Any car that is registered in the UK must also be licensed before it can be driven or parked on the road. This is referred to as the car tax or the Vehicle Excise Duty (VED) which is a part of the Road Fund License (RFL) in the UK.
In Pinewood DMS the VED can be calculated automatically using VED Pricing Matrix, found in Vehicles > Price List > VED.
During the customer order If VED Automatic Calculation is enabled and CO2 emissions are entered against the vehicle record, the VED field will be automatically populated. If no VED has been calculated it is likely that there are no CO2 emissions on the vehicle’s stock card – in this case the stock card can either be updated and the customer order recreated or amended, or the RFL amount can just be manually entered on to the order.
If VED Automatic Calculation is not enabled then the VED field needs to be manually populated with the total cost of taxing the vehicle for the customer – the value entered should be a total of VED plus any first registration/new car fee applicable. Pinewood DMS will automatically add the VED value to the vehicle creditor value, enabling payments to be made via the Cash Book within the Accounts module.
The RFL payable by the customer should be entered here, including any First Registration Fees.
As a requirement a nominal code must be set up against the parameter of VED in which the postings should be: The Road Fund License charged to a customer will credit this code on production of the vehicle invoice. This will then be a part of the RFL Sales Analysis Code.
Also for the RFL Cost of Sale Analysis Codes, for VED: The value against RFL on a customer order will debit this code on production of a vehicle invoice. An additional entry is made to Vehicle Creditors for the purchase value of the RFL.