Important Accounts Flashcards
1
Q
What are the tax accounts?
A
- 3175: rental tax (not applied to cargo vans and trucks)
- 3160: sales tax
- 3163: warranty tax
- 3170: tax exempt
2
Q
What are some examples of completely tax exempt customers?
A
- Native Americans on a reservation
- Some federal and government rentals
- Some entertainment rentals (because they help the economy)
3
Q
What is the VLF?
A
Vehicle Licensing Fee
4
Q
Is the VLF a tax?
A
No. Washington State allows rental car companies to charge this fee to offset the licensing of rental cars
5
Q
How much do we charge for the VLF?
A
$0.36/day
6
Q
What are the satisfaction accounts?
A
- 531: customer satisfaction
* 535: account satisfaction
7
Q
What are the risk management accounts?
A
- 2263: collect deductible
- 557 conversion and lot damage
- 558: employee accident physical damage
- 559: undocumented damages
- 3452: collision/comprehensive reserves
8
Q
What are the coverage accounts?
A
- 1482: CDW
- 1486: PAI
- 1495: SLP
9
Q
What are the other on rent accounts?
A
- 1480: time and miles
- 1488: fuel collected
- 1686: drop fees
10
Q
What are the other office related accounts?
A
- 2200: AR income
- 590: bad debt
- 805: cash box force balance
11
Q
What are the airport fees and accounts?
A
- 3171: Airport concession recovery fee (11.1%)
* 3172: consolidated facility charge ($6/day)
12
Q
What is bad debt?
A
Money that we earned but cannot collect on in a 90 day time period
13
Q
What are the main causes of bad debt?
A
- Not collecting an AR
- Poor underwriting
- Not performing callbacks
