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A chart of accounts for a used-car dealership

The accounts a used-car and buy here pay here store needs, what each one holds, and a CSV to download. It is the same chart AutoDealer.io posts every sale, payment and car cost to.

  • Free CSV download
  • Used-car and BHPH accounts
  • No login
The template

Every account, and what it holds

Assets and liabilities first, then income, cost of goods sold and expenses. Add your own accounts for rent, payroll and the rest.

Assets

Cash - OperatingMoney in and out of the operating account: customer payments, down payments, and bills paid on the day.
Accounts Receivable - DealsWhat is still owed on a sale, by the buyer or a lender, until the payments come in.
Notes Receivable - BHPHPrincipal your buy here pay here borrowers still owe on their in-house loans.
Vehicle InventoryEvery car you own, at cost: what you paid plus recon, until the day it sells.

Liabilities

Accounts Payable - F&I/VendorBills you owe vendors and F&I product providers and have not paid yet.
Trade-In Lien Payoff PayableThe payoff you owe the lender on a trade-in that still had a loan on it.
Sales Tax PayableSales tax you collected on sales, until you send it to the state.
License & Registration Fees PayableTag, title and registration fees you collected, until you pay the DMV.
Floor Plan PayableWhat you owe your floor plan lender on the cars attached to the line.
Floor Plan ClearingA car bought on the floor plan before its funding is recorded. A balance here means a car still waiting for that step.
Unapplied Customer CreditsMoney a customer paid beyond what they owed, until it is applied or refunded.

Income

Vehicle Sales IncomeThe selling price of every car sold.
F&I Product IncomeWarranties, GAP and other F&I products sold on a deal.
Doc & Dealer Fee IncomeDoc fees and other dealer fees charged on a deal.
BHPH Interest IncomeInterest your in-house loans earn, counted as it is collected.
Late Fee IncomeLate fees charged on in-house loans.

Contra income

Sales DiscountsThe part of a trade allowance above what the trade is really worth: a discount on the sale, not inventory value.

Cost of goods sold

COGS - VehicleWhat the cars you sold cost you.
COGS - ReconditioningReconditioning on the cars you sold.
COGS - F&I ProductsWhat the F&I products you sold cost you.

Expenses

Floor Plan Interest ExpenseInterest paid to your floor plan lender.
BHPH Write-offsA final loan balance you forgave: a loss, like bad debt.
How to use it

Four ways to put it to work

  1. Download the CSV and hand it to your bookkeeper as the starting chart for a new QuickBooks company.
  2. Already on QuickBooks? Compare it with your chart and add what is missing, such as a separate account for sales tax payable or floor plan payable.
  3. Keep the names as they are if you plan to use AutoDealer.io. Its books post to these exact names, and when you connect QuickBooks Online it matches each name or creates it.
  4. Add the accounts only your store has, from the list below.
Accounts you add

What most stores add on top

These are not in the template because every store runs them differently. Add the ones you pay.

  • Rent or lot lease
  • Payroll and payroll taxes
  • Utilities
  • Advertising and listing fees
  • Insurance
  • Software and subscriptions
  • A second bank account
  • A business credit card or loan

See how the books post to this chart on their own: dealer accounting software

FAQ

Chart of accounts questions

What the template is, and how to use it with QuickBooks.

What is a chart of accounts?

It is the list of accounts your books sort every dollar into: what you own (assets), what you owe (liabilities), what you earn (income) and what you spend (cost of goods sold and expenses). Every sale, payment and bill lands in one of them.

Can I use this template in QuickBooks?

Yes. Create these accounts in your QuickBooks company, with the same names and types. If you use AutoDealer.io and connect QuickBooks Online, it matches each account name or creates the ones that are missing.

Why are cars an asset and not an expense?

A car on the lot is something you own that you will sell. Its cost, purchase price plus recon, sits in Vehicle Inventory until the sale, and only then moves to cost of goods sold, so your profit shows up in the month the car sells.

Why is sales tax a liability?

Sales tax is the state's money that you collect on its behalf. It sits in Sales Tax Payable until you remit it, so it never counts as income.

Do I need AutoDealer.io to use it?

No. The template is free and works with any accounting software. It is the same chart AutoDealer.io uses, so if you later let the books post themselves, nothing needs renaming.

This template is a starting point, not accounting or tax advice. Have your accountant review your chart of accounts before you file.

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