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A Floor Plan is a repayment option that some Vendors offer that allows you to purchase multiple units for display or other purposes, where you do not have to pay for them until you actually sell a unit to a Customer.

You would handle the process in the following manner.

Note: The accounts used here are for illustrative purposes only. Please consult your accounting professional for the exact accounts to use.


Create an Asset account to track what you owe:

  1. From the main menu, click Banking | Chart of Accounts List.  Right-click anywhere in the list and select New Account from the pop-up menu.
  2. From the Type drop-down list, choose Other Current Asset.
  3. Create an account to track the Contra Asset. Enter an appropriate name (“Floor Plan” for example). Do not use the Opening Balance field or the As of Date.
  4.  Click OK.

Purchase Material and Enter Bills as you normally would

  1. Enter Purchase Order
  2. Enter Item Receipt
  3. Enter Bill

Paying the Bill for Floor Plan Purchase

  1. Vendors | Pay Bills
  2. Check the Bill that you entered that is on a floor plan.
  3. In the Disc. Amt enter the full amount of the Bill.
  4. In the Disc. Account select the Floor Plan account that you setup. (If you don’t see the account see help topic Preferences – Chart of Accounts  Disable the Smart Account Selection Filtering preference)
  5. Click Pay & Close

This will create a zero dollar check to the vendor which you do not have to print. This will show the Vendor Bill as paid and show the full amount of the bill on your Balance Sheet under the Asset Account that you setup. This will show up as a Negative amount on your Balance Sheet (This is money owed to the Vendor at some time in the future unless you return the material.)

Sale/Invoice Customer for Item

When a Customer buys an Item that you purchased using a floor plan you would do the following. (See tip)

1.    Enter Invoice/Sale to the Customer using the item.

Pay Vendor for Sold Items

To pay your vendor you would use the following options on either a Bill or a Check

  1. Enter Vendor Name in the Pay To Fields
  2. In the Expense Tab
    1. Account = Asset Account (If you don’t see the account see help topic Preferences – Chart of Accounts)
    2. Amount = Amount of Units you are paying for
    3. Memo = Company preference (could be items or serial # paying for)
    4. Cust/Vend = You can chose the Customer the unit was sold to if you like. Not Mandatory
    5. Other fields are not mandatory.
  3. Save & Close or Print Check (If you entered a Bill for this then you would Pay the Bill as normal

This process will then decrease the amount that you owe the Vendor in the Asset account.