Start Accounting for Established Frazer Dealers

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Start Accounting for Established Frazer Dealers

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This information is designed to help existing dealers who are familiar with Frazer use Frazer Accounting to its fullest.

NOTE : If you’ve just started using Frazer, you’re in the wrong place. Click here to get Accounting Setup help for New Dealers.

 

Since you’ve likely been using Frazer for a while now, this process may take some time.  
 
This is because you have existing data in your Frazer System that will need to go through an unofficial “audit”.
 
You will choose a Start Date, and then focus on all of the vehicles and customers you’ve entered since that Start Date.

Don’t Fret! We’ve made this process as easy as possible for you!
Just follow the steps below.
 

 
Step 1

Decide the date you want to begin accounting for.

-  This is the date you'll go back to in your records. You'll want to enter any info from your start date forward that's not already in Frazer.
  If anything's missing you'll add it using the steps below to guide you.

 
Typically the Accounting Start Date is January 1st of the current year, or January 1st of the previous year if you're updating for tax reasons.
 
Mid-Year Start Dates -
If your CPA is requesting it, a Mid-Year Start Date may be possible. Just call us at 888-963-5369 for more info.

 

 
Step 2

You will need to select G/L Accounts to pay for different things in Frazer.
To start, you need to focus on three specific areas : Vehicle Purchases, Added Costs/Reconditioning, and Floor Planning.
We've made this as easy as possible for you, too!
 

You should start using GL Account 2001 to pay for your vehicles.
 
You should start using GL Account 2002 for added costs/reconditioning.
 
You should start using GL Account 2003 for floor planning.  
 
Any vehicles you've already entered can be left alone, payment method wise. These new accounts should be used when you enter new information.

 
The accounting team will help you clear up any discrepancies.

 
Also, you may be comfortable with the payment methods you currently use. If so, you do not have to change them. This is something you can further discuss with the accounting team.

 
 
You can change these default “pay” accounts by clicking Miscellaneous 1. System Options Tab 8 : Accounting.

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Step 3

Print some reports!

 
 
You’ll need to print 3 total reports and verify the data on them.
 
These reports will help you get your relevant vehicle data as accurate as possible.
 
This is your homework. You will need to set aside time to handle this. Maybe even delegate it to someone and make it their only purpose until it’s complete.

 

 

A. Print an Inventory Valuation and Status for a date in the past.
     (Click Reports > 1. Vehicle Inventory Reports > 6. Inventory Valuation and Status)
    Run it from the Accounting Start Date (from Step 1).
    Make sure you check the box to replace Lot Fee and Floor Plan with How Paid.

 

This report will help you get your inventory vehicles up to speed. Go down the report, make sure that the list matches your current lot’s inventory, and that all dates, vehicle costs, how those costs were paid and their added costs totals are completely correct.

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Questions to ask yourself:

1. Is the purchase date on each vehicle correct?

2. Is the price correct?

3. Did I choose the right G/L account?

 

Video : Adding and Paying for Vehicles - Watch this tutorial for more info on adding vehicles and paying for them in Frazer.

 

 

 

 

 
B. Print an Added Costs Listing.
   (Click Reports > 1. Vehicle Inventory Reports > 0. Added Costs Listings > S. Simple Listing)
    Run it from one month prior to your Accounting Start Date to the Current Date for your date range.

This report will show an added cost detail. It includes the added costs entered 1 month before your start date and forward, and will allow you to verify each added cost’s specific date, vendor, amount and account used to pay for it. All of this needs to be verified, and corrected if needed.

                                                                                                              R-1-0-S

 

Questions to ask yourself:

 

1. Are my dates correct on each added cost?

2. Did I use the right G/L account on each one?
 Remember - you should use G/L Account 2002 for Added Costs/Reconditioning.

3. Is the amount correct?

4. Is the vendor correct?

5. Did I mean to charge this repair to my customer? (How to Add a Repair Balance on your Customer's Account)
 

Video : Reconditioning and Added Costs - Watch this tutorial for more info on adding reconditioning/added costs in Frazer.

 

 

 

 

c. Print R-1-5-C as of the Accounting Start Date and be sure all of the info there is correct.
    (Click Reports > 1. Vehicle Inventory Reports > 5. Floor Planning > C. Open Floor Plans for a Date in the Past)
     Choose your Accounting Start Date for the Date in the Past.
 
This report will allow you to quickly verify which floor plans are open and the amount of principal on each one. You can double check this against your records to make sure everything’s up to date.

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Questions to ask yourself:
 
1. Did I actually close any of these floor plans in real life?

2. Is the current principal balance correct?

3. Are my dates correct?

 

Tutorial : Floor Planning - Watch this tutorial for more info on how to add and track your Floor Plans in Frazer.

 

 

 

Step 4

Once you complete the above work, it's time to give us a call at 888-963-5369, to continue your Accounting Setup.
When you do, we will get you in touch with an Accounting Specialist to complete the process.
 
They’ll go over any existing customers and how to do more advanced Accounting in the software.
From there, they will will set your General Ledger account balances and do your first bank reconciliation!
This will correctly offset any of the faulty data that may be there from before your Accounting Start Date.

 

 

 

 

 

 

 

For refreshers on additional Accounting related things in Frazer, watch the videos below :

 

Accounting in Frazer :
 

How Things Post - How Accounting works in the software.

 

 

Entering Bank Deposits - How to log a bank deposit into Frazer.

 

 

Entering Expenses - How to enter certain Expenses (non-sale related purchases and bill payments) into Frazer.

 

 
Bank Reconciliations - How to perform a bank reconciliation (comparing your Frazer checkbook to your actual bank statement).

 
 

 

 

 

 

Entering Sales in Frazer :

 
 
Cash Sales - How to process a Cash Sale in Frazer. (Where your customer pays everything up front.)

 

 

Buy Here Pay Here and Outside Finance Sales - How to Process in In-house financed deals, and outside financed deals (with outside lenders).

 
 

Entering Payments - How to log payments you've taken from your customers into Frazer.