227 - Factory Receivables - Subaru

Current Assets

Receivables

Synopsis

Account 227

Debits

Credits

  1. New Vehicle Incentives due from SOA.

  2. Advertising expenditures which are reimbursable from the cooperative advertising fund and have been submitted for payment.

  3. The amount due from SOA/Distributor/Manufacturer for pre-delivery inspections.

  4. All others Subaru receivables not otherwise provided for.

  1. Cash or credit amounts received applicable to items in this account.

 

 

Remarks:

Vehicle incentives due from the factory should be properly recorded and scheduled to this account at the time of sale using the stock number or VIN# as control.

 

Reimbursement for Subaru pre-delivery inspections is triggered when the vehicle is drafted.  Pre-delivery inspections performed prior to receiving credit should be charged to Prepaid Expenses – Other (Account 269D).

 

Adequate subsidiary records must be maintained to substantiate each type of receivable account.

 

Each month the individual accounts should be scheduled, and the amounts should be reconciled with the general ledger.

Note: