Paying out a floor plan item

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When the stock item is sold the floor plan associated with it must be paid out promptly.  the payout is recorded in 2 parts:  firstly record the liability for payout on the stock card,then record the actual payment via a Vendor Payment window.

hmtoggle_plus1Record a payout is due

From the stock card floor plan tab, double-click the Payout line item.  Insert the date the payout is due, and the amount of the payout.    Also enter the cheque number if necessary, then press Ok.  A purchase transaction will be created and a corresponding Accounts  Payable entry.  The Purchase Journal number will be displayed in the grid within the floor plan tab.

hmtoggle_plus1Record a payout is made

to record the payment, use a Vendor Payment window just the same way as any other payment applied to an existing purchase.  Record payment for one or multiple payouts and/or curtailments.

hmtoggle_plus1Offset a payout against bailments due

Where one or more payouts (or curtailments) are to be offset against incoming bailment monies due, use a Contra window to apply the transactions to each other.  then use a Vendor or Customer Payment to record the net payment made or received.