IN THIS ARTICLE:
How to take payments on a deal?
DealerCenter makes it easy to record and track all payments for a deal – including down payments and scheduling deferred down payments – as well as collecting and reporting on funding payments received from lenders on finance deals and collecting and reporting on payments received for wholesale deals.
Once you update a deal to any of the sold statues DealerCenter walks you through collecting payments.
The Remaining Payments section of the Deal Payments window includes options to Schedule payments, Write-Off payments, or Collect payments:
The Write-Off button allows you to tell the system that this uncollected payment will not be collected. This is important for two reasons:
- This will tell the system to no longer expect this payment so the balance will no longer show up as being due on the various reports that show due amounts.
- This will create an entry in Quickbooks that will mark this expected amount as a loss and balance out their books
When you choose the Refund button you will be asked if the want to do a Full Refund or a Partial Refund:
If you select Partial Refund, you will be asked to enter the refund amount and details.
After entering the Refund Amount, the remaining/not-funded amount, will be shown in the Payments Applied section with a note that it was partially refunded.
And the Payments Remaining section will show the amount that was refunded – at which point you can choose to write it off as a loss or collect it again.