The Payments tab on a sale agreement is where you allocate how the customer is making payments for the sale i.e. Deposit, Finance etc.
It is also where you receipt payments as they come in from the customer or finance company.
Sale Summary: This gives you a breakdown of the vehicle and products that the customer is purchasing.
In this example the total amount for the customer to pay is $33,545:
The Sale Summary will also show you the Unallocated amount and the Money Outstanding amount.
Unallocated: To balance the Unallocated amount you will need to allocate how the customer will be paying the $33,545.
For example, the customer could be paying a $1,000 deposit and $32,545 on finance. Which would look like this:
Or they could be paying a $1,000 deposit, an additional payment of $5,000 and $27,545 when the vehicle is delivered. Which would look like this:
Once the total amount has been allocated, the Unallocated will balance:
Money Outstanding: This is balanced by adding/receipting payments as you physically receive them from the customer or finance company. It’s also a quick way to check how much money is still owed.
When allocating payment amounts you will be asked if you would like to receipt the payment too:
You would click ‘Yes’ if you have physically received the money, this will add the amount to the Payments section and take the money from the Money Outstanding.
The Payments section can be found at the bottom of the Payments tab.
To add a payment click the Add button
Fill out the Payment details and click Print Receipt if you would like to print a receipt for the customer.
Click OK to save the payment.
The payment will be added to the sale and the payment amount will be deducted from the Money Outstanding:
Once the additional payments are received, or money from the finance company is received then you can go back in to the sale agreement and add these payments.
Once all payments have been received and receipted the Money Outstanding will balance: