Managing Vehicle Finance Stocking

To manage vehicle finance stocking in Navigator, follow these steps to accurately track payments and interest:

Step 1: Create a Purchase Ledger Account

• Set up a purchase ledger account for the vehicle, which will act as the financial record for transactions related to the vehicle's financing.

Step 2: Record Payment from the Finance Company

• Post the payment received from the finance company as the funding amount to the purchase ledger account for that vehicle.

Step 3: Processing Interest Payments

• When you make interest payments, treat them as purchase invoices. These invoices can be posted to the same purchase ledger account and marked as paid when the payment is made.

Step 4: Recording Capital Payments

• Post any capital payments made to the purchase ledger account as receipts. These payments will reduce the overall balance. Once the vehicle is sold and taken off financing, the account should net off, reflecting that the full amount has been repaid.

Step 5: Handling Interest Payments for Individual Vehicles

• If you need to track interest costs for individual vehicles, post the interest invoices as sundry costs against the specific vehicle, assigning them to the appropriate supplier account.