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Making a Factory Receivables Entry

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The Factory Receivable Statement allows you to input entries from the Factory Receivable Statement with little keyboard entry. The Factory AR Statement is usually a document that lists items such as warranty claims the manufacturer paid. The system automatically displays all of the documents for the selected schedule, so you can easily select the documents from the schedule list and quickly make adjustments as needed. You can exit this screen after posting a partial entry. This is a useful feature if you need to research an entry because the entry does not balance.

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Step 1. From the Dealership Accounting main menu, select Journal Entries. The Journal Entries menu will open. 

Step 2. Select Factory Receivable Statement. The Factory Receivable Statement screen will open.

Step 3. In the Document field, type the document number from the factory statement.

Step 4. In Journal, type the journal number. Generally, you will use journal 75 (General Purchases) or journal 50 (Cash Receipts).

Step 5. In Schedule, type the general ledger account for the desired schedule. A list of the items in the schedule will display at the top of the screen. The list is in document number order.

Step 6. In Adjustments, type the general ledger account number used to post adjustments for the schedule. When a claim is not fully paid, and you do not expect to receive the remaining balance, you can write off the balance.

Step 7. Click a line from the schedule list at the top of the screen, or enter the control number, and the detail will populate the working line. 

Step 8. The balance of the control fills in as the paid amount.

If the paid amount is correct, click Click Here to Accept Entry under the schedule list to file the line (or press ENTER). 

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If the paid amount is incorrect, type the amount paid from the statement. The difference fills in the Debit field. The general ledger account entered for adjustments will be used to post this debit and may be changed if needed.

Usually, if the difference is minimal, it is adjusted to a service expense. In the case of a partial payment for a claim where the rest will be paid later, the Adjustment account should be the Schedule account, and the control will automatically default as the document number. Type a description for the adjustment, noting why the claim was not paid as submitted.

Step 9. When you are finished selecting lines, press ENTER when the cursor is resting in the blank Control field.

Step 10. The cursor advances to the Debit field, and the field automatically populates with the balance of the transaction. Press ENTER.

Step 11. Type the general ledger account where the amount should post, and the control number for the vendor.

Step 12. Click Save Transaction or Post Transaction. The button label changes based on the posting method you selected. (You can also press ENTER in a blank G/L field).

Step 13. If you selected to post directly to the general ledger and schedules, click to select to post to the current month or next month, or select to batch post.

Step 14. If you selected to batch post, click File It! when prompted to verify you want to file the entry. (Click No, Not Yet to continue working.)

Tip:  The Factory Payments button allows you to pull factory receivable statements from your manufacturer and automatically post them. Currently, this feature is available for Chrysler, Ford, General Motors, and Toyota/Lexus dealers. Click Factory Payments and select your manufacturer. Once you select your manufacturer, press F1 to read instructions about how to retrieve and automatically post the statements for the selected manufacturer.  
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