October 30, 2016 admin

Excess Advertising Assessment Refund—New

Sales and Cost of Sales

EXCESS ADVERTISING ASSESSMENT REFUND—NEW ACCOUNT
3002 – 3342

ACCOUNT EXPLANATION

Excess refunds from FDAF advertising funds on A, X & Z Plans. Excess assessment refund only applies to FDAF dealers who have over 1% remittance.

Refund amounts to be transferred to sales account of vehicle purchases on A, X & Z Plans, both retail and retail leases.

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers
TRANSACTIONS
  Jrnl. Dr. Cr.
  Excess advertising assessment refund reported NV
    Accounts Receivable—A, X & Z plan 1132
      A, X, or Z Plan Assessment Refund 3002, etc.
             
  Advertising Refund previously paid on vehicle NV    
    Advertising Refunds/Allowances—New   7120  
      A, X, or Z Plan Assessment Refund     3002, etc.
COMMENTS
  • Refer to publications from your local association fro details on how advertising refunds are earned and reported.