DealerCenter has added a way to set up specific accounts for the many ways that your customers pay. Whether you take payments for down payments, cash deals, or take payments on BHPH accounts there is a new option for payments to be accounted for. You can now set up your debit account from the Chart of Accounts section for ACH, cash, cashier’s check, check, money order, other, other credit card etc.
In the Sales, Deposits, BHPH, and RFC BHPH tabs of the chart of accounts, there are new drop downs that have a list of payment methods.
Example: To setup Down Payment collected via ACH using a different Chart of Account, follow these steps -
- Go to Chart of Accounts -> Sales
- Select Down Payment Method “ACH” and click Setup button
- Click on the default account link (in this example it shows “N/A”), to use your QuickBooks account instead.
- Once the account is clicked on, a screen will pop up. This screen connects to the chart of accounts in QuickBooks. Select your QuickBooks account.
- Click on the Save button on the top left menu
Now, everytime you collect a Down payment using ACH, it will post the journal entries to the account setup in here, while down collected via all other payment methods will be posted to your previous chart of account.