Balancing the Floor plan AP Account

How to banlance your Floor plan AP Account


Balancing the Floor plan AP Account

Learn how to verify if your AP Floor plan Account is balanced with the GL.

1. Make sure that all your Floor plan Invoices and payments have been posted for the month that you are balancing.
2. My Reports-> GL Reports-> Trial Balance
3. Select the start and end date of the month you wish to balance. Click Refresh.

4. Note the amount in the CY-YTD column for the Floor plan Account.
5. Go to Business Office->Accounting->Reports and Graphs->Accounts Payable->Accounts Payable Aging Summary Report
6. Enter the last day of the month as your End date, and you can also specify the Floor plan Account in the GL Account field. Click Refresh.

7. Note the amount in the Total Column; this should match the amount that was noted on the trial balance.
8. Go to Business Office->Accounting->Reports and Graphs->Accounts Payable->Accounts Payable Subledger Report
9. Enter the last day of the month as your end date, and you can also specify the Floor plan Account in the GL Account field.
10. Make sure to check off the “Include on Hold” and “On hold Only” boxes. Click Refresh.

11. The Grand Total should also match the amount from both the trial balance and the AP Aging Summary Report.

Connections to Other Areas/Modules:

• Related reports - Floor Plan

Note: this report will not show non-Unit AP Vendor Invoices (i.e. interest, insurance or adjustment invoices)

• Related reports - AP GL Subledger Report, AP Aging Summary Report
• Related reports – Trial Balance
• Floor plan GL account shows postings
• All About Balancing- MS PowerPoint and document from DealerVu

What can go wrong & what can you do about it?

 

The Floor plan AP Account does not balance with the GL: If the Floor plan account does not balance with the GL, you can take a look at the transaction Tab of the Account (through the Chart of Accounts) and see if there were any entries posted within the month that seem out of place or are of the amount the Floor plan is out by. Perhaps an entry was posted to the Floor plan GL Account without being assigned to a controlled Floor plan Vendor. We also recommend that you call DealerVu Customer Support for assistance in finding the problem.