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.
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. |
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. |
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. |