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F&I Deal cap and posting checklist

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F&I Deal cap and posting checklist
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F&I Deal cap and posting checklist

General Deal Information:

  • Check contract footer for Tax Group applied to contract
  • Check contract footer financial summary totals for Amount Financed, Down Payment, Tax, Warranty, After-Markets, License Fees, Doc Fee and Other Charges    
Note: Doc fees can be edited in summary. All other fields relate to the unit lines. You edit them on the unit lines.

Buyer:
  • Check Buyer name or names 

Units:

  • Check stock # / VIN of each unit sold (General sub-tab)
  • Check price and discount assigned to each unit line
  • Check pricing and total price of Proposed Options (sub-tab relates to Options field on each unit line)
  • Check pricing and total price of After-Market (sub-tab relates to After-Markets field on each line)
  • Check Warranty Price, Term, etc and Cost – click on combo selector in Warranty field (use Ctrl H to show the Cost field on the Warranty pop-up)
  • Check License Fees – click on combo selector in License field
  • Check Tax Group for each Unit line 

Trades:

  • Check stock # / VIN of each trade (General sub-tab)
  • Check Tax Group for each Trade line
  • Check Trade Allowance, Lien Payoff Amount, Lien Holder information (select correct Finance vendor for lien payout) and ACV on Value sub-tab for each unit trade line (use Ctrl H to show the ACV field on the Value sub-tab) 

F&I:

  • Check Finance vendor selected in Finance Co. field
  • Check Insurance vendor selected in Insurance Co. field
  • Check Warranty vendor selected in Warranty Co. field
  • Check the Financing Participation by using the Ctrl H function to show the Participation fields 

Payments:

  • Check to see that actual deposits posted to the deal equal the amount indicated in the Down Payment field in the bottom right financial summary

Commissions:

  • Check the Commissions by using the Ctrl H function to show the Commissions tab

Profitability:

  • Check the overall deal Profitability by using the Ctrl H function to show the Profitability tab
  • Check the Cost amounts assigned to Life and Disability Insurances

Cap the Deal to View Posting Preview: 

  • Change deal Status to Capped (deal AND units must be in ‘Delivered’ status first and saved before capping allowed)
  • Click the Save icon or press F12 to cap and save
  • Use the Ctrl H function to show the GL Transactions tab (press Ctrl H twice if you have to) 
Note: Capping the deal will create the unit detail records in the system for the trade in units and attach them to the internal customer
  • Add notes in the deals Notes box - if there is a difference in the net due to an RO charge, note ‘Internal RO’. Also put the capped date on the deal in the notes 

GL Transactions:

  • Check the accuracy of the deal posting (note that costs for warranty and insurances will not be displayed here) 
Note: You will not see the down payment GL entries here. You can see them by going into the Journal Transaction screen and inputting the Deal #. There you will see the customer deposit coming out of the deposit account and going against 12002. The deal itself will have a posting to 12002 for the deal, but it is offset by the deposits, with the remainder being the amount financed (if applicable) vendor receivable. do not change the pointers ever for the 12002 account within a deal.

Units Balancing:

Note both the amount and the account # coming out of  the inventory account. This relieves inventory of the unit, from the GL perspective. To do this, perform the following steps:
  1. Go to <Accounting>, <Reports>, <Units>, <Units Inventory Transaction Reports>.
  2. Uncheck the start date, make the end date be today
  3. Input the stock number
  4. Uncheck Show Summary
  5. Check Show Zero Balance Units
  6. Hit Refresh.

Check for the following:

  1. The amounts that went in to inventory as a debit should have all gone into the same account number
  2. The total of those debits should equal the total that is being credited to the same inventory account in a) as on the deal
If any of this is not correct and you do not know how to fix it, please contact support. If you verify this before you post, then balancing units will be a breeze. 

Un-Capping the Deal to Change Information:
  • If you need to change values or any other information on the deal to change the posting, Un-cap the deal by selecting File->Un-Cap. The deal will be returned to Sold status and you can change values and information
Posting the Deal:
  • Change deal Status to Posted (deal must be in ‘Capped’ status first before posting allowed)
  • Click the Save icon or press F12 to Post and save 

Contact Support for more information:
North America - 855.322.1217
Australia/Asia Pacific - 61.2.9037.2450 extension 2   
Fax Line - 866.896.1045 (notify support@dealervu.com when faxing documents)

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