Setting Up Finance Products
Finance products — such as Finance Insurance or Extended Warranty — are sold when a customer takes out financing to purchase a unit. In Blackpurl, these are referred to as Vendor Products and Services. Before you can add a finance product to a unit deal, you need to set up the relevant Finance Provider as a Finance Company and then add the finance products to that provider.
For full instructions on completing this setup, see Vendor Products and Services.
Adding a Finance Product to a Unit Deal
Once your Finance Provider and Finance Products are configured, you can add them to a unit deal. Follow these steps:
1. Open the unit deal you want to work with.
2. Add the Deal Financing section to the unit deal.
3. Search for and select the finance product you want to add within the Deal Financing section.
Adding a finance product updates the unit deal checkout totals to include the finance product price.
Accounting Integration
When you finalise a unit deal that includes a finance product and check out the deal, the finance product cost journals across to your accounting package. The journal entries for a finance product produce three lines:
First line — Income: Records the income value of the finance product to the dealership.
Second line — Cost holding: Holds the cost amount until it is paid out to the relevant financier. When you receive a bill from the financier for the cost of the finance product, allocate the payment to this GL account.
Third line — Cost of Goods Sold (COGS): Records the cost of goods sold for the finance product.
