Using Drafts on Boat Sales Contracts

Using Drafts on Boat Sales Contracts

Create your contract and put the financing information on it:

As long as the Financial Institution is set up with Reserve Account as AR, Draft Account is set up as AR and there is a Draft Pay Type of “DR” then if the contract is closed prior to being paid by the bank, the amount due will show up on the Bank’s customer ledger file.

The closing screen will show as follows if the bank has not paid you yet and you go to close the contract (notice it is now using the DR pay type in the closing and this will now show in the customer file on the Financial Institution when closed.

If you receive the payment from the bank BEFORE the contract closes you need to go to Sales Management – Sales Functions – Drafts and create the draft payment from this screen.  Enter the Contract number and then click on the ICON at the top (piece of paper) to create the payment (draft) received.   Enter the Date, Paytype (DR) and the amount (this CANNOT include the reserve amount).   The reserve amount needs to be entered through Cash Receipt entry as it is not an amount that shows as due on the Boat Contract.   Click :Apply” and it will create the payment from the bank an this will now show on the contract.

Icon for New Draft

This line will appear when you click “Apply”

The contract now shows this as a “Draft Payment”:

And when you close the contract the Bank’s customer ledger will show just the Reserve due:

If you made a mistake of entering the Draft (maybe you entered the wrong contract ID) you can reverse the draft entry.   In Draft Entry – enter the contract ID and then right click on the Blue line you want to reverse.

This will fill in the Refund Detail box:

Click Apply and the Draft entry will be reversed

Any boat deal that has funding on it and has the Draft GL account filled in and the DR Pay type filled in on the financial institution and is closed prior to entering the payment from the bank will show on the “Draft Receivable Report” (under Drafts) until the payment from the bank is entered through Cash Receipts entry.   If entering the payment through cash receipts entry they must use the Draft Pay type code.

Here is an example of the Draft Receivable Report:

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