Recording payments to the car vehicle receivables can happen from one or more of the following monetary instruments received for payment such as cash, check, money order, wires, electronic payments, and ACH as examples. Recording of payments to the Data management system happens in the cash receipt journal/function similar to accounts receivable and other accounts.
All payments received for posting into the Data Management System also require a key (account, amount, customer receivables control). Regardless of the Data Management System, the account number, amount, control and description may be needed. For example, Jane Clark makes a down payment of $2500.00 for the purchase of her 2014 Mercedes ML250. The account number coding placed on the top of the instrument should be coded and record as shown below in the Data management system.
Account# amount Control Description
111100 2500 JK123456 down-pymt-on-Mercedes