Payment Types
Payments are categorized as: Deposit (initial payment to hold a vehicle), Partial Payment (installment toward the total), Final Payment (completing the balance), and Refund (money returned to the buyer). Each type is tracked separately for accurate financial reporting.
Payment Methods
Record the method used for each payment: Cash, Bank Transfer, Cheque, Credit/Debit Card, or Finance (bank loan). For cheques and bank transfers, capture the reference number for reconciliation. Method tracking helps with end-of-day cash counts and bank reconciliation.
Balance Tracking
For each deal, the system tracks the total amount due, total paid, and remaining balance. Outstanding balances appear in the receivables report. A deal is considered fully paid when the balance reaches zero. Overpayments are flagged for review.
Expense Tracking
Track expenses associated with each vehicle: reconditioning costs, repair bills, registration fees, and transport charges. Expenses are categorized and included in profitability calculations. This gives you the true cost basis for each vehicle beyond just the purchase price.
Common questions
- How do I record a cash payment?
- Go to the deal detail page, find the Payments section, and click 'Record Payment'. Select 'Cash' as the method, enter the amount and date, and save. The payment is immediately reflected in the deal's balance and your daily cash summary.
- Can I delete or edit a payment?
- Payments cannot be deleted to maintain a complete audit trail. If a payment was recorded in error, you can void it (which creates a reversal entry) or record a refund. Only managers can void payments. All changes are logged.
- How do I see all outstanding balances?
- Go to Reports > Receivables to see all deals with outstanding balances. The report shows each deal's total, paid amount, and remaining balance. You can filter by branch, aging period, and amount range.