How Can We Help?

Back
Print

How to add payment with Trade-In

Trade-ins are a Payment type in Flyntlok  used to take in used machines and apply them as a credit against a new piece of equipment for a customer.  It is also used to take in used equipment.

Steps to add a Trade In Payment

Users can add payment using Trade-In by first going to the Payment Tab -> Other -> then in the Payment Method dropdown menu, select the Trade-In option

After selecting the Trade-In payment option

  1. Fill the rest of the payment tab with the correct information such as the reference number, authorized user, and mobile notification number
  2. Also, fill in the trade item information such as the Make, Model, Serial Number, Location, Acquisition Type, Date Manufactured, Previous Machine, Trade-in value(Amount applied to transaction), and Overallowance
    • Note that the required fields of the machine that you are trading in are indicated by a *
    • The Trade In Value is the total value recognized on the Sale Order of the equipment that is being traded in
    • The Payoff Amount is the amount that remains to be paid off, particularly to a 3rd party financier
    • The Pay To Name is the reference name of the 3rd party fiancier
    • The Overallowance Amount is the margin between the trade in value and the actual cost of the machine
      • You are expensing the Overallowance Amount, practically giving this amount to the customer in good faith

Review the Trade In Information

  • The Net Trade Value to Customer, displayed in the bottom left of this tab, is the amount that is entered as the Trade-in Value minus the Payoff Amount
  • The Net Machine Cost is the Trade In value minus the Overallowance Amount
  • The Payoff Liability is the amount entered as the Payoff Amount
  • The Overallowance Expense is the amount that you entered as the Overallowance Amount

Apply the Trade-In Payment

After reviewing all the fields, such as the Net Trade Value to Customer, Net Machine Cost, Payoff Liability, and Overallowance Expense, click the Trade Machine, or Trade Machine & Process button

  • The Trade-In Payment will then be added to the Sale Order as its own payment line, with all necessary machine information

 

Table of Contents
© Copyright Flyntlok, Inc. 2024