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videos:returning_a_floor_planned_unit_to_financial_supplier

Returning a Floor Planned Unit to Financial Supplier

  • Set up a Transfer Account if not already done

  • In the Setup Tools → Printing Options → Invoice Setup tree, add the T Transfer Invoice type

  • Add a Customer to Transfer To, note the settings Price Schedule = Cost, PST Exempt = Checked, Account Type = Charge

This customer will be used to Sell To which will remove the Floor Plan Liability to the company.

  • Identify the Unit to Return

  • Note the Bill Created when the Floor Plan Unit was received.

  • Create a T type Invoice in the name of the Transfer Customer, eg GE Floor PlanTransfer

* Note the Date and Month of the Invoice, and Cost as correct.

* On the Invoice, Add the Unit and Select the Serial Number that will be returned.

* Once the Invoice has been completed, go to Accounts Payable → Contra Accounts. This process will transfer the liability for the Now Sold Unit to the Customer, GE Floor Plan Transfers.

Complete as show below, noting the following:

  1. Enter the Customer to Transfer To
  2. Check the Move value is = Unit Cost + GST
  3. Select Direction button from Customer to Supplier
  4. Enter the Original Financial Supplier
  5. The New Balance will be Reduced by the Contra $$
  6. Click on the Move button to Complete the Contra

  • After clicking the Move button, a dialog window asking for confirmation of the Amount to Contra, the Date and Book Month and a Suspense Ledger Account of your choice, here chosen as 2999, click OK when selected.

  • Completing the Processing.
  • As shown here a Cheque/Check in Accounts Payable needs to be created to ‘Pay’ the +$ Bill 335070 for $13,729.80 due to the supplier, and the Negative -$ Contra -$13,729.80 credit on the transfer customer.

As you can see in the example below, this will result in a negative value transaction, one cancels the other.

  • The Cheque/Check to pay the bill, the Cheque Amount is Zero.

  • Pay the Customer Side of the transaction by creating an A/R Payment

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* Note: The GST is Payable as the business cannot take the credit due to the return of the item.

videos/returning_a_floor_planned_unit_to_financial_supplier.txt · Last modified: 2014/08/01 10:13 (10 years ago) by tanya