Examples of common deposit transactions in DragonDMS and the related postings created in Sage50 Accounts.
The Nominal Codes in these examples may not match the nominal codes that you have setup in your DragonDMS. The purpose of these examples is to show you what information is posted to Sage for each transaction in the DragonDMS, irrespective of the Nominal Code you have chosen to use.
Deposit taken on margin scheme vehicle
Deposit of £1000 taken from Mr John McNally for vehicle U32.
1. Sales Invoice (SI) raised against customer (MCN001) which credits 2121 – Used Vehicle Deposits
2. Sales Payment on Account (SA) raised against customer (MCN001) which debits 1200 – Current Account
Vehicle Sales Invoice (where deposit has already been paid on a margin vehicle)
Sales Invoice for £15,000.00 printed, deposit of £1000.00 already taken from Mr John McNally for vehicle U69.
For Margin VAT sales, the Sales Invoice that is posted to Sage is for the total invoice value, a sales credit is then raised as an adjustment for the value of the deposit which has already been posted. VAT due on the vehicle sale can only be determined once the vehicle is sold as the Margin VAT calculation relies on the final selling price.
1. Sales Invoice (SI) raised against customer (MCN001) credits 4300 – Used Vehicle Sales – Retail
2. Sales Credit (SC) raised against customer (MCN001) debits 2121 – Used Vehicle Deposits
3. Journal Debit (JD) created against 5309 – Used Vehicle Closing Stock
4. Journal Credit (JC) created against 1020 – Used Vehicle Retail Stock
Deposit taken on VAT qualifying vehicle
Deposit of £1000 taken from Mr Alan Davis for VAT qualifying vehicle U69
1. Sales Invoice (SI) raised against customer (DAVISA) which credits 2121 – Used Vehicle Deposits
2. Sales Payment on Account (SA) raised against customer (DAVISA) which debits 1200 – Current Account
Vehicle Sales Invoice (where deposit has already been paid on a VAT qualifying vehicle)
Sales Invoice for £15,000.00 printed, deposit of £1000.00 already taken from Mr John McNally for vehicle U68.
1. Sales Invoice (SI) raised against customer (DAVISA) credits 4300 – Used Vehicle Sales – Retail
2. Sales Credit (SC) raised against customer (DAVISA) debits 2121- Used Vehicle Deposits
3. Journal Debit (JD) created against 5309 – Used Vehicle Closing Stock
4. Journal Credit (JC) created against 1020 – Used Vehicle Retail Stock
IMPORTANT NOTE:
If the Sales Invoices for your deposits are currently posting to your sales nominals rather than a deposits Nominal Code, please call Dragon2000 support and we will advise how this can be changed.
See examples of vehicle sales transactions being posted in Sage50