General Dealership Accounting Training

Description

Car dealerships face unique challenges when it comes to accounting and financial reporting. NIADA’s Accounting Training covers a range of industry-specific issues and major accounting concerns. In this two-day training, you will learn the basics of dealership accounting, including daily accounting procedures and reading balance sheets and profit and loss statements. You will also review internal controls, audit procedures, cash handling & deposits, theft prevention steps, and recommendations. NIADA’s Accounting Training includes discussions about related finance companies and reinsurance.  

Course registration fee includes a printed copy of the Dealership Accounting Training Manual and Chart of Accounts. 

Learning Objectives:

1. Review key accounting principles and how business transactions are classified in accounting.
2. Calculate basic financial statements, the Balance Sheet, and the Profit and Loss Report. 
3. Study the dealership as a business operation and how the office staff functions. 
4. Understand the 8 elements of a used vehicle sales entry. 
5. Review sales posted in the Fixed Operations Sales Journal. 
6. Maintain good internal control over cash receipts and cash disbursements. 
7. Overview of accounting entries to record and maintain accurate payroll records.
8. Review the month-end closing process and prepare an accurate monthly Dealer Financial Statement. 

About Your Instructor:

The class is led by Industry expert Ben Goodman, NIADA Senior 20 Group Moderator, Trainer, and Consultant. Ben has spent nearly 30 years training and leading high-achieving sales teams in the subprime and BHPH markets, including 11 years with the nation's largest BHPH franchise. From running a single BHPH store to managing multiple points, Ben's leadership and expert understanding of every BHPH discipline significantly improved the operational performance at every stop.

Lunch is provided. Plus, you will receive a workbook with templates for your dealership.