To reconcile units sold on floor plan/consignment we need to match the bill with the payment into your bank account.
Bills can be manually uploaded to Xero by clicking the purchase button in Items\Units, otherwise the bill is uploaded when the unit is sold.
Simply match your floor plan payment with the appropriate bill in your Xero reconciliation:
Finance & Floor plan
If a unit is being financed by the floor plan supplier, the payment could be the difference between what is owed on the unit and the amount being financed. In this case we will need to reconcile the bill and sales finance payment at the same time.
In this example the customer financed 15,500, the amount owing on the floor plan was 20,000 which leaves a balance of 4,500 which was then paid to the floor plan/finance company.
1. Find the amount in your bank account
2. Click the add details link and create a transaction to reconcile the finance payment, enter the amount as negative if the amount was paid out (spent) of your bank account, or positive if the money was paid in (received) into your bank account. (In this example the money was paid out of the bank account).
3. Find the bill for the unit, ensure everything is matches and is correct and then click OK to reconcile.