Floor Plan Financing Accounting

Floor planning is a method of financing inventory purchases where a lender pays for assets that have been ordered by a distributor or retailer and is paid back from the proceeds from the sale of these items. Retail floor planning also referred to as floorplanning or inventory financing is a type of short term loan used by retailers to purchase high cost inventory such as automobiles. Reduces the manufacturer s costs when a piece of merchandise from a manufacturer is received by the dealer who has a floor planning arrangement with a lender the lender notes the item and immediately sends the manufacturer a check for it.

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This article reviews how you can manage floor plan financing with quickbooks.

Floor plan financing accounting.

The arrangement is most commonly used when large assets such as automobiles or household appliances are involved. Floor planning is a type of inventory financing for large ticket retail items. Dealers can then use their floor plan line of credit to purchase inventory from auctions and other inventory sources. You need simple solutions to run your business and floor plan financing could streamline your inventory acquisition and reduce some of your administrative costs.

These loans are often secured by the inventory purchased as collateral. Retailers use a short term loan to purchase inventory items and the loan is repaid as inventory is sold. Much like a credit card a floor plan financing company extends a line of credit to a car dealer. A floor plan is a method that a business such as an auto dealership can use to finance inventory that they are holding for resale without having to tie up their own capital in that inventory.

Floor planning is commonly used in new and used car dealerships.

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