Bailment is the advice to the financier that the stock item has been purchased, and the request for the financier to make payment in respect of the purchase. The Bailment amount depends on individual dealer’s agreements with their financier.
A Floor Plan Bailment transaction generates a corresponding Item Sale transaction in Dealerlogic Accounting. This enables the payment from the financier (when received) to be applied through the Receive Payments function in Dealerlogic Accounting.
Note: Bailments cannot be created on Sold stock items.
From the stock card open the Floor Plan tab, select the Financier's card, then double-click the Bailment line item. The Bailment Entry window will open. Enter the date on which the bailment is being requested, the full bailment amount, and if known the Bailment Number. Note that this number is usually issued by the financier once the Bailment has been advanced to the dealer. Press Ok A Sale entry will be created with an amount receivable from the financier, and the Bailment line item will display the Sale Journal number. |
An existing Bailment entry must be edited from the stock card - no changes can be made from the accounting entry. Open the floor plan tab of the stock card. To edit the date or amount, double-click the Bailment line item, or press Edit. To delete the Bailment altogether (not possible once the payment has been recorded), use the Clear button on the floor plan tab, or the Clear button on the Bailment Entry Detail window. |