Sales and Cost of Sales INSURANCE CONTRACTS ADJUSTMENTS INCOME—USED ACCOUNT 5130 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Adjustments to income from commissions on the sale of insurance and gap insurance on used vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Income charged back Read more about Insurance Contracts Adjustments Income—Used[…]
Sales and Cost of Sales INSURANCE CONTRACTS INCOME—USED ACCOUNT 5120 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from the sale of insurance on used vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Commission earned on insurance on used vehicle UV Finance Read more about Insurance Contracts Income—Used[…]
Sales and Cost of Sales FINANCE CONTRACTS INCOME ADJUSTMENTS—USED ACCOUNT 5110 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Adjustments to income from the sale of used vehicle finance contracts to finance institutions. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Cancellation of finance income due Read more about Finance Contracts Income Adjustments—Used[…]
Sales and Cost of Sales FINANCE CONTRACTS INCOME—USED ACCOUNT 5100 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from the sale of used vehicle finance contracts to finance institutions. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Deferred portion of finance income on finance contract Read more about Finance Contracts Income—Used[…]
Sales and Cost of Sales GAP INSURANCE CONTRACTS INCOME—NEW ACCOUNT 5090 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from the sale of insurance on new vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Commission earned on gap insurance on new vehicle UV Read more about Gap Insurance Contracts Income—New[…]
Sales and Cost of Sales OTHER SALES—F & I—NEW ACCOUNT SALES 5060 COST OF SALES 6060 ACCOUNT EXPLANATION TRANSACTIONS ACCOUNT EXPLANATION Sales: Selling price of after-sale services sold to customers by the F & I Department, including undercoating, exterior coating, and fabric protection. Cost of Sales: The costs of such services. *Refer to Chart of Read more about Other Sales—F & I—New[…]
Sales and Cost of Sales EXTENDED SERVICE CONTRACT REFUNDS—NEW ACCOUNT 5050 ACCOUNT EXPLANATION TRANSACTIONS ACCOUNT EXPLANATION Refunds to customers covering the cancellation of an ESP contract. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Cancellation of ESP contract NV Customer Service Contract Read more about Extended Service Contracts Refunds—New[…]
Sales and Cost of Sales EXTENDED SERVICE CONTRACT INCOME—NEW ACCOUNT 5040 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from the sale of New Extended Service Plan Contracts offered By Ford Motor Company and other plans offered by the dealer but not sponsored by the Company. *Refer to Chart of Accounts for current applicable Sales/Cost of Read more about Extended Service Contract Income—New[…]
Sales and Cost of Sales INSURANCE INCOME ADJUSTMENTS—NEW ACCOUNT 5030 ACCOUNT EXPLANATION TRANSACTIONS ACCOUNT EXPLANATION Adjustments to income from commissions on the sale of insurance and gap insurance on new vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Income charged back due to Read more about Insurance Income Adjustments—New[…]
Sales and Cost of Sales INSURANCE INCOME—NEW ACCOUNT 5020 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Income from commissions on the sale of insurance on new vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Jrnl. Dr. Cr. Commission earned on insurance on new vehicle NV Read more about Insurance Income—New[…]