Used Vehicles – Retail/Sale Price
The retail/sale price in the top right-hand corner of a used stock vehicle record should be entered before the vehicle is sold and invoiced.
If this is not done correctly, the nominal postings will be inaccurate, as demonstrated in the accounting examples below. If the retail/sale price is not entered before the vehicle is sold or invoiced, the sale must be reversed.
How to Update the Retail Price
- If the vehicle is invoiced: You need to credit the invoice and cancel the sales order.
- If the vehicle is not invoiced: Simply cancel the order, then enter or update the retail/sale price.
Accounting Examples
Example 1 (Correct):
- Retail Price: £10,000
- Sold for: £9,000
The system populates two codes for the sale of the vehicle (codes populated when the deal is closed):
| Account Code | Description | Amount |
|---|---|---|
| 1.31.10.30 | Retail | -£10,000 |
| 1.31.20.30 | Discount | £1,000 |
| Net Sale | -£9,000 |
Example 2 (Incorrect):
- Retail Price: £0
- Sold for: £9,000
The system populates two codes for the sale of the vehicle:
| Account Code | Description | Amount |
|---|---|---|
| 1.31.10.30 | Retail | £0 |
| 1.31.20.30 | Discount | -£9,000 |
| Net Sale | -£9,000 |
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