By Helga Buck - 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!
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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