Bailment Asset Dealer Transfer Details

Bailment Asset Dealer Transfer Details

Purpose

Allows for the manual transfer of an asset from one dealer to another on approved advice from the transferor dealer.

Access

  1. View | Bailment Accounts | Select and  the asset to be transferred | Asset Details Tab |   

Prerequisites

If the account has receipted payments, the following message will display:


Payments must be transferred or refunded to progress the transfer.

Dialog Details


Details Specific Fields

Field
Explanation
Dealer
[F2] to select the Dealer that the asset will be transferred too

The new Dealer must have a facility with the distributor on the originating account
Transfer Date
Transfer Date to default to today’s date but may be backdated to account open date
Override FFP End Date
Defaults to existing FFP End Date

This may be overtyped
Override DIF End Date
Defaults to existing DIF End Date

This may be overtyped if the FFP date is changed
Termination Reason
Defaults to Termination Reason on Account Type

This may be changed
Transfer Price
Display only field of asset net price

Details Specific Buttons

[Button]Explanation

Invokes the Ad-Hoc Fee Invoice Details so that a fee may be charged to the originating Bailment Dealer for the transfer
Invokes the Ad-Hoc Fee Invoice Details so that a fee may be charged to the recipient Bailment Dealer for the transfer

Process Outcomes

On  the following takes place:

Credit Limit Check

  1. Credit limits are checked on receiving dealer for the same distributor as is associated with the asset account being transferred from 
    1. if credit limit check does not pass an error will display and the user will be returned to the Asset tab dialog.
  2. Validation of VIN and Engine No will NOT return error of duplicate VIN and Engine
If credit limit check is passed, the following will take place:

Transferor Dealer Account

The Credit Return process is invoked, and the following updates made:
  1. Return Date = Transfer Date
  2. Credit Note Reference will display a prefix ‘TFR’ and Bailment Account Code of receiving dealer 
  3. A negative Trust Receipt will be created for the future ledger value + GST
  4. Notes field will be updated with the notation "Asset Transferred" and dealer name and code of the receiving dealer and new Bailment Account Code

 Transferee Dealer Account:

Account Creation functionality is invoked to create the new account/asset
  1. Trust Receipt created
  2. New Account details created will be set up as follows:
    1. Code - new code for this account for this dealer
    2. Description - same as originating account
    3. Account Type - same as originating account
    4. Bailment Dealer - receiving bailment dealer
    5. Distributor - same as originating account
    6. Floor Plan Profile - same as originating account
    7. ES Rebate Profile - same as originating account
    8. Default Interest Profile - same as originating account
    9. 1st Analysis Code - same as originating account
    10. 2nd Analysis Code - same as originating account
    11. Funder - same as originating account
    12. Open Date - Date of transfer
    13. Free Floor Plan End Date - same as originating account unless other date entered in transfer dialog
    14. Due In Full Date - same as originating account unless other date entered in transfer dialog
    15. Curtailment - always set to No Arrangement
    16. FFP Date 
      1. If no Override FFP date entered, FFP date will be the same as the originating account
      2. If Override FFP date entered, FFP date should be that date.  
    17. DIF Date 
      1. If no Override FFP date entered, the DIF date will be the same as the originating account
      2. If an Override DIF date has been entered, the DIF date should be that date.  
      3. If an Override FFP date has been entered but no Override DIF date, calculate the DIF date form the FFP Profile rule using the FFP Profile transferred to the new account.
  3. Notes field on the receiving dealer is updated to show this is a transferred asset from Dealer Name and Code and original Bailment Account Code.
  4. New Asset details created will be set up as follows:
    1. Asset Condition - same as originating asset
    2. Purchase Price Gross - Future ledger balance + GST
    3. Purchase Price Net - Future ledger balance
    4. Purchase Tax Amount - GST value
    5. Distributor Reference Number - same as originating asset
    6. All other asset identifying fields - same as originating asset

Distributor Transaction processing:

Distributor transactions are grouped according to the below set of rules:

If the associated FFP Payment Terms field is unchecked, then the Transfer Transactions are grouped. 

If the FFP has payment terms checked on:
  1. If the Payment date is in the future (not paid to the distributor). Original Credit and Transfer Debit are grouped. New credit remains ungrouped and payment date is updated to the FFP End Date on the originating transfer account.
  2. If the Payment date is in the past (invoice already paid to the distributor) then the Transfer Transactions are grouped. 

    • Related Articles

    • Bailment Account Details Asset Details Tab

      Purpose To record asset identifying and purchase details for the Bailment Account These details allow identification of each asset on bailment so asset sales can be audited and tracked Access View | Bailment Dealers | Bailment Dealer Details | ...

    • Create Bailment Account Details

      Purpose Facilitate the manual creation of new Bailment Accounts with identifying asset details Access View | Bailment Dealers | Accounts tab | Accounts Search tab | Note: If the Bailment Dealers credit is suspended, this button will be disabled ...

    • Bailment Dealer Details - Associated Parties Tab

      Purpose Associated Parties is a mechanism for recording: Guarantors associated with the Bailment Dealer Amalgamation client An amalgamation client is a head client that Bailment Dealers are associated to. Amalgamation clients are often a group head ...

    • Bailment Account Type Setup

      Purpose To differentiate different types of Bailment Accounts Examples maybe: Related Party Non Related Party Access Account | Edit/View Account Types | | Dialog Details Asset Processing Field Explanation Asset Purchase Trans Type When a bailed asset ...

    • Bailment Dealer Details - Accounts Search Tab

      Purpose From the browse dialog, Bailment Accounts may be added, edited or terminated. Access Bailment Dealer Details | Accounts Tab | Accounts Search Tab View | Bailment Accounts Dialog Details The initial presentation is a list of bailment accounts ...