Accounting Enter Added Costs to the Sold Vehicle

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Accounting Enter Added Costs to the Sold Vehicle

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When Added Costs are billed to the customer, a debit is added to 1150 Service Receivables and a credit is added to 5000 Repairs Sales.

 

How did you pay for the Added Costs:

 

Paid by 1000 Cash in Bank.  Using this option will add the vehicle Added Costs as a debit to the 6000 Cost of Service Work Account and a credit to the 1000 Cash in Bank account.  The impact to the Accounting screens are:

Accounting-A:  Enter Bills and Hand Printed Checks:  Since the data is already posted to the 1000 Cash in Bank account, there is no need to enter the bill in the Accounting-A screen.

Accounting-C:  Review Payments and other changes to Cash in Bank.  The Added Costs will be added to this screen as a credit with the description of stock# Vehicle Cost.    The check number will be blank.

Accounting-E:  Bank Reconciliation.  The Added Costs will be added to this screen as a credit with the description of stock# Vehicle Cost.    The check number will be blank.

 

Paid by 1010 Cash in House .  Using this option will add the vehicle Added Costs as a debit to the 6000 Cost of Service Work account and a credit to the 1010 Cash in House account.  The impact to the Accounting screens are:

Accounting-A:  Enter Bills and Hand Printed Checks:  Since the data is already posted to the 1010 Cash in House account, there is no need to enter the bill in the Accounting-A screen.

Accounting-C:  Review Payments and other changes to Cash in Bank.  There is no entry to this screen from the transaction.

Accounting-E:  Bank Reconciliation.  There is no entry to this screen from the transaction.

 

Paid by 2000 Accounts Payable. Using this option will add the vehicle Added Costs as a debit to the in Cost of Service Work account and a credit to the Accounts Payable account.  The impact to the Accounting screens and next steps are:

Accounting-A:  Enter Bills and Hand Printed Checks:  To set up the bill for payment or enter a bill already paid, choose the vendor, enter dates, amounts and click “enter bill”.  The following prompts will effect the postings:

Check here if this bill has already been paid. If the Added Costs were paid using a hand written check or a check from another system, select  the box at the bottom and enter the check number.  This will add the bill information to the Bank Reconciliation screen with a description of “Check Printed to vendor”.  The amount will be listed as a credit and the check number added to the “Check No” column.  An entry will be posted to the G/L as a debit to 2000 Accounts Payable and a credit to 1000 Cash in Bank.  If a check has not been written to pay for the Added Costs, leave the box unchecked.  The bill will then be added to the Accounting-B: Print Checks or Change and Review Open Bills screen.