Step 4J - Understanding Accounting Integration - Control Accounts - Stocked Trade Clearing

This article is Step 4J of Understanding Accounting Integration - Control Accounts > Stocked Trade Clearing

To see all the steps of Understanding Accounting Integration, please review - Overview - Understanding Accounting Integration

Step 4J - Control Accounts - Stocked Trade Clearing

• This General Ledger Account is used as a clearing account, and the account type is typically set up as a Current Liability and does not usually maintain a balance for an extended period

• The Stocked Trade Clearing General Ledger is used when trade-in/s that have been added to a Customer Order > Unit Deal, have been stocked in prior to the Unit Deal being invoiced

• When the Trade-In is stocked in prior to the finalization of the Unit Deal, it will generate the following entry to your accounting package

Debit - Unit Inventory General Ledger 

Credit - Stocked Trade Clearing General Ledger

An example of the journal:

• What this does is stock the trade-in unit into stock and makes it available for the Dealership to sell
  
• In order to sell the Trade-In, it must have a value in your Inventory

• Once the Unit Deal is invoiced, Blackpurl will send another entry to clear the Stocked Trade Clearing General Ledger  

Restrictions

Accounting entries to this General Ledger Account should never be manually created in the accounting application  to this General Ledger as there should only be stocked in trade activities for Blackpurl