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(Vehicle is in Inventory) In the Vehicle Added Costs screen, how did you pay for the added costs?

 

Paid by 1000 Cash in Bank.  Using this option will add the vehicle Added Costs as a debit to the 1450 Inventory account and a credit to the 1000 Cash in Bank account.  The impact to the Accounting screens are:

Accounting-A:  Enter Bills and Hand Printed Checks:  Since the data is already posted to the 1000 Cash in Bank account, there is no need to enter the bill in the Accounting-A screen.

Accounting-C:  Review Payments and other changes to 1000 Cash in Bank.  The Added Costs will be added to this screen as a credit with the description of stock# Vehicle Cost.    The check number will be blank

Accounting-E:  Bank Reconciliation.  The Added Costs will be added to this screen as a credit with the description of stock# Vehicle Cost.    The check number will be blank.

 

Paid by 1010 Cash in House .  Using this option will add the vehicle Added Costs as a debit to the 1450 Inventory account and a credit to the 1010 Cash in House account.  The impact to the Accounting screens are:

Accounting-A:  Enter Bills and Hand Printed Checks:  Since the data is already posted to the Cash in House account, there is no need to enter the bill in the Accounting-A screen.

Accounting-C:  Review Payments and other changes to 1000 Cash in Bank.  There is no entry to this screen from the transaction.

Accounting-E:  Bank Reconciliation.  There is no entry to this screen from the transaction.

 

Paid by 2000 Accounts Payable. Using this option will add the vehicle Added Costs as a debit to the 1450 Inventory account and a credit to the 2000 Accounts Payable account.  The impact to the Accounting screens and next steps are:

Accounting-A:  Enter Bills and Hand Printed Checks:  To set up the bill for payment or enter a bill already paid, choose the vendor, enter dates, amounts and click “enter bill”.  The following prompts will effect the postings:

Check here if this bill has already been paid. If the Added Costs were paid using a hand written check or a check from another system, check the box at the bottom and enter the check number.  This will add the bill information to the Bank Reconciliation screen with a description of “Check Printed to vendor”.  The amount will be listed as a credit and the check number added to the “Check No” column.  An entry will be posted to the G/L as a debit to 2000 Accounts Payable and a credit to 1000 Cash in Bank.  If a check has not been written to pay for the Added Costs, leave the box unchecked.  The bill will then be added to the Accounting-B: Print Checks or Change and Review Open Bills screen.