Setting up floor plan terms

A floor plan is an alternate method of financing between you, the manufacturer from whom you purchase goods, and a third-party finance company. You can use floor plan financing to maintain suitable displays and stocking levels without tying up your cash. Each floor plan agreement should have its own Terms type set up in SA Table Code Value Setup. As the floor plan expires, it can be deleted. Use these instructions to set up floor plan terms.

  1. Select System Administrator > Setup > Table Code Value.
  2. Select Terms from the Table List.
  3. Click New.
  4. Specify a code for the terms in the Terms Type field.
  5. Specify a description, and then click Save.
  6. Select Date in the Discount Type field.
    Note: Selecting Date gives you access to the Date field to specify the floor plan expiration date.
  7. Accept the default of 0.00 in the Percent field.
  8. Verify that the Override option is cleared.
  9. Specify the expiration date of the floor plan in the Discount Date field.
  10. Select Date in the Due Type field.
  11. If all sales orders for customers with this terms type should be set to COD, select C.O.D.
  12. Select Floor Plan in the Hold field.
  13. Specify the maturity date of the floor plan in the Due Date field.
    Note: The maturity date is the last day that payment is due on a floor plan product before interest is accrued, whether or not the product is sold.
  14. Specify the EDI Date Code and EDI Terms Codes.
  15. Click Save.
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