Setup

• Serial Number (Tracking Lines Object or Related List?) new fields:

  • Floorplan = Check Box

  • Vendor = Picklist

    • Northpoint

    • Wells Fargo

• If “Floorplan” = TRUE

  • System will look at location where Item Journal is created, and update automatically

    • Trailer Nation Location

      • Vendor = Wells Fargo

Accounting

• Option 2 - Inventory Adjustment

  • Post to accounts

• Option 1 - Purchase Order

  • Northpoint or Wells Fargo will be the Vendor

  • Flag on PO = “Floor PO”

  • Warehouse Receipt

    • Will look at the PO to see if it’s a Floor PO and post to the correct accounts

• Interest

  • How does interest get post against an item?

  • They pay the interest on a monthly statement

    • Like an interest only loan.

    • Vendor sends invoice for interest based on how long the trailer is on the floor

    • Vendor sends invoice for all the trailers.

  • Cost is allocated against the units based on VIN number

• Need to use Landed Cost

  • Allows you to add additional costs after you receive it

  • New Purchase Invoice

  • Vendor = Bank

  • Allocate the cost it to the warehouse receipt

Accounting Questions

• When to do Purchase Invoice?

• How to adjust costs?

  • Would you need to edit the Purchase Order?

Screenshot from meeting - need actual file from Scott.

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Purchase Invoice

• Normally - pay for the item after it is sold to an end customer

• Curtailment - paying for a portion of the principal

• To begin with, will manually create the purchase invoice

  • Will there be an automation to create purchase invoice?

  • After trying for the process for a while, then think about eventually automating it

Reports

Daily Report of Posted Sales Orders

• For the items that were sold that day

• Serial Number

• Match to Purchase Order

• Filter by Floorplan = Yes

Sold but Purchase Invoice not Paid Yet

• Maybe also a report of unposted purchase invoices vs sales orders

Other Issues

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Vendor never sends invoice for the Floorplan

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So AATC can’t make the payment to the vendor

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The invoice doesn’t exist in the vendor’s system - Northpoint

Might be a good idea NOT to automate posting the purchase invoice

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Overview

AATC sells “Floor Plan” items, whereas AATC only pays vendors when the units are sold.

• These items are serialized new items, for Trailers or Truck Bed.

• Some serialized new items are not “Floor Plan”

• Used items are never “Floor Plan”

• Value of “Floor Plan” items must be presented on the book.

Purchase Order

• Add a checkbox, Floor PO, to the Purchase Order.

• The Vendors are typically North Point, or Wells Fargo.

  • If the Warehouse = Trailer Nation, the Vendor is usually Wells Fargo.

  • If the Warehouse != Trailer Nation, the Vendor is usually North Point.

• Enter one PO for each serial number.

• Receive as usual

• When posting WR, post 2 accrual GL Entries:

  • Inventory - Floor Plan

  • AP - Floor Plan.

• Most of the time, create PI when the Floor Plan items are posted on the SI.

  • Create a new Item Ledger Entry View - Floor Plan Items Ready to Invoice

  • Serial No. != blank

  • Floor Plan from PO = true

  • Invoiced Cost = 0

  • Remaining Qty. = 0

    • Meaning it is shipped.

    • AATC should invoice shipped WS asap.

• When posting PI, reverse the 2 accrual GL Entries.

Allocate Interest Expense to Floor Plan Items

• AATC needs to pay interest expenses while holding the “Floor Plan” items.

• Use the Landed Cost Management module to allocate interest expenses to the WR for the “Floor Plan” items.

  • May need to add “VIN” or Serial No., to the page where we select WRs.

Sales Order

• Create SQ, SO, WS, and SI as usual for both non “Floor Plan” items and “Floor Plan” items.