How do I pay finance settlement on a unit purchase?
Summary
The following article explains how to settle outstanding finance on a stand-alone unit purchase.
More Information
This is done by journalling the amount from your bank account to the finance settlement control account.
When purchasing a unit, 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 unit 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 unit?
- Creating a used unit
- How do I purchase a unit from a customer?