Sales and Cost of Sales
FLEET SUV—NON FoMoCo |
|
ACCOUNT |
SALES |
3263 |
COST OF SALES |
4263 |
|
|
ACCOUNT EXPLANATION
|
Sales: Selling price, less any discount or overallowance, of Non FoMoCo SUVs sold to fleet customers and dealership employees.
Cost of Sales: Inventory value of units sold. Note that inventory value is cost less vehicle holdback.
*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers |
TRANSACTIONS
|
|
|
|
Jrnl. |
Dr. |
Cr. |
|
|
|
New truck sold to fleet customer on open account |
|
NV |
|
|
|
|
Accounts Receivable—Vehicles |
|
|
1110 |
|
|
|
|
Sales—Fleet SUV—Non FoMoCo |
|
|
|
3263 |
|
|
|
|
|
|
|
|
|
New truck costed out at time of sale |
|
NV |
|
|
|
|
Cost of Sales—Fleet SUV—Non FoMoCo |
|
|
4263 |
|
|
|
|
Inventory—New Trucks |
|
|
|
1320 |
|
|
|
|
|
|
|
|
|
To record the lease |
|
NV |
|
|
|
|
Investment in Sales-Type Leases |
|
|
1630 |
|
|
|
|
Sales—Fleet SUV—Non FoMoCo |
|
|
|
3263 |
|
|
|
Deferred Income—Sales-Type Leases |
|
|
|
1640 |
|
|
Cost of Sales—Fleet SUV—Non FoMoCo |
|
|
4263 |
|
|
|
|
Inventory—New Trucks |
|
|
|
1320 |
|
COMMENTS
|
- Sales data should be entered on the subsidiary vehicle inventory record.
- SUVs placed in leasing or rental service within the dealership operation should be recorded as inventory transfers at dealer cost, not as fleet sales. New vehicle sales to a separate leasing organization, independent or dealer-owned, should be recorded in this account.
- Dealers who need to maintain records of gross sales and/or discounts and overallowances on vehicle sales may use one of two methods:
1. |
Record gross sales and/or discounts and overallowances as memo items in the New Vehicle Sales Journal without regard to vehicle line, or: |
2. |
Establish Account, Cost of Sales, Fleet SUV—Non FoMoCo—Discounts & Overallowances, to which discounts and overallowances should be debited. Gross sales amounts should be credited to Account 3263, Sales—Fleet SUV—Non FoMoCo. |
- Information regarding sales to dealers with an associate sales agreement is contained in instructions issued by Ford Motor Company.
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