Difference between revisions of "How do I account for finance commission?"
From Catalyst
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=== Logging the commission against the vehicle=== | === Logging the commission against the vehicle=== | ||
| − | * Go to {{Menu| | + | * Go to {{Menu|{{VS}}|Add or Edit Vehicles}}. |
* Type in the stock number of the required vehicle or {{KeyPress|search}} for the vehicle. | * Type in the stock number of the required vehicle or {{KeyPress|search}} for the vehicle. | ||
* Press {{KeyPress|Edit}} to go into the vehicle. | * Press {{KeyPress|Edit}} to go into the vehicle. | ||
| Line 23: | Line 23: | ||
* Enter the commission amount as an exempt figure. | * Enter the commission amount as an exempt figure. | ||
* Post the invoice to a sales centre that links to {{DataValue|Sales F&I Commission}} on the Profit & Loss. If a centre doesn't exist, see [[How do I Create a Nominal Code?|here]] for details on how to create one. | * Post the invoice to a sales centre that links to {{DataValue|Sales F&I Commission}} on the Profit & Loss. If a centre doesn't exist, see [[How do I Create a Nominal Code?|here]] for details on how to create one. | ||
| − | * When you receive notification of payment, pay the invoice off to the bank account. See [[Posting Payments Received| | + | * When you receive notification of payment, pay the invoice off to the bank account. See [[Posting Payments Received|HERE]] for details on how to do this. |
== See also == | == See also == | ||
| − | *How do I Post Expenses against a Vehicle? | + | * [[:Category:Getting Started|Getting Started]] |
| − | *How do I Create a Nominal Code? | + | * [[Getting Started - Vehicle Sales]] |
| − | *Posting Payments Received | + | * [[Getting Started - Accounts]] |
| + | * [[How do I Post Expenses against a Vehicle?]] | ||
| + | * [[How do I Create a Nominal Code?]] | ||
| + | * [[Posting Payments Received]] | ||
| − | + | {KB_Tags|Finance, Commission, Post, Posting }} | |
| + | {{{ZN_Accounts}} {{ZN_Admin}} {{KB_VS}} | ||
Revision as of 16:20, 20 August 2013
Contents
Summary
The following article explains how to deal with Finance Commission.
More Information
When you sell a vehicle on finance, the finance company may pay you commission on that deal. To account for this you need to post a negative expense against the vehicle, and also account for the payment received from the finance company.
Logging the commission against the vehicle
- Go to " Unit Sales Add or Edit Vehicles".
- Type in the stock number of the required vehicle or <search> for the vehicle.
- Press <Edit> to go into the vehicle.
- Press <F7> to open the "Expenses" pop-up.
- Click <Add> to add a new expense.
- Enter a date for the commission and a description of finance commission.
- In the "Cost:" field, enter the commission amount as a negative figure.
- Use a category of 'COM'. If this category doesn't exist, add a new one.
- In the "Type:" field, select 'Vehicle'. This will reduce the general expenses against the vehicle.
- Click <Done> and <Accept> to save the expense.
Posting the commission in the accounts
When the commission statement arrives, you need to create an invoice to the finance company.
- Go to " Accounts Sales Ledger Sales Ledger Postings".
- Enter the finance company in the "Customer:" field.
- Enter the commission amount as an exempt figure.
- Post the invoice to a sales centre that links to 'Sales F&I Commission' on the Profit & Loss. If a centre doesn't exist, see here for details on how to create one.
- When you receive notification of payment, pay the invoice off to the bank account. See HERE for details on how to do this.
See also
- Getting Started
- Getting Started - Vehicle Sales
- Getting Started - Accounts
- How do I Post Expenses against a Vehicle?
- How do I Create a Nominal Code?
- Posting Payments Received
{KB_Tags|Finance, Commission, Post, Posting }} {
