This article will walk you through the settings which control the functionality of the Floor Plan Management feature.
Floor Plan Management Settings
To access the Settings for Floor Plan Management simply select the Settings icon in the top right of the Floor Plan Management screen.
Settings is where you can control the behavior of the feature and options that may be available. The settings screen is broken down into three main sections: General Settings, Flooring Companies and Floor Plans.
General Settings
The General Settings is where you control how interest charges from Floor Plan Statements affects the unit inventory. There are two different ways that statement interest can be recorded on unit inventory.
The interest can be applied against the unit inventory cost (in stock valuation). This is the default setting when the feature is enabled.
Or it can be directly expensed without increasing the unit inventory cost. Here you will also need to indicate which expense category to use when expensing the interest from statements.
Flooring Companies
Here you will indicate which vendor in your system is to be used as the Flooring Company. If you deal with more than one flooring company you would select each of them here.
To assign a vendor as being a Flooring Company, simply search for and select them from the search box provided.
Selecting a vendor will simply enabled the "Flooring Company" setting on the vendor record.
Vendors assigned as Flooring Companies will be listed below this search element.
The delete icon beside each listed flooring company can only be used when you have not used this vendor as the flooring company on any units and have not processed any floor plan statements for them. Deleting them does not delete the vendor record, it simply disables the product & services setting on the vendor record.
The Default Plan value is assigned directly on the the vendor record. When a vendor is added as being a flooring company they are assigned the default Floor Plan. See below for details on the default floor plan. To modify the default plan on a vendor, simply navigate to the vendors page and edit it from there.
Floor Plans
A flooring company can offer different floor plan terms for different units. These floor plans set the monthly interest rate, any free floor plan period along with information about when curtailment payments start and at what rate. When you are flagging a unit as being a floor plan unit, you will need to indicate not only who the flooring company is but also what floor plan terms apply to the unit.
When creating a new floor plan you are presented with a Create Floor Plan screen.
Here you enter the following:
Floor Plan Name - give the floor plan a unique name
Interest Rate - the interest rate used when calculating interest on the unit
Interest Free Days - how many days from the invoice date is the unit exempt from accruing interest
Curtailments required - are partial payments of the invoice required after a period of time of being outstanding
Curtailments rate - what percentage of the original invoice amount is due when curtailment payments are made
Curtailment Days After Invoice - how many days after the invoice date is the unit exempt from requiring curtailment payments
The first time you access these settings, you will find that a "Generic" floor plan already exist. This is just a placeholder and you can rename it to suit your needs.
One of the defined floor plans must be flagged as being the default. When flagging units as being floor plan units this one will be used by default and you can override it as needed if you have defined multiple floor plans.
