Difference between revisions of "Unit integration to nominal ledger"
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| − | ==Details== | + | {{Review}} |
| − | + | == Details == | |
At the end of each month we need to achieve two things, from an accounts point of view: - | At the end of each month we need to achieve two things, from an accounts point of view: - | ||
| − | + | #The profit and loss to show the sale and cost of vehicles sold at the end of the month. | |
| − | + | #The balance sheet to show the value of vehicle stock at the end of the month. | |
To achieve this we use a combination of vehicle report generator reports and journals entries. | To achieve this we use a combination of vehicle report generator reports and journals entries. | ||
| − | ==Operations New Vehicles== | + | == Operations - New Vehicles == |
| − | + | === When the vehicle is delivered === | |
| − | ===When the vehicle is delivered=== | ||
| − | |||
*Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials. | *Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials. | ||
| − | *Update the Purchase tab of the vehicle stock record with the following fields: - | + | *Update the Purchase tab of the vehicle stock record with the following fields:- |
**Supplier | **Supplier | ||
**Purchase Date | **Purchase Date | ||
| − | **Invoice | + | **Invoice Number |
**Payment Due | **Payment Due | ||
**Purchase Amount | **Purchase Amount | ||
| Line 23: | Line 21: | ||
*Post the purchase invoice into the purchase ledger using Purchase Ledger Postings, splitting the delivery costs accordingly. | *Post the purchase invoice into the purchase ledger using Purchase Ledger Postings, splitting the delivery costs accordingly. | ||
| − | *If you | + | *If you haven't received the invoice or you have no financial details of the vehicle you are entering into stock, create the vehicle and these areas will be posted into the accounts when it arrives and you will need to update/check the purchase detailed on the vehicle record matches the invoice. |
| − | ===When the Vehicle is sold=== | + | === When the Vehicle is sold === |
| − | |||
*Invoice the vehicle through the vehicle sales, sales ordering/invoice routine. | *Invoice the vehicle through the vehicle sales, sales ordering/invoice routine. | ||
*At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales. | *At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales. | ||
| Line 32: | Line 29: | ||
The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab. | The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab. | ||
| − | ==Operations Used Vehicles== | + | == Operations - Used Vehicles == |
| − | + | === Non Part Exchange Purchases === | |
| − | ===Non Part Exchange Purchases=== | ||
| − | |||
*Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials. | *Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials. | ||
| − | *Update the Purchase tab of the vehicle stock record with the following fields: - | + | *Update the Purchase tab of the vehicle stock record with the following fields:- |
**Supplier | **Supplier | ||
**Purchase Amount | **Purchase Amount | ||
**Finance Balance (if there is one) | **Finance Balance (if there is one) | ||
| − | *Enter the amount you are paying for the vehicle into the purchase amount and press F2 to produce the invoice (if not done by the accounts department) | + | *Enter the amount you are paying for the vehicle into the purchase amount and press {{KeyPress|F2}} to produce the invoice (if not done by the accounts department). |
| − | |||
| − | |||
| + | === Part Exchange Purchases === | ||
*Part Exchanges should be created from the vehicle sales order and not purchased manually. | *Part Exchanges should be created from the vehicle sales order and not purchased manually. | ||
**They are not purchased into stock, from the accounts point of view, until the sale vehicle has been invoiced. | **They are not purchased into stock, from the accounts point of view, until the sale vehicle has been invoiced. | ||
| − | **The credit account will be the | + | **The credit account will be the "Default Vehicle Purchase" or {{DataValue|VEH001}}. |
| − | **If the part exchange is left with you to sell prior to the new vehicle deal being invoice, then it is sensible to treat the part exchange as though it were a non part-exchange and post a purchase payment to Z970 and add a deposit for the nett part-exchange to the sales order, to Z970 | + | **If the part exchange is left with you to sell prior to the new vehicle deal being invoice, then it is sensible to treat the part exchange as though it were a non part-exchange and post a purchase payment to {{DataValue|Z970}} and add a deposit for the nett part-exchange to the sales order, to {{DataValue|Z970}}. |
| − | |||
| − | |||
| + | === When the Vehicle is sold === | ||
*Invoice the vehicle through the vehicle sales, sales ordering/invoice routine. | *Invoice the vehicle through the vehicle sales, sales ordering/invoice routine. | ||
*At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales. | *At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales. | ||
| Line 58: | Line 51: | ||
The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab. | The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab. | ||
| − | ==At | + | == At the Month End == |
| − | + | === Agreeing the Nett Sales on the Profit & Loss === | |
| − | ===Agreeing the Nett Sales on the Profit & Loss=== | + | *Run the "Bike Sales & Cost of Sales" for the month you are closing off. |
| − | |||
| − | *Run the | ||
*Check the total of new & used vehicles agrees to the new and used sales on the profit and loss. Use the Nominal History to compare stock numbers | *Check the total of new & used vehicles agrees to the new and used sales on the profit and loss. Use the Nominal History to compare stock numbers | ||
| − | {{Note|Remember when you invoice a vehicle this is posting the sale onto the profit and loss for you, so we are only checking that these have posted correctly. If they don’t you must print a nominal ledger centre history report for centre and tick off the entries against this report to work out where the difference lies.}} | + | {{Note|text=Remember when you invoice a vehicle this is posting the sale onto the profit and loss for you, so we are only checking that these have posted correctly. If they don’t you must print a nominal ledger centre history report for centre and tick off the entries against this report to work out where the difference lies.}} |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | *Using the | + | === Posting the Cost of Sale Journal – New Vehicles === |
| + | *Using the "Bike Sales & Cost of Sales" for the month you are closing off, Journal the total cost of new vehicles sold from the balance sheet centre for new vehicles to the profit and loss centre for the cost of sales of new vehicles. | ||
| + | === Posting the Cost of Sale Journal – Used Vehicles === | ||
| + | *Using the "Bike Sales & Cost of Sales" for the month you are closing off, Journal the total cost of used vehicles sold from the balance sheet centre for used vehicles to the profit and loss centre for the cost of sales of used vehicles. | ||
| − | ===Reconciling The Stock Figure On The Balance Sheet=== | + | === Reconciling The Stock Figure On The Balance Sheet === |
| − | + | Opening Stock + Purchases – Cost of Sales = Closing Stock | |
| − | Run the | + | #Run the "Vehicle Valuation at a Date" for the beginning of the month . |
| − | Run the | + | #Run the "Bike Purchases" for the whole month. |
| − | Run the | + | #Run the "Bike Sales and Cost of Sales" for the whole month. |
| − | Run the | + | #Run the "Vehicle Valuation at a Date" for the end of the month. |
| − | {{Note|Check the stock figure on the balance sheet agrees to vehicle valuation at the beginning of the month. If they | + | {{Note|text=Check the stock figure on the balance sheet agrees to vehicle valuation at the beginning of the month. If they don't, you need to work out the differences and either correct the balance sheet or correct the offending vehicles in vehicle sales.}} |
You must have an agreed starting point. | You must have an agreed starting point. | ||
Revision as of 16:48, 26 February 2008
 |
This article or section is under review. Be aware: Content may change as the document is reviewed. |
Details
At the end of each month we need to achieve two things, from an accounts point of view: -
- The profit and loss to show the sale and cost of vehicles sold at the end of the month.
