3.0 How do I handle a Trade-In?

If a customer is going to trade in a used unit and use it towards the purchase of a new unit, the recommended trade in process would be as follows:

First, you will need to have a sale code created within the sale code setup module that directs the system where to post the trade in unit balances. Example below for a sale code that posts the used equipment trade-in to the used inventory account. Only a sale account is needed as there is not a cost or inventory on a customer trade-in.

Then, you will need to ensure that the unit you are going to receive from the trade in has a valid equipment record set up in the system.  Typically it will be assigned to the used equipment department.

Change the type of sale to be trade-in on the trade in line on the work order, and then put a negative value in the sell field (the amount you are giving them). Add that to the sales order and the trade-in will be accounted for. You can then sell the new equipment item as needed.

Your sale order will subtract the trade-in amount from the invoice total and add it to your inventory.