This article reviews how the Accounting module works with the other modules in the Infinity program.
|Parts & Service||Deal Desking|
Accounts Receivable (AR) Info Tab
The AR Info tab within the CRM module tracks all AR invoice and payment history for each AR customer and Warranty Company. It allows you to set credit limits, interest rate and late fees for each customer. They can also place a customer on credit hold to prevent other departments from allowing the customer to charge invoices on account. This integration makes it easy for other departments to see a customer’s payment history without having access to the Accounting module and/or reports.
Accounts Payable (AP) Info Tab
The AP Info tab within the CRM tracks all AP invoice and payment history for each supplier. It allows the organization to preset the billing account number, discount percentage, disbursement day, etc. They can also set a supplier up as a 1099 supplier, a floorplan company, or a bank. This integration makes it easy for other departments to see supplier history without having access to the accounting module and/or reports.
Parts & Service
All parts & service invoices are automatically transferred to accounting to a specified journal when they are cashed out. General purchase orders and receiving invoices are also transferred automatically, creating accounts payable entries for the specified supplier. Inventory adjustments also automatically create adjusting entries in the Accounting module. This integration is driven by the parts & service category setups.
Vehicle purchase entries can be made directly from the Unit Inventory module, eliminating the need to enter a vehicle and then go to the Accounting module to make a manual entry. The inventory asset and floorplan payable can be created with the click of a button. The setup for this entry can be configured through the make/model picklist or through vehicle templates.
Also, internal service work automatically updates the total vehicle cost which allows for real-time cost figures that may be necessary for calculating commissions on an existing deal.
When deals are closed they can be transferred automatically to the Accounting module to a specified journal. This prevents the accounting department from having to manually make an entry to record revenue, cost of goods sold, sales tax, accounts receivable for contracts in transit, etc. These items can be preset in the account summary setups.
Once a deal is transferred to the accounting system, the transactions can always be viewed directly from the deal screen.
- Transactions from Parts, Service and F&I flow seamlessly into the accounting system.
- All data from previous years is stored permanently and can be pulled up and reviewed anytime.
- Accounting staff can make adjustments and corrections to accounting transactions in the original entry as long as the entry is in a open month.
- Reports such as Balance sheets, P&L’s, last year comparisons, budget comparisons, and departmental can be run in real time.