The amount payable to yourself is currently sitting in the Trust Account, so this is a trigger to pay the money back to your working account. Additionally, the same amount exists as a Dealer Receivable enabling the receipt of that money to be recorded. This is done in 2 steps - firstly create a Vendor Payment from the Trust Account, then create the Receipt into the trading account.
Pay yourself from the Trust account
•Open a Vendor Payments window from the Logic Centre, or from Accounts Payable; •In this case the Vendor is yourself so select the main dealership card; •Ensure the “Trust Account” is selected as the account from which the funds are being paid; •Complete the payment date, payment method and payment reference number; •Indicate the payment amount by clicking into the Payment column adjacent to the outstanding purchase amount; •Press Record. |
Receipt the proceeds of the selling commission into the trading account
•Open a Customer Payments window from the Logic Centre, or from Accounts Receivable; •The Customer in this case will be the Vendor of the vehicle; •Ensure the correct bank account is selected as the account to which the funds are being deposited or Add to a Bank Deposit; •Complete the payment date, payment method and payment reference number if required; •Indicate the payment amount by clicking into the Payment column adjacent to the outstanding sale amount; •Press Record.
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Receipt the proceeds of the extras into the trading account
•Open a Customer Payments window from the Logic Centre, or from Accounts Receivable; •The Customer in this case will be the Purchaser of the vehicle; •Ensure the correct bank account is selected as the account to which the funds are being deposited or Add to a Bank Deposit; •Complete the payment date, payment method and payment reference number if required; •Indicate the payment amount by clicking into the Payment column adjacent to the outstanding sale amount; •Press Record. |