Dealership Chart of Accounts Manual - NIADA

Assets

Dealership Chart of Accounts Manual

?Page Publications June, 2002, All Rights Reserved. .

Asset Accounts.

This chapter should provide the NIADA dealer, office manager, internal auditor and outside accountant with an overview for Asset account numbers and descriptions.

Account No.

1000 1010 1015 1020 1030 1040 1050

1100 1110 1120 1130 1140 1150 1160 1170 1360 1370

1380 1440 1450 1470 1490 1500 1520 1530 1540 1550 1570 1580 1595 1600

1610 1620 1630 1640 1660 1670

ASSET ACCOUNTS

CASH AND CONTRACTS Petty Cash Fund Cash in Bank Cash in Bank - Payroll Contracts in Transit Cash Investments Undeposited Cash Clearing Cash Sales Clearing

RECEIVABLES Retail Vehicles Wholesale & Dealer Transfer Vehicles Lease & Rental Accounts Finance & Insurance Receivables - Current Customer Notes Service, Parts & Body Accounts Service Contract Claims Allowance for Doubtful Accounts Trade Receivables - Affiliates Other Receivables

INVENTORIES Demonstrators Other Automotive Used Cars Used Trucks Remarketed Vehicles Parts & Accessories Fuel, Oil & Grease Paint & Body Shop Materials Sublet Repairs Work in Process - Labor Other Inventory Allowance - Parts Inventory Adjustment LIFO Reserve - Used Vehicles LIFO Reserve - Parts & Accessories

PREPAID EXPENSES Prepaid Expenses Prepaid Taxes Prepaid Rent Prepaid Insurance Prepaid Other Other Current Assets

Page No.

1 2 3 4 5 6 7

8 9 10 11 12 13 14 15 16 17

18 19 20 21 22 23 24 25 26 27 28 29 30 31

32 33 34 35 36 37

Account No.

1680 1690 1700 1710 1720 1730

1750 1760 1770 1780 1790 1800 1810 1820 1830 1840 1850 1860 1870 1880 1890

1900 1910 1920 1930 1940 1950 1960 1970 1980 1990

ASSET ACCOUNTS - CONTINUED

LEASE & RENTAL VEHICLES Lease Vehicles Lease Vehicles - Accumulated Depreciation Rental Vehicles Rental Vehicles - Accumulated Depreciation Driver Training Vehicles Driver Training Vehicles - Accumulated Depreciation

FIXED ASSETS Land & Improvements Land & Improvements - Accumulated Depreciation Building & Improvements Building & Improvements - Accumulated Depreciation. Machinery & Shop Equipment Machinery & Shop Equipment - Accumulated Depreciation Parts & Accessories Equipment Parts & Accessories Equipment - Accumulated Depreciation Furniture, Fixtures & Signs Furniture, Fixtures & Signs - Accumulated Depreciation Company Vehicles Company Vehicles - Accumulated Depreciation Leaseholds & Improvements Leaseholds & Improvements - Accumulated Depreciation Other Fixed Assets

OTHER ASSETS Life Insurance - Cash Value Notes & Accounts Receivable - Officers & Owners Investments in Affiliated Companies Advances - Affiliated Parties Advances - Other Parties Notes & Accounts Receivable - Other Finance Receivables - Deferred Other Investments & Miscellaneous Assets Deposits on Contracts Other Assets

Page No.

38 39 40 41 42 43

44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

59 60 61 62 63 64 65 66 67 68

CONTINUE TO THE NEXT PAGE.

ASSET ACCOUNT

1000 PETTY CASH FUND

CASH AND CONTRACTS

ACCOUNT DESCRIPTION This cash account is used to record dealership cash on hand in a small permanent imprest fund to be used for minor expenditures and for change.

Account Name

TYPICAL TRANSACTIONS Account #

Debit

Example 1. Check issued to establish or increase petty cash fund. Entry posted in cash disbursements journal.

Petty Cash Cash in Bank ? General

1000

X

1010

Example 2. Check issued to reimburse petty cash fund for stamps, miscellaneous shop supplies, and small freight charges. Entry posted in cash disbursements journal.

Office Supplies Tools & Supplies Freight ? Parts Cash In Bank ? General

8200

X

8210

X

8330

X

1010

Credit X X

ACCOUNT COMMENTS Each petty cash payment should be supported with a petty cash voucher written in ink, signed by the recipient and signed off on by a manager. Suppliers' invoices should be attached to the petty cash voucher and stamped paid or otherwise canceled to prevent duplicate payment. The sum of all petty cash vouchers on hand and the cash on hand should always equal to the recorded balance in the account. The petty cash fund should be reimbursed periodically and at the end of the month by issuing a check to the person in charge of the fund. A petty cash summary listing the paid vouchers should be prepared to support the reimbursement. All vouchers and invoices should be cancelled to prevent possible future misuse. Payroll or payroll advances should not be given out of petty cash.

NIADA Dealership Chart of Accounts Manual

1

[June, 2002]

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