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Level 1

Posting A Vehicle Trade In with a Lien Holder Payoff In QB

I have a question regarding invoicing a trade in when there is a payoff that is made by a flooring company instead of our company physically writing a check to pay it off. For instance if I sell a vehicle for $20000 the trade in allowance is $10,000 with a payoff on the trade in still due of $5000. We have a separate trade account setup for trades that normally get washed out once they are put in to inventory. The problem we are running in to is regarding the payoff because we aren't physically writing a check for the payoff, our flooring company is so we end up with the payoff amount still showing in the account (Ex: $5000) What is the best way to wash out that remaining $5000 with out negatively effecting something else.

 

Thank you,

 

Ryan

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Level 15

Posting A Vehicle Trade In with a Lien Holder Payoff In QB

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