This article will cover the meaning of each option presented when closing a deal.
- Buy-backs, repossessions, and write-offs are all handled in the Close Account tool.
- The Close Account tool can be found inside the Payments tab of any deal. After clicking the Close Account button you will need to enter the information about the account closure.
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Reason for Closing the Contract
- Close – This is used to perform a normal close on any account (Cash, BHPH, Wholesale or Third-Party Financed) where the customer paid in full or the Lender/Lein-holder funds have been received and there is no further need for any financial interactions with this account.
- Buy-Back – Using this option the system will bring the Vehicle associated with the deal back into your available inventory with a new stock number.
- The system will also examine the various balances remaining on the deal and apply adjustments as needed to bring these values to zero.
- Additional information regarding the adjustments and actions being performed can be reviewed at the bottom of the Close Contract window in the Notice area.
- The user is expected to assign a new ACV (Actual Cash Value) to the vehicle being returned to your inventory.
- This ACV will be used as the starting Cost for this ‘new’ vehicle.
- For customers working with QuickBooks, the ACV is the value DeskManager will remove from the Cost of Goods Sold and return into the Inventory Asset account to represent the vehicle being returned to your inventory without the need to generate a ‘Purchase’ payable item.
- Repossess – Using this option the system will bring the Vehicle associated with the deal back into your available inventory with a new stocknumber.
- The system will also examine the various balances remaining on the deal and apply adjustments as needed to bring these values to zero.
- Additional information regarding the adjustments and actions being performed can be reviewed at the bottom of the Close Contract window in the Notice area.
- The user is expected to assign a new ACV (Actual Cash Value) to the vehicle being returned to your inventory.
- This ACV will be used as the starting Cost for this ‘new’ vehicle.
- For customers working with QuickBooks, the ACV is the value DeskManager will remove from the Cost of Goods Sold and return into the Inventory Asset account to represent the vehicle being returned to your inventory without the need to generate a ‘Purchase’ payable item.
- Write-Off – This option can be used when an account needs to be closed but the vehicle is not going to return to inventory.
- Just like Buy-Back and Repossession, the system will also examine the various balances remaining on the deal and apply adjustments as needed to bring these values to zero.
- Additional information regarding the adjustments and actions being performed can be reviewed at the bottom of the Close Contract window in the Notice area.
- Purchase Pay-Off – This option was originally designed for use in the Lease module, but can also be used in the Deal/Trade area as well.
- This item does not function the same as collecting a payment type of ‘Payoff’.
- By using this option the system is expecting that the final payment has already been collected.
- Just like the previous close options, the system will review any uncollected balances and apply adjustments to zero these values.
- Additional information regarding the adjustments and actions being performed can be reviewed at the bottom of the Close Contract window in the Notice area.
- Early Termination – This option is also designed to be used in conjunction with a lease.
- Using this option the system will bring the Vehicle associated with the deal back into your available inventory with a new stock number.
- The system will also examine the various balances remaining on the deal and apply adjustments as needed to bring these values to zero.
- Additional information regarding the adjustments and actions being performed can be reviewed at the bottom of the Close Contract window in the Notice area.
- The user is expected to assign a new ACV (Actual Cash Value) to the vehicle being returned to your inventory.
- This ACV will be used as the starting Cost for this ‘new’ vehicle.
- For customers working with QuickBooks, the ACV is the value DeskManager will remove from the Cost of Goods Sold and return into the Inventory Asset account to represent the vehicle being returned to your inventory without the need to generate a ‘Purchase’ payable item.
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