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By Deal Pack - February 22, 2013
Compensation for referral rewards can be disbursed in the form of cash or credit. Often dealers offer their customers coupons that can be applied as payment toward their buy here pay here loan or as down payment. Coupons ensure that the money will be filtered back through the business opposed to a check that can be cashed and spent elsewhere.
The set up to accommodate coupons as a form of payment is accomplished in two easy steps:
1. Create an expense account on the Chart of Accounts for Referral Fees.
2. Set up a No Pay Reason in Deal Pack’s Parameter section for Referral Coupons. Enter the GL account number
created in step 1 in the GL# field.
Now your ready to receipt coupons as payment. When receipting a buy here pay here payment, select the payment form No Pay and the reason Referral Coupon. This will reduce the loan balance and write off the amount to the Referral Expense account. When applying a coupon as down payment, write off the amount to the Referral Fee expense account on the Misc Receipt screen. It’s just that easy. Please contact a Deal Pack Support Specialist if you would like guidance with this process. It’s our pleasure to assist you!
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Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983,
we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business,
and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases,
internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time,
increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across
all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.