Chart of Accounts

These are the accounts within the Frazer system that are used in the automatic posting section of the program.  When sales or payments are entered, or any other financial transaction, these accounts are posted to automatically.

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Assets

1010 – Cash

Debited when cash is received, credited when cash is paid out.

1011 – Cash (internal holding account)

Clearing account to handle cash for an internal payoff at time of sale, Cash received to pay off one account, and cash paid out to pay off that account.  Net effect is zero.  This account should never have any balance in it.

1020 – Contracts In Transit

This, combined with account 1130, is the amount owed to you by an outside lien holder on an “Outside” financed sale.  Account 1130 is the amount you earn on the “APR Markup”, and the balance of the amount owed by the outside lien holder is debited to this account.

1130 – Reserve Receivables

The part of the amount owed to you by the outside lien holder that is from the reserve, or “APR markup”.

1140 – Accounts Receivable

This account goes up (debited) when a sale is entered by the amount that the customer owes the dealer on a BH-PH sale.  Other items that can raise A/R are bad checks and deleting or reversing a payment.  Things that will lower A/R are: payments received, write-offs, and the sale of receivables.

1150 – Service Receivables

When an “Added Cost” is billed to a customer after the sale, this is the amount billed to the customer.

1450 – Inventory

The purchase cost, buy fee, and all added costs increase the value of your inventory account (debits).  When the vehicle is sold this account is reduced (credited) by the same amount.  (When sold account 4500 is debited for the purchase price and buy fee, and account 4510 is debited for the amount of any added costs.)

1470 – Inventory – Truck

Same as 1450, except this account is used for Trucks, 1450 is used for all other vehicles.

Liabilities

2000 – Accounts Payable

There is an option in the “System Options” window that allows you to increase Accounts Payable rather than decrease cash when certain costs are added.

2030 - License & Registration Fees

The amount of the title fee, posted at the time of the sale.

2040 – A/P – Service Contract and Protection

The cost of a service contract, posted at time of the sale, or when the cost is entered.

2050 – Vehicle Lien Payable

This is the amount owed for a payoff, posted at time of sale.        

2060 – A/P Other

The cost of any fees in “Other Fee1, 2 or 3”.  The three optional sales fees on the sales window, this is posted at the time of the sale.

2110 - Notes Payable

Floor Plan amounts owed to floor plan company. Increased (credited) by the “Amount Floor Planned” on the floor plan tab on the vehicle window, and reduced when the floor plan is paid off.

2210 – Commission Payable

The amount of any commission.  The commission expense is debited to 8020 – Salesperson compensation.  This commission payable account is credited.  The 2210 account could also be instantly debited (with a credit to cash) if set up this way in System Options.

2240 – Sales Tax - State

This is the primary sales tax amount, not including tax 2, tax 3 and tax 4.  Credited when a sale is entered.

2241 – Sales Tax – Jurisdiction 2

Sales tax account increased by the amount of any tax for Jurisdiction 2. Credited when a sale is entered.

2242 – Sales Tax – Jurisdiction 3

Sales tax account increased by the amount of any tax for Jurisdiction 3.  Credited when a sale is entered.

2243 – Sales Tax – Jurisdiction 4

Sales tax account increased by the amount of any tax for Jurisdiction 4.  Credited when a sale is entered.

2260 – Other Taxes

This is the amount of some state specific taxes: Doc Stamps in Florida, Dealer Inventory Tax in Texas and the Dealer License Tax in Virginia.  Credited when a sale is entered.

2450 - Unearned Interest

Increased by amount of interest on all BH-PH pre-computed sales.  Decreased when payments are received, for write-offs and sale of receivables, and when an internal payoff is processed.  (When decreased from a payment account 3700 – Financing Income is increased.)

Sales & Cost of Sales

3500 – Sales – Retail

This is the sales price of the vehicle, except for wholesale sales and trucks, which use other sales accounts.

3502 – Overallowance – Retail

This is the ACV (Actual Cash Value) of the vehicle received on a trade-in, less the amount allowed for the vehicle.  Increased (credited) if the vehicle is worth more than you allowed the customer, and decreased (a negative credit) if the vehicle is worth less than you allowed the customer.

3520 – Sales – Wholesale

This is the sales price for the vehicle for a wholesale sale, except for a truck, which used 3560.

3522 – Overallowance – Wholesale

Overallowance for wholesale, non-truck.  See 3502 for more detail.

3540 – Sales – Retail Truck

This is the sales price of a vehicle on a non-wholesale truck sale.

3542 – Overallowance – Retail Truck

Overallowance for non-wholesale, truck.  See 3502 for more detail.

3560 – Sales – Wholesale Truck

This is the sales price of a vehicle for a wholesale truck sale.

