Floor planning

A floor plan is defined as a financing agreement between you, a supplier or manufacturer from whom you purchase goods, and a third-party finance company.

The supplier or manufacturer ships you the product and bills the finance company, who then pays the supplier. You then reimburse the finance company.

Floor plan financial agreements are set up in multiple modules before processing payments. These include the System Administrator, Products, and Vendor modules. After your setups are complete, you can create the purchase orders and invoices. As floor planned products are sold, or floor plans expire, you must reconcile your invoices and pay your finance company.

Floor plans arranged with a vendor or manufacturer are handled differently than floor plans your customer arranges with their own finance company.

Use this workflow to implement floor planning and manage your floor planned products:

Setup

Use these functions to set up the records required to implement floor planning:

  • Vendor Setup: Set up your finance company
  • SA Table Code Value Setup: Define a floor plan terms type
  • Product Setup and Product Warehouse Product Setup: Set up serial products if you are assigning serial numbers to your floor planned products. This is recommended.
  • SA Administrator Options-Products-Defaults: Select the Assign Serial # During Receiving option if you are assigning serial numbers to your floor planned products.

See also Setups for floor plans.

Invoice processing

Use these functions to create purchase orders and enter floor plan invoices:

  • Purchase Order Entry: Enter the PO for the floor planned product
  • Purchase Receipt of Inventory Entry: Receive the PO when the product is received in your warehouse or showroom
  • Vendor Invoice Center Entry: Enter the finance company vendor invoice and cost the PO

See also Entering a floor plan invoice.

Reconcile floor plan invoices

Reconcile your floor plan invoices using these functions:

  • Vendor Entry Payment Action Report: Review floor planned items ready for payment and create APEMF records
  • Vendor Floor Plan Acceptance Entry: Accept floor planned invoices selected for payment to create split payment records

See also Floor plan reconciliation workflow.

Complete invoice processing and pay vendor

  • Vendor Entry Pay Invoices Due Report: Pay all floor plan scheduled payments that qualify
  • Vendor Entry Check Print Report: Print check to pay your finance company

Ongoing

Use Vendor Floor Plan Acceptance Entry to identify stocked floor planned products that are approaching their expiration date.