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Adding Floor Planning to Unit Inventory

ADDING FLOOR PLANNING TO UNIT INVENTORY

The first part of this document covers Unit Inventory (Boat, Motor, Trailer or Other) that is paid for and then floor planned by a third party such as your Bank.

  1. Enter an A/P Invoice to pay for the Unit when it arrives (or whenever required by the manufacturer).   Go to Accounts Payable – Invoicing – Maintain Invoices and enter the invoice for the purchase coding the invoice to the proper Inventory Account and then cut the check.

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If the manufacturer is Flooring the Unit Purchase you will skip this step as you will not be paying for the Unit.

  1. Create the Inventory Unit.  Sales Management – Maintenance – Inventory – create the unit.  If you are using Boat Purchase Orders – you would receive the unit and that would create the unit in inventory.  Make sure you have the correct Department Code on the Unit as this controls the accounting for the unit when it is sold.

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  1. Submit paperwork to your Bank or third-party floor planner and when the money is received you will enter the Floor Plan to the Boat.  You can do this from the Unit or from the Menu option Floor Planning from the Maintenance menu under Sales Management.  Make sure that the accounting is correct on the Floor Plan entry.  The Debit is to the Boat Inventory Account and the Credit is to the Floor Plan Payable account.

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  1. Now record the cash receipt for the money received from the Floor Planner.   This cash receipt will need to be coded against the Boat Inventory account to offset the Floorplan entry.  Reviewing the accounting done in #1 – this will update Boat Inventory for the Actual cost of the Unit.   #3 enters the floor plan to the Boat Inventory at the amount that was floored which may not be 100% of the actual cost.  Always enter the cash receipt to offset the GL Account used in the Floor Plan entry.
    1. You will need to make sure you have a Cash Receipt code created that will update the correct Boat Inventory account number.   Go to Accounts Receivable – Cash Receipts – Cash Receipt Code Maintenance and create your code.

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    1. Next enter the cash receipt using the Cash Receipt Code.   The customer number you will use is 99999.   Accounts Receivable – Cash Receipts – Cash Receipts Entry

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If the unit is floor planned from the manufacturer – Step #4 is not required.   Entering the floor plan onto the Unit will record the cost of the unit in the General Ledger.

**If at any point you run into any issues, feel free to email [email protected] for assistance.**