Trust Receipts

Trust Receipts

Purpose

The Trust Receipt document will provide details of the asset for which the account was created. It is a legal agreement between the Dealer and the Finance Company.
When an account is created, a price adjustment made or changes to account terms are entered and saved then a new Trust Receipt is created to record relevant details at that time.

If the Bailment Account is created for a related party distributor the tax is zero.  The Trust Receipts will, however, show both a tax amount and gross amount.

A new Trust Receipt will be created from each of the following actions/processes:
  1. A new Bailment Account is created manually or by EDI Import
  2. A Price Adjustment is performed manually or by EDI Import
  3. A Credit Return is created manually or by EDI Import
  4. A Floor Plan Profile on the Bailment Account is changed
  5. A ESR Profile on an the Bailment Account is changed
A Credit Trust Receipt will be created when a Credit Return is processed against a Bailment Account. 
The Credit Trust receipt will always be for the full Bailment Asset value.
Trust Receipts are automatically numbered as they are created. The first Trust Receipt created for a Bailment Account, will have the Trust Receipt set to the Bailment Account Code. Any subsequent Trust Receipts created for the Bailment account will use the original Trust Receipt number with the suffix of A,B,C etc. This enables easy identification of the order the Trust Receipts were created.


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