How do I deal with used unit funding?

Summary

The following article explains how to deal with used vehicle funding from a finance company.

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 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.

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.