Expenses SALARIES—F & I—USED EXPENSE ACCOUNT 7450 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries, wages, and incentives earned by the F & I manager and other employees of the F & I department, allocated to the used vehicle portion of the business, including vacation pay, granted holidays, authorized absence from work, and training time. Includes Read more about Salaries—F & I—Used[…]
Expenses OTHER EXPENSES—F & I—NEW EXPENSE ACCOUNT 7420 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expenses other than salaries and commissions that are chargeable to the F & I department. Includes F & I advertising, promotion and training expenses. TRANSACTIONS Jrnl. Dr. Cr. Direct mail letter to recent new vehicle buyers promoting ESP contracts Read more about Other Expenses—F & I—New[…]
Expenses COMMISSIONS & INCENTIVES—F & I—NEW EXPENSE ACCOUNT 7410 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Commissions and incentives paid or accrued to new vehicle F & I managers or other F & I employees on the sale of finance contracts, insurance, service contracts, etc. Includes incentives based on the performance of the F& I department. Read more about Commissions & Incentives—F & I—New[…]
Expenses SALARIES—F & I—NEW EXPENSE ACCOUNT 7400 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries, wages, and incentives earned by the F & I manager and other employees of the F & I department, allocated to the new vehicle portion of the business, including vacation pay, granted holidays, authorized absence from work, and training time. Includes Read more about Salaries—F & I—New[…]
Expenses INTEREST ASSISTANCE—FLOOR PLAN—USED EXPENSE ACCOUNT 7390 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts reimbursed by the Company under the used floor plan Interest Assistance Program. TRANSACTIONS Jrnl. Dr. Cr. Floor plan interest assistance on used vehicles purchased during the month SE Ford Receivables—Floor Plan—Used 1190 Interest Assistance—Floor Read more about Interest Assistance—Floor Plan—Used[…]
Expenses INTEREST—FLOOR PLAN—USED EXPENSE ACCOUNT 7380 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest expense paid or accrued on loans obtained to finance used vehicles excluding vehicles in demonstrator service. Includes flat rate charges and inventory insurance costs included in used vehicle floor plan charges. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of interest on Read more about Interest—Floor Plan—Used[…]
Expenses SERVICE LOANER EXPENSE REFUNDS—USED EXPENSE ACCOUNT 7370 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts received from the Company as reimbursements, under the Service Loaner Program, for service loaner expenses incurred by the used vehicle department. TRANSACTIONS Jrnl. Dr. Cr. Invoice Ford for service loaner expense for a rental vehicle also used as Read more about Service Loaner Expense Refunds—Used[…]
Expenses SERVICE LOANER EXPENSE—USED EXPENSE ACCOUNT 7360 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION That portion of total service loaner expense that is allocated to the used vehicle department. Service loaner expense is that portion of the total expense of leased or owned rental vehicles which can be allocated to service loaner usage—including monthly lease fees Read more about Service Loaner Expense—Used[…]
Expenses DEMONSTRATOR EXPENSE—USED EXPENSE ACCOUNT 7350 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expenses of financing, maintaining and repairing demonstrators in service for the benefit of the used vehicle department; including floor plan interest, insurance, license fees, gas, lubrication, washing, repairs, expenses absorbed by the dealership on demonstrators owned by or assigned to used vehicle department Read more about Demonstrator Expense—Used[…]
Expenses TRAINING—USED EXPENSE ACCOUNT 7340 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Costs of training employees of the used vehicle department. Includes tuition, travel, meals, and lodging resulting from attendance at training schools, as well as training materials and visual aids used in the used vehicle department. Also includes payments in lieu of commissions to commission Read more about Training—Used[…]