What it is
Floor plan is usually the largest liability on a dealership balance sheet, and the place where trouble starts: units sold and not paid off, aged inventory and balances that do not agree to the lender. This workbook reconciles the payable unit by unit so the differences can be seen and traced.
You enter each financed vehicle with its advance, curtailments, the lender’s balance and its status. The workbook calculates the books balance, days on floor, aged units, units sold and not paid beyond the payoff allowance, and an interest estimate, and ties the schedule to the lender statement and the ledger.
When to use it
- At year end on every dealership audit, and at interim dates when the lender asks for a reconciliation.
- When the dealer has cash flow pressure, or a lender audit found units sold and not paid.
- To support the floor plan liability, interest expense and debt classification tests.
What’s inside
- Units tab: 40 rows with books balance, lender balance, difference, days on floor and flags
- Aged unit flag and out-of-trust flag driven by thresholds from the floor plan agreement
- Interest estimate by unit for the period
- Reconciliation tab with OK / Check ties to the lender statement, ledger and interest expense
Standard cited
This template follows AU-C 330 / AU-C 505. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use. See AU-C 330 explained, AU-C 505 explained.
Questions
What does out of trust mean?
A unit is out of trust when the dealer has sold it and has not paid the lender within the time the floor plan agreement allows, so the dealer has used money that belongs to the lender. The workbook flags each such unit using the payoff allowance you enter.
Why can books and lender balances differ?
The usual causes are payments in transit at the as-of date, advances the dealer has not yet recorded, and interest or fees posted to the floor plan account. Trace each difference to the lender’s next statement.
Does this test the debt classification?
It supplies the facts. A covenant breach, a call right or out-of-trust units can change how the debt is classified and whether going concern is a question, so evaluate those with the loan agreement in hand.
Related templates
- Audit Program: Auto Dealership
- Automobile Dealership Audit Checklist
- Auto Dealer Contracts in Transit and Chargeback Reserve
- Debt Covenant Compliance Workbook
Last updated 11/05/2026. All free templates.