All financial transactions within the Frazer system are automatically posted to a general ledger account. What follows is a detailed listing of what postings occur for most transactions.
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The account numbers used in this "automatic posting" process are from the NIADA standard chart of accounts.
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These account numbers can be changed. Each account number is followed by a "c" or a "d" to designate that the account is being credited or debited.
Some transactions also have an associated "optional instant" transaction associated with them. These are transactions that could also be created when a check is printed, but optionally they are generated immediately when the original transaction is posted.
For example, when you sell a vehicle account, 2030 Accounts Payable Title Fees is credited. The system currently immediately debits account 2030 and credits the cash account. Eventually this transaction will be optional letting you wait until the check is printed before posting the optional instant account.
Entering Sales
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4625d If Payoff doesn't cover entire amount – this is COS
Write Off
1450d Inventory (non-truck) for value of vehicle returned (1470d if change to truck)
4620d Used Vehicle Repossession Losses – write off amount
2450d Unearned interest – other liability (for precompute)
1140c Accounts Receivable
Repairs
4620d, 1150c
Repossession
8600d Repossession Cost when vehicle repossessed
8600c Repossession Cost is transferred to inventory account when repossessed
vehicle is written off
Cash Receipts – Journal 50
For contract and pick-up note payments:
1010d Cash
1140c Accounts Receivable if BHPH
If outside financing – instead of credit to 1140 credit
1020c Contracts in Transit for amount n/i reserve
1030c For reserve amount
Interest income – BH-PH -Precompute
In addition to 1010d, 1140c:
2450d Unearned Interest – Other Liability
3700c Finance Income
Interest income – simple interest
1010d Cash
3700c Finance Income
Late Fees Received
1010d Cash
3800c Income – Late Fees
Bad Check Fees Received
1010d Cash
8380c Negative Expense – Bank Fees
Other Fees (Repossession) Fees received
1010d Cash
3810c Income – Recovery Fees
Repair payments
1010d Cash
1150c Service Accounts Receivable
Transaction program has five spots to add a record
1.
Regular transaction that is entered
2.
On early payoff, automatically adds UI (Unearned interest)
3.
On early payoff, forgives remaining balance (FG)
4.
Loss from Sale of receivable since not receiving full amount (SA)
5.
Optionally will forgive small remaining balance
Vehicle Purchase Journal – Journal 70
Purchase Cost, Buy Fee and Added Costs all go to inventory
1450d Inventory Non-truck, 1470d Truck
1010c Cash
Added Costs after the vehicle is sold
If Sold and billed to customer:
Amount billed: 5000c – Repairs Sales, 1150d – Service A/R
ELSE:
If option set to add to cost of vehicle and if sale was this month or last month:
4510d Non-Truck, 4550d Truck
1010c Cash
else expense:
8070d Policy (or Free Service) Expense
1010c Cash
Floor Plan
When a vehicle is purchased using a Floor Plan, the amount of the floor plan is credited to account 2110 - Notes Payable Used Vehicle instead of cash. When a curtailment payment is made, or the floor plan is closed then cash is credited and account 2110 Notes payment is removed with a debit.
The Floor Plan costs are debited to account 8050 when the floor plan is closed.