When recording a vehicle purchase in Successware, you will need to post to an Asset account. Account 1703 is commonly used for Autos/Truck purchases.
If you financed any of the purchase, then you will also need a Liability account.
Check with your accountant for more information.
Adding New Accounts
If you don't already have an Asset or Liability account setup for purchasing vehicles, follow the steps below to add them.
- In the Accounts tab of the General Ledger Setup, click Account Class to choose the Account Type, then click New Account. Each account type has categories of accounts within it that are grouped by account number.
- Click on the drop-down arrow and choose the category of account you want to create. When you select a category the account number you choose for the account will be limited to those available for that category.
- Highlight the account number for the new account and double-click, press Enter, or right-click and select Add Account.
- Enter the name for the new account and click Save.
Note: Select the Must print box to print the account numbers on financial reports, even if the balance is zero.
Scenario 1 - Vehicle was Paid in Full at the time of Purchase
This scenario requires that you record a miscellaneous payment in the Account Register.
For the adjust code in the miscellaneous payment, you will choose the Asset account you have setup for vehicles.
Check with your accountant to confirm the correct General Ledger account.
1. From the register account, select the Payment button at the bottom, this will bring up the payment screen to record the miscellaneous payment.
2. Enter the payment information for the payment.
3. Next you will need to choose the adjust code, right click and select new item, then select MISC Miscellaneous as shown in the picture above.
4. After selecting Misc/Miscellaneous you will then choose the Account Class for the General Ledger you need.
5. Selecting the account class will allow you to choose the General Ledger account needed to record the purchase.
6. Select Print to print your check or Post to record the transaction. This will record the payment in the register account as well as the Asset account selected.
Scenario 2 - Vehicle was Financed with No Down Payment
Follow these steps to post a Journal Entry for the amount financed. The Journal Entry will record the amount financed to the Asset account and the Liability account for the loan balance.
1. You can access the Journal Entries option from the Main Menu.
2. Debit the Asset account and credit the Liability account.
3. Click Post to record the balances to the General Ledger.
Scenario 3 - Vehicle was Financed with a Down Payment
This scenario requires that you:
1. Post a miscellaneous payment in the Account Register.
2. Post a Journal Entry for the amount financed.
Follow the steps in Scenario 1 to post the miscellaneous payment in the Account Register, and the steps in Scenario 2 to post a Journal Entry for the amount financed.