Sales and Cost of Sales
| FLEET SUV |
|
ACCOUNT |
| SALES |
3262 |
| COST OF SALES |
4262 |
|
|
ACCOUNT EXPLANATION
|
| Sales: Selling price, less any discount or overallowance, of new 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 |
|
|
|
3262
|
|
|
|
|
|
|
|
|
|
New truck costed out at time of sale |
|
NV |
|
|
|
|
Cost of Sales—Fleet SUV |
|
|
4262 |
|
|
|
|
Inventory—New SUV |
|
|
|
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 vehicle 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 4520, Cost of Sales, Fleet Light Trucks—Discounts & Overallowances, to which discounts and overallowances should be debited. Gross sales amounts should be credited to Account 3262, Sales—Fleet SUV |
- Information regarding sales to dealers with an associate sales agreement is contained in instructions issued by Ford Motor Company.
|
