Floor Plan Process Demo

Overview

Automate and streamline the current manual process of managing floor plan invoices in GFERP.

Requirements

• Create one Purchase Order per Floor Plan Unit

  • PO Setup:

    • The "buy from vendor" is set as the factory (where the unit is coming from).

    • The "pay to vendor" is set as the floor plan company (the financing company that owns the unit temporarily).

    • Check Floor PO box

• Create an Invoice when the PO is received: after receiving the unit, an invoice is created and issued to the floor plan company.

• Payables to hit a separate GL Account called Floor Plan Payables to make it easier to track floor plan payables independently from other outstanding payables.

• Payment to the floor plan company is only made after the unit is sold.

• Serial numbers need to appear on both the PO and Invoice.

• Bulk Invoice selection: mass select invoices from a report or upload

Test Scenario

Step 1: Setup Test Data

• Set Up GL Accounts:

  • Regular Payables: Existing AP account: 2000-Accounts Payable

  • Floor Plan Payables: Create a new GL account: 2001-Floor Plan Payables

    • Is Intercompany: Checked

• Create a Test Vendor:

  • Name: "Factory Vendor" (Supplier of units)

  • Type: Vendor

  • Is Intercompany: Checked

  • Default Payable GL Account: 2001-Floor Plan Payables

• Create a Floor Plan Financing Company:

  • Name: "Floor Plan Company" (Financing entity)

  • Type: Vendor

• Create a Product/Unit:

  • Name: "Test Unit A"

  • Item Type: Inventory Item

  • Serial Tracked: Enabled

Step 2: Create the Purchase Order (PO)

1. Go to Purchase Order in sandbox.

2. Create New PO:

   • Vendor: Factory Vendor (buy from)

   • Pay To: Floor Plan Company

   • Floor PO: Checked

   • Product: Test Unit A

   • Quantity: 1

3. Save the PO.

Step 3: Receive the PO and Generate an Invoice

1. Receive the PO:

   • From the PO in Step 2, Create Receipt (i.e. Warehouse Receipt).

   • Enter the Serial Number on the Warehouse Receipt Line.

   • Post the WR.

2. Create an Invoice:

   • From the WR or PO, Create Invoice.

   • Review the Invoice

     • Buy-from Vendor: Factory Vendor

     • Pay-to Vendor: Floor Plan Company

   • Post the Invoice

3. Verify:

   • Ensure the payable is recorded in the Floor Plan Payables GL account by looking at the GL Entries on the PI.

Step 4: Simulate the Unit Sale and Payment

1. Sell the Unit:

   • Create a Sales Order for the "Test Unit A".

   • Ensure the serial number is linked to the sale.

   • Check the Floor Plan SO box.

2. Post the Sales Invoice:

   • Verify revenue, COGS, and inventory reduction.

3. Process the Payable:

   • In Accounts Payable, select the invoice created earlier.

   • Verify that it hits the Floor Plan Payables GL account.

4. Pay the Invoice:

   • Create a vendor payment for the Floor Plan Company.

   • Ensure the payable is cleared from the GL account.