At any business, all roads lead to accounting. That’s why dealership accounting departments have their hands full. On any given day, dealership Controllers need to:
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- Input all money received – cash, checks, credit cards, wire transfers, etc.
- Update Bank Deposit
- Input all Accounts Payable invoices received by mail, email, or automatic debits from the bank
- Post GL Transactions
- … and much, much more!
To help you stay on top of tasks you need to perform on a daily, weekly, and monthly basis, we put together this handy checklist based on the first-hand experience of dealership Controllers.
Weekly Checklist
Week 1
- Create A/P Checks
- Payroll
- Update Bank Reconciliation each week (or day) and clear checks, deposits, JE’s etc. that have cleared the bank
- Print sales analysis and profit reports to review for the previous month
- Pull commission report for sales in previous month
- Run Trial Balance for previous month to find any discrepancies
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Week 3
- Create A/P Checks
- Payroll
- Review aged A/R ahead of running statements
- Update Bank Reconciliation each week (or day) and clear checks, deposits, JE’s etc. that have cleared the bank
- Run Sales Tax report to pay state taxes
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Week 2
- Create A/P Checks
- Payroll
- Review outstanding Floorplan payables
- Reconcile manufacturer statements
- Pay due balances
- Update Bank Reconciliation each week (or day) and clear checks, deposits, JE’s etc. that have cleared the bank
- Close previous month once all reconciliation has been complete
- Post any outstanding GL transactions
- Verify Subledger Balance report is balanced
- Verify cash on-hand and bank account is balanced
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Week 4
- Create A/P Checks
- Payroll
- Review contracts in transit
- Update Bank Reconciliation each week (or day) and clear checks, deposits, JE’s etc. that have cleared the bank
- Meet with Service Manager to review WIP
- Meet with Parts Manager to review Open Purchase Orders
- Review unmerged credits on AR accounts
- Post Interest and run AR statements
- Review unit inventory balance sheets and compare subtotals
- Reconcile parts pad with GL and do a gap analysis where applicable
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Daily Checklist
- Post daily Point of Sale batches
- Input all money received – cash, checks, credit cards, wire transfers, etc.
- Update Bank Deposit
- Review End-of-Day reports
- On Parts End-of-Day review for parts selling below cost and low margins
- On Accounting End-of-Day verify Subledger Balance report has no variances
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- Input all Accounts Payable invoices received in mail, email, or automatic debits from bank
- Input all Unit Inventory that has arrived
- Input all Completed Unit Sales (Post Deals)
- Enter Equipment Rental invoices as needed
- Post GL Transactions
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