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<< Click to Display Table of Contents >> Restricted Accounts |
  
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<< Click to Display Table of Contents >> Restricted Accounts |
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Frazer has several accounts within the Chart of Accounts that are deemed "restricted" accounts.
What are restricted accounts?
Frazer automates much of your dealership's accounting. Some accounts, such as account 1000 - Cash in Bank or 1010 - Undeposited Funds may be posted to automatically, but the dealership has the option to manually post to these accounts as well.
Restricted accounts are accounts that Frazer automatically posts to, but that cannot be manually posted to by the dealer. Often times, these G/L accounts serve as the "source material" for Frazer's reports. Restricted accounts are typically debited and credited as part of overall dealership functions. An example includes Frazer's creation of an Accounts Receivable balance in 1140 via debit during a buy-here pay-here sale and a credit to that same account as payments are received.
A comprehensive list of Frazer's "Restricted" accounts:
Account Number: |
Account Name: |
What it does / what it is used for: |
1011 |
Cash - Internal Payoff |
Clearing account to handle cash for an internal payoff (payoff of bhph account) at time of sale. Debited to show the account is paid off on the trade, credited to add the payoff balance to the new sale. Net effect is zero. This account should never have any balance in it.
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1020 |
Contract In Transit |
The amount owed to the dealership by an outside lien holder on an outside financed sale. Debited when a sale is completed, credited when the cash is received.
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1130 |
F & I Receivables |
The reserve amount or the amount that the lien holder holds back from an outside financed loan. Debited when a sale is completed, credited when the cash is received.
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1140 |
Accounts Receivable |
The amount owed to the dealership from a Buy-Here Pay-Here sale or any sale with a pickup note. Debited when a sale is completed, credited when the cash is received.
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1150 |
Service Receivables |
The amount billed to a customer for repairs after a sale has been completed. Debited when the dealer charges the customer, credited when the cash is received.
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1450 |
Inventory |
The cost of the vehicle including all added costs. Debited when the vehicle is added to stock, credited when the vehicle is sold.
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1470 |
Inventory - Truck |
A deprecated account that serves the exact same purpose as account 1450 - Inventory. Older dealers may still have this account in their system, even though Frazer no longer uses it.
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2110 |
Open Floor Plan Principal |
The principal amount owed to a floor plan company. Credited when the vehicle is floored, debited when a curtailment is paid or the floor plan is closed.
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2450 |
Unearned Interest |
Amount of interest that has yet to be earned by the dealer using the pre-compute method of interest. Credited when a sale is completed, debited when the customer makes payments.
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2460 |
Unearned Discount |
The discount on a purchased account. Credited when the note is purchased, debited when payments are received.
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2470 |
Deposits |
Cash received to hold a vehicle prior to the sale. Credited when cash is received, debited when cash is refunded.
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2480 |
Down Payment Holding |
Cash received electronically for a down payment. Credited when cash is received, debited when the sale is completed.
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2520 |
Retained Earnings |
The net income of all prior year profit and loss. No manual posts or adjustments can be made to this account.
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