Sales Contract Closing

Purpose To close sales contracts for boats, motors, trailers, and/or other items.

From the menu select Sales Management, Sales Functions, Contract Closing

Contract Number – Enter the Sales Contract number that is to be closed.
Total Charges – If the sales contract is being financed and Gap insurance is defined on the sales contract, this field equals Total Charges minus Gap insurance.
Balance Due – The difference between Total Amount Due and Total Drafts. This amount also appears in the upper right hand corner of the form.
Customer Number – Automatically filled in when contract number is entered.
Close Date – Defaults to the current system date as mm/dd/yyyy.

Pay Type – Defaults to the Default Contract Pay Type defined in the Miscellaneous section of the Operational Options tab of Boat Sales Parameters. This field can be edited.
Description – The description for the pay type.
Reference – Defaults to the next available system generated reference number. This field can be edited.
Payment – Defaults to the Total Charges minus Trade Allowance, Down Payment, and Deposits. This field can be edited.

Mark Serial Items as Delivered – Check this box to change the status of the serial item(s) as Sold and Delivered (SD).
Release Inventory from Floorplan – Check this box to release the serialized item(s) from floorplan.
Create A/P Invoices for Balance Due on Trade ins – Check this box to

Commissions Button – Clicking this button brings up the Contract Commissions window which shows Total Sales Commission and Total F & I Commission. For each sales person the grid in the window shows amounts and totals for Percent Split, Sales Commission, Bonus, and F & I Commission. You can add another sales person to the grid. Each field is editable except sales person Name. Click the Update button to save changes.
Reserve Button – Clicking this button brings up the Contract Closing – Reserve Total window which shows the Reserve Total. This field is editable. Click the Update button to save changes.
G/L Distribution Button – Clicking this button brings up the Contract G/L Distribution window. This view only window shows the G/L Distribution and Balance.

This section is view only.

Total Charges – If the sales contract is being financed and Gap insurance is defined on the sales contract, this field equals Total Charges minus Gap insurance.
Trade Allowance – If there are any trade-ins on the contract, this field will show the Trade Allowance defined in Charges Summary.
Down Payments – If the sales contract is being financed, this field will show the Down Payment amount defined in the Financial Info tab.
Total Deposits – Shows Total Deposit amount.
Total Amount Due – The difference between the Total Charges and Trade Allowance, Down Payment, and Total Deposits.
Total Drafts – Total of all drafts made for this sales contract.
Balance Due – The difference between Total Amount Due and Total Drafts. This amount also appears in the upper right hand corner of the form.

When you are in the Sales Contract Maintenance form, there will be links active in the Command Panel. These links are described below:

Create Deposits opens the Boat Sales Deposit Entry form which is identical to the Accounts Receivable Cash Receipts Entry form, except that the Action automatically set to Boat Sales Deposit and cannot be changed. Also, the Batch ID, Clerk ID, and Customer ID are automatically filled in and cannot be edited. See help topic Accounts Receivable – Cash Receipts – Cash Receipts Entry for an explanation of the fields in this form.
Change Location opens the Location Code Listing window. Highlight the new location for the sales contract and click the Select button.

Sales Contract Closing​