Question
I have cleared my customers finance payments against its Stock Card Creditors, yet the balance is still showing against the Vehicle Creditors Report when I filter ‘HP Settlement’ balances only. Why is this?
Answer
If you are reviewing your Vehicle Creditors Report, filtering to view ‘HP settlements’, and you see a balance belonging to a vehicle of which the creditor account is clear against the vehicles stock card, this is because the vehicle payment had not been entered correctly in the system.
When clearing a Vehicle’s Creditors, it is important to assign the correct payment type when in the Cashbook > Payments > Vehicles screen. Whilst certain payment types will still reduce the overall creditor balance, it will reflect as an anomaly within the accounts reporting. Since you are viewing the Vehicle Creditor Report to show a particular payment type, any payments that are taken without the same type assigned, will not affect any balances here.
To correct this you will first have to reverse the vehicle payment, which was entered against the HP settlement. Do this by posting a Cashbook Receipt, with the Receipt Type of ‘Refund’, for the same value of the debit entry. Then enter the payment again, this time using the ‘HP Settlement’ payment type when in Cashbook > Payments > Vehicles.
If you then go back to your Vehicle Creditor Report and filter the Creditor Type to ‘HP Settlement’, you will see the entry is no longer here.
If you encounter any issues during this process please contact support.