Accounting Tip: Federal Tax Table Updates
Since the FlexDMS 7.7.2 release on February 20, 2020, the federal Tax table now includes lines for S, M, X, N, A, B. If step 2 of an employee's W-2 is not checked, the correct code is "S" for single and "M" for married. But if step 2 of the W-2 is checked, the correct code is "A" for single and "B" for married. Dealerships are now able to use A or B to denote married or single on the federal tax table for 2020 W-4 forms.
To see the option now available to you for federal tax tables, click the release available from the Autosoft New Feed on the main screen of the FlexDMS.
Sales and F&I Tip: Use Scenarios To Close Deals
Scenarios are a useful tool for fine-tuning a deal and raising your chances of closing it. The Scenarios page allows users to lay out several different deal scenarios with varying financing, option, pricing, coverage, insurance, and trade options. By selecting and deselecting various deal options in a scenario, a salesperson can offer the buyer a side-by-side comparison of different deal packages. The monthly payment for a given scenario will appear at the top of the scenario.
When you load a new scenario, you are given the option to select the Base Deal as the foundation of the scenario or Initial to start from the first scenario you created from the base deal.
You can display up to four scenarios.
Fixed Ops Tip: Emergency Stocking A Part
Emergency stocking a part allows you to receipt a part you ordered into inventory.
Step 1. From the Parts Inventory menu, select Counter Sales. The Counter Parts Sales screen opens.
Step 2. Advance to the "working line." Make sure the correct part number appears in the Part Number field.
Step 3. Click Emergency Stock.
Step 4. In Emergency Stock This Part Now—Enter Qty, type the quantity of the part. This is the quantity you ordered and are receipting into inventory.
Step 5. In P.O. Number, type the purchase order number for the order. This is the purchase order you wrote to the vendor for the part. This field is for reference. This does not link the part order to the actual purchase order, and it does not affect the order quantity for the part on the purchase order in the system. Therefore, if you receipt the purchase order into the system later and receipt the part, the part will be added to the inventory again. Make note of parts you emergency stock on this screen, and check for the parts when you are receipting you purchase orders into your inventory to ensure your on-hand quantities are accurate.