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The following is a list of the accounts within Frazer that are used in the automatic posting section of the program, where balances are automatically calculated or are defaults within System Options. Transactions are automatically posted to these accounts when sales, payments, or any other financial transactions are entered into the program.
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Assets:
•normally show a debit balance
•debits increase the balance
•credits reduce the balance
1000 – Checking Acct (Cash in Bank)
The business checking account. Debited when money is deposited, credited when money is paid out (i.e. check, cash, debit card payments).
1010 – Undeposited Funds
Undeposited funds from customer payments. Debited when cash is received, credited when cash is paid out or deposited in Cash in Bank.
1011 – Cash - Internal Payoff
Clearing account to handle cash for an internal payoff at time of sale. Debited to show the account is paid off on the trade, credited to add the payoff balance to the new sale. Net effect is zero. This account should never have any balance in it.
1020 – Contracts In Transit
The amount owed to the dealership by an outside lien holder on an outside financed sale. Debited when a sale is completed, credited when the cash is received.
1130 – F & I Receivables
The reserve amount or the amount that the lien holder holds back from an outside financed loan. Debited when a sale is completed, credited when the cash is received.
1140 – Accounts Receivable
The amount owed to the dealership from a Buy-Here-Pay-Here sale or any sale with a pickup note. Debited when a sale is completed, credited when the cash is received.
1150 – Service Receivables
The amount billed to a customer for repairs after a sale has been completed. Debited when the dealer charges the customer, credited when the cash is received.
1450 – Inventory
The cost of the vehicle including all added costs. Debited when the vehicle is added to stock, credited when the vehicle is sold.
1570 – Other Inventory
The cost of the trade when the trade is not stocked in at the time of the sale. Debited when the sale is completed, credited when the vehicle is manually stocked in and that account is selected as how the vehicle is paid for.
Liabilities:
•normally show a credit balance
•debits decrease the balance
•credits increase the balance
2000 – Accounts Payable
The cost of items owed, such as a vehicle or vehicle costs, which have been purchased but payment has not yet been made. Credited when purchased on credit, debited when paid off.
2001 – A/P - Vehicle Purchases
The default for how vehicles are paid for. Credited when the vehicle is purchased, debited when the vehicle is paid off.
2002 – A/P - Recon
The default for how added costs are paid for. Credited when the added costs are purchased, debited when the added costs are paid off.
2003 – A/P - Floor Plan
The default for how floor plans are paid for. Credited when the curtailment is entered on the vehicle, debited when check for the curtailment is added to the system.
2004 – A/P - Purchased Accounts
One default for how purchased accounts are paid for. Credited when the purchased account is added to the system, debited when the check for the purcashed account is added to the system.
2030 - License & Registration Fees
The amount of the title fee owed. Credited when a sale is completed, debited when the fee paid.
2040 – A/P – Service Contract and Protection
The amount of a service contract owed. Credited when the cost of the contract is added, debited when the cost is paid.
2050 – Vehicle Lien Payable
The amount owed for a payoff on a trade-in. Credited when a sale is completed, debited when the lien is paid.
2060 – A/P Other
The amount owed for fees in “Other Fee1”, “Other Fee 2” or “Other Fee 3”. Credited when a sale is completed, debited when the fee is paid.
2110 - Open Floor Plan Principal
The principal amount owed to a floor plan company. Credited when the vehicle is floored, debited when a curtailment is paid or the floor plan is closed.
2210 – Commission Payable
The amount of commission owed. Credited when a sale is completed or commission is calculated after the sale is complete, debited when the commission is paid.
2240 – Sales Tax - State
This is the primary sales tax amount, not including tax 2, tax 3 and tax 4. Credited when a sale is completed, debited when the tax is paid.
2241 – Sales Tax – Jurisdiction 2
Sales tax account increased by the amount of any tax for Jurisdiction 2. Credited when a sale is completed, debited when the tax is paid.
2242 – Sales Tax – Jurisdiction 3
Sales tax account increased by the amount of any tax for Jurisdiction 3. Credited when a sale is completed, debited when the tax is paid.
2243 – Sales Tax – Jurisdiction 4
Sales tax account increased by the amount of any tax for Jurisdiction 4. Credited when a sale is completed, debited when the tax is paid.
2260 – Other Taxes
This is the amount of some state specific taxes: Doc Stamps in Florida, Dealer Inventory Tax in Texas and the Dealer License Tax in Virginia. Credited when a sale is completed, debited when the tax is paid.
