804 – Doc and Admin Fees – Used Vehicles

Additions To Income

Synopsis

Account 804

Debits

Credits

 

  1. All Documentation or Administrative fees allowable by law to be collected on a used vehicle sales contract.

 

Remarks:

Certain states have limitations as to the amount and legality of doc fees on vehicle sales contracts.  Check with your Department of Motor Vehicles to assure compliance.  This income should be recorded here as opposed to the vehicle gross profit since the amount allowable varies by state.  This provides for a more accurate gross profit comparison between dealers.