October 30, 2016 admin

New Trucks—Light Duty—Retail Sales

Sales and Cost of Sales

NEW TRUCKS—LIGHT DUTY—RETAIL SALES—ASIA PACIFIC ONLY ACCOUNT
SALES  3403-3782
COST OF SALES  4403-4782

ACCOUNT EXPLANATION
Sales: Selling price, less any discount or overallowance, of new light trucks sold to retail customers.

Cost of Sales: Inventory value of units sold. Note that inventory value is cost less vehicle holdback.

NOTE: Fleet/Sales of light trucks should be recorded in Accounts 3468 and 4468.

*NOTE: A separate series of numbers has been assigned for retail leases. The lease numbers are paired with the retail sales numbers by changing the last digit of the sales number:

U204 Maverick—Retail Sales/Cost of Sales 3403, 4403
U204 Maverick—Retail Leases/COS 3404, 4404

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers
TRANSACTIONS
  Jrnl. Dr. Cr.
  New light truck sold to retail customer for cash NV
    Cash Sales – Clearing 1010
      Sales – New Light Trucks – Retail Sales 3403, etc.
    Cost of Sales – New Light Trucks – Retail 4403, etc.
      Inventory – New Trucks – Ford Motor Company 1310
COMMENTS
  • Ford Motor Company instructions set forth the specific accounts within the above series to be used in recording sales and cost of sales for each truck series.
  • Sales data should be entered on the subsidiary vehicle inventory record.
  • Gains or losses on new truck transfers between dealerships should be recorded as decreases or increases in Account 4640, Dealer Transfers.
  • Account numbers 3468 and 4468, Non FoMoCo Light Trucks, should be used for sales of non-Ford light trucks.
  • Dealers who need to maintain records of gross sales and/or discounts and overallowances on light truck sales may use one of two methods:
    1. Record gross sales and/or discounts and overallowances as memo items in the Vehicle Sales Journal without regard to vehicle line, or:
    2. Establish a separate account by changing the last digit of the sales account number for each truck line, to which discounts and overallowances should be debited. Gross sales amounts should be credited to the truck sales accounts (3403, 3782, etc.).