Introduction to the Nominal Ledger and Associa - Flipbook - Page 100
9335 VSB sales ledger contra account
When a vehicle is invoiced, the sales values credit this account and when the vehicle goes to I status the sales
values debit this account and credit profit and loss. This account should have a zero balance.
9337 VSB VAT margin suspense account
When a vehicle is invoiced the VAT margin will debit this account and then when the vehicle goes to I status this
account will be credited and the debit will go to profit and loss. This account should have a zero balance.
9422 VSB default bank account
This is a system used bank account and any balance in this account should be investigated immediately.
Allocations for part exchange values, deposits, HP owing and customer owing amounts will pass through this
account.
9503 Consignment stock creditor
The balance in this account is the opposite credit entry to 9021.
9504 Used vehicle PL contra account
When a used vehicle is put to A status a credit entry for the purchase price will be entered into this account.
When a used vehicle purchase invoice is produced, a debit entry will be made.
Which accounts should not be listed?
Any nominal ledger account where the total balance is not being cleared through the vehicle should not appear on
the reconciliation. Examples of this (again using a standard chart of accounts) are:
9505 – New vehicle PL contra account. When a new vehicle is put to A status a credit entry for the consignment
price will be entered into this account. The balance is cleared when the manufacturers invoice is batched to this
account through the purchase ledger.
9554 – Factory bonus reserve account. This also applies to any balance sheet reserve account. When a fixed
cost line is placed onto the vehicle a credit entry is made into the balance sheet reserve account and a debit entry
into the profit and loss. The balance on the reserve account is cleared via an entry from either the sales or
purchase ledgers.
Vehicle Reconciliation
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