492 – Non-Automotive Merchandise and Miscellaneous

Parts And Accessories Department

Sales Synopsis

Account 492

692 – Non-Automotive Merchandise and Miscellaneous

Parts And Accessories Department

Cost of Sales Synopsis

Account 692

Remarks:

Typical examples of non-automotive units included in this account are tractors, boats, and motorcycles.

Repossession losses for non-automotive units should be charged to this Cost of Sales Account.  Any amounts recovered by collection, through the retailer’s recourse action against the customer for the loss sustained due to repossession of the unit, should be credited to this Cost of Sales Account.

Units transferred or exchanged between dealers should be debited and/or credited to the applicable inventory accounts (as a transfer).  These transactions should be recorded in the new vehicle purchase journal.

Charges made on the unit invoice for separate items, such as title search fees, should be included in the gross sales price of the unit and reported in this sales account for accounting purposes.  Such items should not be considered as offsetting credits to expense or as other income unless required by law.  All sales and cost data should be recorded on a subsidiary inventory record.

Retail and wholesale sales should be separated and clearly documented for sales tax purposes.