BHPH Accounts Receivable: A Daily Checklist for Dealers
At a Buy Here Pay Here dealership, reviewing accounts receivable starts with a concrete question: what amount belongs to each contract, and which payments have already been recorded? An organized list gives your team a place to begin without relying on scattered messages or memory.
What to check for each account
- Customer and contract: confirm both identifiers before recording or reviewing a payment.
- Vehicle: identify the unit by VIN or your internal stock identifier.
- Recorded balance: compare it with documented payments and adjustments. Keep payments awaiting confirmation separate from payments already received.
- Next payment date: check the date and frequency recorded in the contract.
- Last payment and receipt: review the amount, date and reference to avoid duplicate entries.
- Items awaiting review: separate record discrepancies, missing documentation and accounts that need follow-up.
A daily review routine
Start with received payments that have not yet been reconciled. Match each supporting record to its contract, check that the payment has not already been entered and confirm the resulting recorded balance. Then review upcoming dates and accounts marked overdue.
Before contacting a customer, check the available payment history. A received payment that has not yet been entered may change the account's status. If you find a discrepancy, document what still needs confirmation and who will review it.
An example of a record discrepancy
Suppose the team receives documentation for a $200 payment and two people review it. The goal is to record that same payment once and associate the receipt with the correct contract. This is a hypothetical example, not an interest, fee or contractual balance calculation.
Before closing the review, check the payment reference, amount and date. If information is missing, keep the item marked for review rather than assuming a second payment was received.
Connect inventory, contracts and collections
J5Drive helps organize inventory, customers and contracts, with access to balances, recorded payments and upcoming dates. Explore its inventory and BHPH collection tools to evaluate how they fit your dealership.
Start with one account: confirm the vehicle, review its history and locate the last payment's supporting record. That review helps identify the information your team needs to keep available.
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