- The balance sheet to show the value of vehicle stock at the end of the month.
To achieve this we use a combination of vehicle report generator reports and journals entries.
Operations - New Vehicles
When the vehicle is delivered
- Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials.
- Update the Purchase tab of the vehicle stock record with the following fields:-
- Supplier
- Purchase Date
- Invoice Number
- Payment Due
- Purchase Amount
- Delivery Charge
- VAT
- Post the purchase invoice into the purchase ledger using Purchase Ledger Postings, splitting the delivery costs accordingly.
- If you haven't received the invoice or you have no financial details of the vehicle you are entering into stock, create the vehicle and these areas will be posted into the accounts when it arrives and you will need to update/check the purchase detailed on the vehicle record matches the invoice.
When the Vehicle is sold
- Invoice the vehicle through the vehicle sales, sales ordering/invoice routine.
- At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales.
The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab.
Operations - Used Vehicles
Non Part Exchange Purchases
- Create the vehicle record and enter all the necessary details, including the vehicle purchase credentials.
- Update the Purchase tab of the vehicle stock record with the following fields:-
- Supplier
- Purchase Amount
- Finance Balance (if there is one)
- Enter the amount you are paying for the vehicle into the purchase amount and press <F2> to produce the invoice (if not done by the accounts department).
Part Exchange Purchases
- Part Exchanges should be created from the vehicle sales order and not purchased manually.
- They are not purchased into stock, from the accounts point of view, until the sale vehicle has been invoiced.
- The credit account will be the "Default Vehicle Purchase" or 'VEH001'.
- If the part exchange is left with you to sell prior to the new vehicle deal being invoice, then it is sensible to treat the part exchange as though it were a non part-exchange and post a purchase payment to 'Z970' and add a deposit for the nett part-exchange to the sales order, to 'Z970'.
When the Vehicle is sold
- Invoice the vehicle through the vehicle sales, sales ordering/invoice routine.
- At the month end work out the cost of the vehicle sold and post a journal for this cost from the balance sheet across to the Profit and Loss, Cost of Sales.
The result is the stock figure on the balance sheet is reduced and the cost of sale, on the profit and loss, is increased. The vehicle in the vehicle sales will have a status of sold, and all the sale information is posted automatically to the vehicle sale tab.
At the Month End
Agreeing the Nett Sales on the Profit & Loss
- Run the "Bike Sales & Cost of Sales" for the month you are closing off.
- Check the total of new & used vehicles agrees to the new and used sales on the profit and loss. Use the Nominal History to compare stock numbers
 | Remember when you invoice a vehicle this is posting the sale onto the profit and loss for you, so we are only checking that these have posted correctly. If they don’t you must print a nominal ledger centre history report for centre and tick off the entries against this report to work out where the difference lies. |
Posting the Cost of Sale Journal – New Vehicles
- Using the "Bike Sales & Cost of Sales" for the month you are closing off, Journal the total cost of new vehicles sold from the balance sheet centre for new vehicles to the profit and loss centre for the cost of sales of new vehicles.
Posting the Cost of Sale Journal – Used Vehicles
- Using the "Bike Sales & Cost of Sales" for the month you are closing off, Journal the total cost of used vehicles sold from the balance sheet centre for used vehicles to the profit and loss centre for the cost of sales of used vehicles.
Reconciling The Stock Figure On The Balance Sheet
Opening Stock + Purchases – Cost of Sales = Closing Stock
- Run the "Vehicle Valuation at a Date" for the beginning of the month .
- Run the "Bike Purchases" for the whole month.
- Run the "Bike Sales and Cost of Sales" for the whole month.
- Run the "Vehicle Valuation at a Date" for the end of the month.
| Check the stock figure on the balance sheet agrees to vehicle valuation at the beginning of the month. If they don't, you need to work out the differences and either correct the balance sheet or correct the offending vehicles in vehicle sales. |
You must have an agreed starting point.
Using Option 1 take the stock value at the beginning of the month and then add Option 2 Bikes Purchased. Deduct option 3 Cost of Vehicles sold and this should agree to option 4, the stock value at the end of the month