2450 - Unearned Interest
Amount of interest that has yet to be earned by the dealer using the pre-compute method of interest. Credited when a sale is completed, debited when the customer makes payments.
2460 - Unearned Discount
The discount on a purchased account. Credited when the note is purchased, debited when payments are received.
2470 - Deposits
Cash received to hold a vehicle prior to the sale. Credited when cash is received, debited when cash is refunded.
2480 - Down Payment Holding
Cash received electronically for a down payment. Credited when cash is received, debited when the sale is completed.
Equity:
•normally show a credit balance
•debits decrease the balance
•credits increase the balance
2520 - Retained Earnings
The net income of all prior year profit and loss.
2570 - Net Income
The net of all Sales less all Cost of Sales less all Expenses (Sales - Cost of Sales - Expenses). Also known as the "bottom line" of the Income Statement. No manual posts or adjustments can be made to this account.
Sales:
•normally show a credit balance
•debits decrease the balance
•credits increase the balance
3500 – Sales – Retail
The sales price of the vehicle for retail sales. Credited when a sale is completed, debited if reversing entries are added when the sale is canceled.
3502 – Over Allowance – Retail
The amount of difference between the ACV (Actual Cash Value) of the trade-in less the amount allowed for it in a retail sale. Credited if ACV is more than the amount allowed when a sale is completed, debited if ACV is less than the amount allowed when a sale is completed.
3520 – Sales – Wholesale
The sales price of the vehicle for wholesale sales. Credited when a sale is completed, debited if reversing entries are added when the sale is canceled.
3522 – Over Allowance – Wholesale
The amount of difference between the ACV (Actual Cash Value) of the trade-in less the amount allowed for it in a wholesale sale. Credited if ACV is more than the amount allowed when a sale is completed, debited if ACV is less than the amount allowed when a sale is completed.
3540 – Sales – Retail Truck
The sales price of the vehicle for retail sales where the vehicle type is Pick-Up. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3542 – Over Allowance – Retail Truck
The amount of difference between the ACV (Actual Cash Value) of the trade-in less the amount allowed for it in a retail sale where the vehicle type is Pick-Up. Credited if ACV is more than the amount allowed when a sale is completed, debited if ACV is less than the amount allowed when a sale is completed.
3560 – Sales – Wholesale Truck
The sales price of the vehicle for wholesale sales where the vehicle type is Pick-Up. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3562 – Over Allowance – Wholesale Truck
The amount of difference between the ACV (Actual Cash Value) of the trade-in less the amount allowed for it in a wholesale sale where the vehicle type is Pick-Up. Credited if ACV is more than the amount allowed when a sale is completed, debited if ACV is less than the amount allowed when a sale is completed.
3600 - Income - Deposits
The amount of a Deposit that is not refunded and the sale was not completed. Credited when you choose to keep the deposit and delete the prospect. Also used for electronic down payments that are kept.
3700 - Sales - Interest Income
The amount of a BHPH payment that went toward interest. Credited when the payment is received, debited if a payment is deleted or the sale is canceled.
3710 – Financing Income
The amount of reserve on an “Outside Financing” sale. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3720 – Insurance Income
The sale price of any insurance sold. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3740 – Service Contract Income
The sale price of the service contract. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3760 – Other Fee 1 Income
The sale price of any other fee 1 sold. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3770 – Other Fee 2 Income
The sale price of any other fee 2 sold. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3780 – Other Fee 3 Income
The sale price of any other fee 3 sold. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
3785 – Other Receivable Income
The amount of a payment that is applied to a customer’s balance if the balance was tracked in ‘Deficiency and Other Receivables’ when written-off. Credited when a payment is received, debited if the payment is reversed.
3800 - Income – Late Fees
The amount of a payment that is applied to any late fee balance. Credited when a payment for a fee is received, debited if the payment is reversed.
3810 - Income – Recovery Fees
To enable this account uncheck the box on "M-1-8-Accounting Options > Advanced Options" to "Post all other fee income to 3820 Income - Other Fees." The amount of a payment that is applied to any repossession fee balance. Credited when a payment for a fee is received, debited if the payment is reversed.
This account is also the default used when adding/paying an Other Fee to any customer account, as long as that fee payment is greater than $50.00.
3820 - Income – Other Fees
The amount of a payment that is applied to any "other" fee balance. (Only used when the system option is enabled on M-1-8-Advanced Options.) Credited when a payment for a fee is received, debited if the payment is reversed.
3840 - Recurring Fees Income
Credited when a payment against a recurring fee is taken. Debited if the payment is deleted.