3562 – Overallowance – Wholesale Truck

Overallowance for wholesale truck.  See 3502 for more detail.

3700 – Financing Income

Amount of interest received from payments, sale of receivables, and an internal payoff.  Also increased at the time of a sale for an “Outside Financing” sale.

3720 – Insurance Income

At the time of the sale this is credited by the sales price of any insurance sold.  The cost of the insurance is debited to this account also, so this account will total out to be just the profit on the insurance.

3740 – Service Contract Income

At the time of the sale this is credited by the sales price of any service contract sold.  The cost of the service contract is debited to this account also, so this account will total out to be just the profit on the service contract.

3760 – Other Fee 1 Income

At the time of the sale this is credited by the sales price of any other fee 1 sold.  The cost of the other fee 1 is debited to this account also, so this account will total out to be just the profit on the other fee 1.

3770 – Other Fee 2 Income

At the time of the sale this is credited by the sales price of any other fee 2 sold.  The cost of the other fee 2 is debited to this account also, so this account will total out to be just the profit on the other fee 2.

3780 – Other Fee 3 Income

At the time of the sale this is credited by the sales price of any other fee 3 sold.  The cost of the other fee 3 is debited to this account also, so this account will total out to be just the profit on the other fee 3.

3800 - Income – Late Fees

When a payment is received this account is credited for any amounts of that payment that are applied to any outstanding late fees.  This account is only used when a payment for a fee is received, not when the fees are originally assessed to the customer.

3810 - Income – Recovery Fees

When a payment is received this account is credited for any amounts of that payment that are applied to any fees not including late fees and bad check fees – which is usually repossession fees.  This account is only used when a payment for a fee is received, not when the fees are originally assessed to the customer.  (Bad check fees are credited to expense account 8380 to reduce your bad check fee cost.)

5000 – Repairs Sales

This is the amount billed when charging a customer for any “Added Costs” you perform on a sold vehicle.  (Also see account 8070)

9070 – Sales – Other Income – Doc Prep Fee

This account is credited for the amount of the Document Prep Fee that is charged to the customer on the sale.  The credit makes it a negative expenses, or effectively, a sales account.  (We sorta think it should be posted to a sales account, but that’s not the way it’s done.)

Cost of Sales

4500 – Cost of sales

Added (debited) at time of sale.  Sum of the Purchase Cost and the Buy fee

4520 is for wholesale, 4540 is for Truck, 4560 is for Wholesale Truck

4510 – Reconditioning Cost of Sales

Added at time of sale, Total of Added Costs.  The “Added Costs” portion of the Inventory account is debited.        

4550 is for Truck Sales

4520 – Inventory Cost – Wholesale

Same as account 4500 but for non-truck wholesale sales.

4540 – Inventory Cost – Retail Truck

Same as account 4500 but for retail truck sales

4550 – Reconditioning – Truck

Same as for 4510 but for truck sales

4560 – Inventory Cost – Wholesale Truck

Same as for 4500, but for wholesale truck sales.

4620 – Write-Off Losses

This is the customers contract balance plus pick-up note balance, less any unearned interest and the value of any vehicle returned.

4625 – Forgive Payments

This account is raised (debited) whenever you forgive a customers balance in the “Enter Transactions” program.  It is also posted to when you take a trade-in on a customer that already owes you for the trade, and you payoff the account without receiving the full amount (forgiving the balance).

4700 – Sales of Receivables Losses

When entering a “Sale of Receivables”, this is the amount that you “lost” by not collecting 100% of the account yourself.  It’s the difference between the amount the customer owes, less unearned interest and any cash received on the sale of the account.   Also, when you choose the “Sale of Receivable Loss” option on the “Enter Transaction” window this account is debited and the Accounts receivable account is credited.

4800- Cost of Purchased Accounts (for finance company)

6000 - Cost of Service Work

This account used when a cost is added to the vehicle after the sale, and you bill the customer for some or all of the work.  (Account 8070 - Free Service is used if you do not bill the customer.)

Expenses

8020 – Commissions

The amount of commission paid for a sale.   This account is debited when the commission is added or changed in the Sales program, the modify customer/sale program, or by running the Calculate Commission program.

8050 – Floor Plan Costs

This is the interest and fees cost of holding the floor plan.  Posted when the floor plan is closed out.

8070 – Free Service

Added Costs, added after the Sale, where no amount is billed to the customer

8380 – Bank Fees

When a customer makes a payment for a bad check fee then this account is credited to lower your bank fee cost.

8600 – Repossession Cost

This is your cost for the repossession (NOT the fee you charge your customer.)  It comes from the enter / modify repossession window.