Sale of Receivables

<< Click to Display Table of Contents >>

Navigation:  »No topics above this level«

Sale of Receivables

Previous pageReturn to chapter overviewNext page

 

 

Frazer makes it easy to send a customer list to several finance companies. For more information on this, see

 

Upload to Finance Company

 

To manage and track customers sold to either a related finance company (RFC) or any other finance company, go to Customers >> 3 - Sales of Receivables.

 

SORWindowJPG

 

 


Click on SelectCustomersToSold.

 

SORCustomersSelected

 


Click on SORSelectCustButton. In the Customer Look-Up window, Select the account to be sold.  Repeat if selling more than one account at one time.

 

SORCustomerChosen

 


 

Click on a Customer in the list and then click Change Flat Dollar Amount to set the dollar amount on each individual customer, if you know this information.

 


 

Click on ProcessSORJPG.

 

ProcessSORScreen

 

 


Click on SORSelectCompany.  

 

SORBuyers

 


Click on SORAddNewBuyerto enter the default information for the company purchasing the account(s).  Be sure to enter a Location Code for the buyer. The location code will be assigned to the vehicle purchased so that reports may be generated separating the sold accounts from the original sales to customers.

SORAddNewFinanceCo

 


Click okbutton then Select to choose the appropriate buyer.

SORProcess

 


If the information entered is correct, including the date of the Sale of Receivables, click on SORPrintPreviewto view or print a report of the selected accounts.  

SORReport

 


Click on SORProcessButton if the information entered is correct. The report will appear again on the screen after the sale is processed.  

 


 

To see the results of the processed sale, click on customeractivitybutton and choose to show ShowAllCustomers. If the account is sold to the dealership's Related Finance Company, two accounts will appear for the customer.

SORCustomerLookupNoS

 

 


 

The original account has a zero balance. Click Select to open the account.

SOROriginalCustomerActivity

 


Click on FShowCompleteTransacHistButtonto view how this affects the transaction listing for the original account.

 

FShowCompleteTransactHistOriginal

 


The General Ledger for the original account shows the initial transactions and the Sale of Receivables transactions.

GLOriginalSORAccountJPG

 


To open the purchased account (if sold to a Related Finance Company), click on customeractivitybutton and choose to show ShowAllCustomers. The purchased account has an "s" at the end of the stock number and a balance.

 

SORCustomerLookup

 

 


The account type is purchased and shows the customer's current balance. Payments from the customer are entered into the purchased account going forward.

 

CustomerActPurchasedAcct

 

 


Click on FShowCompleteTransacHistButtonto view how this affects the transaction listing for the purchased account.

 

TransactionHistoryPurchasedAcct

 


The General Ledger for the purchased account shows the amount owed by the customer, as well as the amount received as part of the purchase of the account. The Unearned Discount is the difference between the amount owed by the customer and the amount for which the account was purchased by the related finance company, minus the sales tax.

 

GLPurchasedAcct


 

If the original account was sold to an outside finance company, no second account will appear in Customer Activity. The outside finance company handles the purchased account and accepts payments from the customer directly.

 


Used Car Dealer Software by Frazer Computing, Inc.