Expenses PROMOTION—USED EXPENSE ACCOUNT 7330 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Costs of promotional activities that are directly related to the sale of used vehicles. Includes promotional banners and pennants, salespeople’s business cards, lot displays, placards, gifts and awards. TRANSACTIONS Jrnl. Dr. Cr. Check issued for banners and pennants for used car lot Read more about Promotion—Used[…]
Expenses ADVERTISING REFUNDS/ALLOWANCES—USED EXPENSE ACCOUNT 7320/7321 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Refunds from FDAF, or LACP advertising funds for used vehicle advertising, with amounts determined by local associations. TRANSACTIONS Jrnl. Dr. Cr. Advertising expenditures reported to local association P Accounts Receivable—Other 1130 Advertising Refunds/Allowances—Used 7320 Read more about Advertising Refunds/Allowances—Used[…]
Expenses ADVERTISING—USED EXPENSE ACCOUNT 7310 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Advertising costs that are directly related to the sale of used vehicles. Includes used vehicle advertising in media: newspapers, television, radio, magazines, Internet Advertising (Dealer & Ford sponsored) and direct mail including postage; and the cost of owner registration lists. NOTE: Does not include Read more about Advertising—Used[…]
Expenses SALARIES—OTHER—USED EXPENSE ACCOUNT 7300 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries, wages, and incentives earned by clerical and other employees of the used vehicle department, including vacation pay, granted holidays, authorized absence from work, and training time. Includes incentives based on the performance of the used vehicle department. TRANSACTIONS Jrnl. Dr. Cr. Read more about Salaries—Other—Used[…]
Expenses SALARIES—SALES MANAGERS—USED EXPENSE ACCOUNT 7280 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries earned by supervisors of used vehicle salespeople, including vacation pay, granted holidays, authorized absence from work, and training time. TRANSACTIONS Jrnl. Dr. Cr. Salary earned by used car sale manager PR Salaries—Sales Managers—Used 7280 Accrued Read more about Salaries—Sales Managers—Used[…]
Expenses SALARIES—SALESPEOPLE—USED EXPENSE ACCOUNT 7270 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries earned by used vehicle salespeople, including vacation pay, granted holidays, authorized absence from work, training time, and guaranteed minimum commissions paid but not earned through the sale of used vehicles. TRANSACTIONS Jrnl. Dr. Cr. Salaries earned by used car salespeople PR Read more about Salaries—Salespeople—Used[…]
Expenses FREE SERVICE/MAINTENANCE & POLICY—USED EXPENSE ACCOUNT 7230 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of maintaining used vehicles prior to delivery and repairing used vehicles previously sold to customers, at internal rates. TRANSACTIONS Jrnl. Dr. Cr. Replacement of part in used car under warranty • Record internal sale: I Free Read more about Free Service/Maintenance & Policy—Used[…]
Expenses COMMISSIONS & INCENTIVES—SALES MANAGERS—USED EXPENSE ACCOUNT 7210 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Commissions and incentives paid or accrued to sales managers on the sale of used cars, trucks, related options and accessories, truck bodies and equipment, finance contracts and insurance. Includes incentives based on the performance of the used vehicle department. TRANSACTIONS Read more about Commissions & Incentives—Sales Managers—Used[…]
Expenses COMMISSIONS & INCENTIVES—SALESPEOPLE—USED EXPENSE ACCOUNT 7200 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Commissions and incentives paid or accrued to salespeople on the sale of used cars, trucks, options, accessories, truck bodies and equipment, finance contracts and insurance. Includes incentives based on the performance of the used vehicle department. TRANSACTIONS Jrnl. Dr. Cr. Read more about Commissions & Incentives—Salespeople—Used[…]
Expenses INTEREST ASSISTANCE—FLOOR PLAN—NEW EXPENSE ACCOUNT 7190 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts reimbursed by the Company under floor plan interest assistance programs. NOTE: Reimbursements from dealer-elected finance charge programs are to be applied to the cost of the vehicle. TRANSACTIONS Jrnl. Dr. Cr. Floor plan interest assistance on new vehicles purchased Read more about Interest Assistance—Floor Plan—New[…]