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You can use AccountRight to account for trade-ins made to your business. Before any trade-in can be recorded, you'll need to setup your company file make sure
Now that your company file is setup, you're three easy steps away from accurately recording the trade-in item. These steps will have you deduct the value of the trade-in from the sale and deposit it into the clearing account, and then use that account to pay the bill for the purchase of the trade-in item.
- Go to the Sales command centre and click Enter Sales.
Select the Customer's Card.
If a Customer Card has not been created, you must create one before recording the trade-in. For more details, see our page on Adding a customer.
- Enter the Invoice # and Date.
- On the first line, enter the Ship quantity of the item being sold, enter the Item Number, Description and Price.
- On the second line, enter a negative one (-1) in the Ship field. Enter the Item Number of the new Item that was setup and then enter the Price, being the value of the trade-in.
- Enter the other transaction details as required then click Record.
The window below shows a sample Invoice with the trade-in deduction.
- Go to the Purchases command centre and click Enter Purchases.
- Select the Supplier Card that was specifically setup for the customer.
- Click the Layout button, choose Item and click OK.
- Enter the Purchase #, Date, Memo and the other purchase details.
- Enter the quantity Received, Item Number, and then enter the Price - using the same price as entered for the trade Item on the sales Invoice. Enter this amount as a positive, for example $2500.00.
- Check the transaction then click Record.
The window below shows a sample Bill for a traded-in item.
FAQs
Click Reimburse to see a list of all the job purchases and expenses you have assigned a job number to, that can now be reimbursed on the sale.
You should enter the credit limit you've assigned in each customer's card. If you want to stop sales from being recorded for customers who have exceeded their credit limit, you can place them on hold.