Depending on your individual arrangements with your financier, you might be obliged to pay part payments when the amount of time on floor exceeds a pre-determined level. These part-payments are called Curtailments, and are also entered from the stock card.
Does a Curtailment attract GST?
Various financiers might treat curtailments differently - some are a partial payment that attracts GST, and some are not. You can change the way curtailments are recorded in Dealerlogic software by editing the Financier's card. Use the Financier button on the client card to select Curtailments Non Taxable if applicable. |
Record a Curtailment is payable
To process a Curtailment, first record it on the stock card as payable. From the floor plan tab, either double-click the Curtailment line item, or press Add. enter the date the curtailment is to be paid (note that Curtailments can be entered in advance of the due date) and the amount payable. Enter the cheque number if necessary, although the payment details are ore appropriately recorded on the subsequent Vendor Payment window. The curtailment entry creates a purchase and corresponding Accounts Payable entry. |
Simply press Add to continue to add further curtailment records. |
When payment is made to the financier, record a Vendor Payment transaction in the same way as recording any other payment for a purchase. |
Payment for a Curtailment if offset against Bailments due
If the payments due for Curtailments and/or Payouts is offset against Bailment monies owing, use a Contra window to record one or multiple against the other. |