3860 - Discount Income
The discount on a purchased account. Credited when payments are received, debited if a payment is reversed.
5000 – Repairs Sales
The amount billed when charging a customer for service work on a sold vehicle. Credited when the cost is added to the customer’s account, debited if reversing entries are added.
9070 – Other Income – Doc Prep Fee
The amount of the Document Prep Fee that is charged to the customer. Credited when a sale is completed, debited if reversing entries are added when a sale is canceled.
Cost of Sales:
•normally show a debit balance
•debits increase the balance
•credits reduce the balance
4500 – Cost of Sales
The purchase cost plus buy fee of the vehicle being sold retail. Debited when a sale is completed, credited only if reversing entries are added when a sale is canceled.
4510 – Reconditioning Cost of Sales
The added costs of the vehicle being sold retail. Debited when a sale is completed, credited if reversing entries are added when a sale is canceled.
4520 – Inventory Cost – Wholesale
The purchase cost plus buy fee of the vehicle being sold wholesale. Debited when a sale is completed, credited if reversing entries are added when a sale is canceled.
4540 – Inventory – Retail Truck
The purchase cost plus buy fee of the vehicle being sold retail where the vehicle type is Pick-Up. Debited when a sale is completed, credited if reversing entries are added when a sale is canceled.
4550 – Reconditioning – Truck
The added costs of the vehicle being sold retail where the vehicle type is Pick-Up. Debited when a sale is completed, credited if reversing entries are added when a sale is canceled.
4560 – Inventory – Wholesale Truck
The purchase cost plus buy fee of the vehicle being sold wholesale where the vehicle type is Pick-Up. Debited when a sale is completed, credited if reversing entries are added when a sale is cancelled.
4620 – Write-Off Losses
The customer’s contract balance plus Pick-Up Note balance (if any), less any unearned interest, less the value of any vehicle returned. Debited when a sale is written off, credited when a write-off is reversed. For sales tax deferred dealers in Texas, this is also less the remaining sales tax.
4625 – Forgive Payments
A transaction applied to a customer’s account that decreases the balance of the account. This amount may still be subject to sales tax for which the dealer is responsible. Debited when the forgive payment is entered, credited if the payment is reversed.
4690 – Purchased Account Cost
Frazer automatically posts when user enters a purchased account (S-7) where cost is more than the balance being collected (Debit). Frazer automatically posts when user enters a recourse buyback where dealer is buying back account for more than the contract balance (Debit).
4700 – Sales of Receivables Losses
The difference between the amount the customer owes (less unearned interest) and any proceeds received as the result of a sale of the account to a finance company. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4710 - Cost of Financing
The difference between the amount financed and what the dealer receives from the outside financing company. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4720 - Insurance Cost
The cost of the insurance that is sold to the customer. Debited when a sale is completed, credited if reversing entries are added when a sale is canceled.
4740 - Service Contract Cost
The cost of service contracts sold to a customer. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4760 - Other Fee 1 Cost
The cost of Other Fee 1 sold to a customer. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4770 - Other Fee 2 Cost
The cost of Other Fee 2 sold to a customer. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4780 - Other Fee 3 Cost
The cost of Other Fee 3 sold to a customer. Debited when the sale is completed, credited if reversing entries are added when a sale is canceled.
4840 - Recurring Fees Cost
If there is a cost associated with the recurring fee, the dealer can use A-A to post the check to the vendor against this account therefore debiting it.
6000 - Cost of Service Work
The cost for the parts and/or labor for work on a customer’s vehicle. This is not the amount that is charged to the customer. Debited when the cost is added, credited if the cost of the work is reduced.
Expenses:
•normally show a debit balance
•debits increase the balance
•credits reduce the balance
8020 – Commissions
The amount of commission paid for a sale. Debited when the commission is added, credited if reversing entries are added when a sale is canceled.
8050 – Floor Plan Costs
The amount of the interest and fees cost of holding the floor plan. Debited when the curtailments are paid or floor plan is paid off, credited when those payments are removed.
8070 – Free Service
Added costs of the vehicle where the date of the added cost is after the date of the sale and where no amount is billed to the customer. Debited when the cost is added, credited if reversing entries are added when an added cost is removed.
8380 – Bank Fees
The fee charged by a bank. Debited when the cost is added, credited if reversing entries are added.
8600 – Repossession Cost
The dealer’s cost of the repossession. Debited when the repossession cost is added, credited when the repossession cost is removed.