a negative amount, so you do not need to enter a {{DataValue|-}} sign here.}} | ||
* Enter a comment of the stock number of the vehicle and the word {{DataValue|Settled}}, e.g. {{DataValue|VEH 1234 Settled}}. If you paid by cheque, enter the cheque number as well. | * Enter a comment of the stock number of the vehicle and the word {{DataValue|Settled}}, e.g. {{DataValue|VEH 1234 Settled}}. If you paid by cheque, enter the cheque number as well. | ||
* Enter the nominal code for the {{DataValue|Finance Settlement Control}}, (e.g. {{DataValue|19850}} in the standard nominal codes). | * Enter the nominal code for the {{DataValue|Finance Settlement Control}}, (e.g. {{DataValue|19850}} in the standard nominal codes). |
Revision as of 14:43, 24 February 2014
Summary
The following article explains how to settle outstanding finance on a stand-alone vehicle purchase.
More Information
This is done by journalling the amount from your bank account to the finance settlement control account.
When purchasing a vehicle, either by the part exchange route or a direct purchase, that has outstanding finance, the system posts the finance balance to the Finance Settlement Control account and this will need paying to the appropriate finance company.
Go to " Nominal Ledger Journal Entries".
- At "Entry mode:", choose 'Multiple'.
- At "Date:", enter the date of the cheque or BACS payment that you are going to make.
- At "Reversing?", choose 'No'.
- Enter the nominal code for the Bank Account.
- Enter the amount of the settlement in the Credit(-) column.
Note: Because you are entering the value in the "Credit(-)" column, the figure will automatically be a negative amount, so you do not need to enter a '-' sign here. |
- Enter a comment of the stock number of the vehicle and the word 'Settled', e.g. 'VEH 1234 Settled'. If you paid by cheque, enter the cheque number as well.
- Enter the nominal code for the 'Finance Settlement Control', (e.g. '19850' in the standard nominal codes).
- Enter the amount of the settlement in the Debit(+) column.
- Use the same comment as above by clicking the [Last Comment] button at the top of the screen.
- Click [Done] and [Accept] to complete the posting.
See also
- How do I Deal with Finance Settlement on a Vehicle?
- Creating a Used Vehicle
- How to I Purchase a vehicle from a Customer?