Stock Card Questions

Firstly apply the higher valued trade to a lesser valued sale, i.e. the trade value exceeds the sale price.  Enter the excess $$ into the "Less Refunds" field so the Sale/Settlement tabs are in balance.  The refund amount will then be waiting in the Refunds Clearing liability account.  Via the Chart of Accounts, edit the Refunds Clearing account to alter the account type to Bank Account.

     Create the additional sales and apply trades as appropriate.  Open a Customer Payments window.  Change Bank Account at the top to the Refund Clearing account.  Select the correct customer and process payment.  This payment will be the remaining amount(s) for additional vehicle and by using the Refunds Clearing account, the amount which was previously reserved there from the first sale will now be applied to the subsequent sales and will clear that value from the Refunds Clearing account. You can go back to the Chart of Accounts and change this account back so its not a bank anymore after this is complete.

If you have made payment then it cannot be deleted as it will appear on a bank statement and you'll need to reconcile it.  Rather than Delete it, use the "Remove" button on the Vendor Payment to disassociate the payment from the original purchase.  The Payment will be retained for your Bank Reconciliation, but it will be allocated instead to the "Return to Vendor Refunds" Asset account.  From there, it can be handled in a couple of ways.  If you receive a refund, then apply the Receipt to the "Return to Vendor Refunds" account thereby clearing out the original payment.  If you want to apply the payment as credit against a future purchase, create a "Bill" from the same Vendor, apply it to the "Return to Vendor Refunds" account, and enter the payment amount as a negative (minus) with no GST (GNA).  That will clear out the "Return to Vendor Refunds" account, and the negative Bill can be applied against any future purchases as a credit.

Enter the vehicle into stock with the agreed Purchase price.  Create a Vendor Payment by selecting the vehicle vendor, then adjusting the Payee to the finance company to whom the payout is due.  Alter the payment amount to the actual Payout Amount, i.e. overpay the Purchase.  Create a second Vendor Payment for the balance which will be the shortfall and it will be expressed as a negative.   Note that this payment will appear on the appropriate Bank Reconciliation as a negative Receipt (which is the same in accounting terms as a positive (normal) Payment).

A Stock Journal entry is used where the value of a stock item is to be adjusted, but where there is no invoice or credit note involved.  Use a Stock Journal to adjust either the Reconditioning account or the Stock on Hand account up or down.  The value can be journaled to any General Ledger account required, or it can be "moved" from one stock card to another, although a GL account will need to be selected in any case.   See more on Stock Journals.

The loan taken out for the vehicle will be created as a new Liability account in the Chart of Accounts.  Create it initially as a "Bank Account" although it does not need to keep this setting after the initial transactions are complete.  Open a Vendor Payment window and change the bank account selection to that representing the loan for the vehicle.  Apply the payment in the usual way.  Your accountant can assist with applying charges and interest etc.

Record a Sale of the vehicle to the insurer with the settlement amount showing as the Sale price.  Tick the "GST Free" sale indicator.  The loss on the sale of the vehicle will be reflected within the Profit & Loss report.

Use a "Contra" transaction to apply the lesser of the amounts owed to you and owed by you to both the Receivables and Payables tab of the Contra.  The Contra must have the same amount entered on both sides in order to Process.

The amount left over will now be available to pay via a Vendor Payment or to receipt via a Customer Payment.

Enter both Trades in the normal way on the Settlement tab of the sold stock card.  The amount "leftover" is recorded in the "Less Refunds" field, and use the button adjacent to this field to record the actual Refund payment made.

The Deposit must be removed from the stock card before a Non-Delivery can be done.  From the Settle tab of the stock card, edit the Deposit field and use the Cancel button at the bottom to remove the Deposit.  You will be prompted whether the deposit has been banked or not.  Answer Yes.  A General Journal is then automatically created to move the deposit money from "Deposits Taken" to "Non-Delivery Refunds".

Create an Item Code named the way you would like it to appear on the Sales Contract, e.g. "Credit Card Surcharge".  The Item should be ticked "I Sell this Item" and "Vehicle Sales Item".  Leave the Selling Price blank to be manually entered for each sale, and allocate the income to Extras & Others, or whichever income account you prefer.  Set the Tax Code to GST.  Select this item from within the Extras field on the Sale tab of the stock card by ticking it, and enter the amount incl GST per sale.

Insurance sold is entered into the "Insurance" on the Sale tab, not into Extras. It doesn't go to Revenue but gets Credited to the "Insurance Clearing" Liability account.  The premium is paid to the insurer by creating a Cash Payment applied to that same account. They don't need to put it into the Reconditioning.  Note that the profit shown on the stock card will be displaying as higher by the premium than it actually is, this is accounted for correctly in accounting and should be ignored.

 There is a GST component in insurance, but it is between the Insurer and the end customer, not the dealer.  Hence Insurance has a tax code of TPT - "third party transaction".   The dealer is simply collecting the premium on behalf of the Insurer and neither collects, remits or claims GST on insurance.

This could be because of Reconditioning costs that have been applied to the stock card, or it could be due to a GST cost.  A GST cost occurs if the GST payable to the ATO exceeds the input credits available for that stock item.  Input credits are calculated from the Purchase Price or the Trade Allowance whichever is the lesser.  If the vehicle has been on Floor Plan, the Input Credit will be based on the Bailment amount.