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This customer will be used to Sell To which will remove the Floor Plan Liability to the company.
* 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:
As you can see in the example below, this will result in a negative value transaction, one cancels the other.
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* Note: The GST is Payable as the business cannot take the credit due to the return of the item.