Finance & Insurance Corrections July 2022

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Questions and Answers

Which tag is assigned to the SALE ACCOUNT for the Acadia?

45200 SLS U/T WHOLESALE

42306 SLS N/T ACADIA (correct)

44000 SLS RTL RECREATIONAL VEH (Rv's)

44800 SLS U/C WHOLESALE

What should not be tagged under FE Gross?

49500 SLS USED DIV EXT PROT PROD (correct)

85300 REPO LOSSES NEW VEH

85377 BD REPO LOSSES NEW VEH

45005 C/S N/V NON AUTO & OTHER

Which fee option is advised to not be used in the workbook?

Fee option 5

Fee option 10 (correct)

Fee option 20

Fee option 15

What should be added to the workbook under the billers for employee ids?

Multiple ids if available Signup and view all the answers

Which model’s data is noted as not added in the KT session?

Luxury - Subaru Signup and view all the answers

What is the instruction regarding the Journal entries in Accounting?

Highlight all journals used Signup and view all the answers

What action should be taken with row 22 in the INV NEW - Standard Model?

Delete row 22 Signup and view all the answers

When working on single setups, what is advised?

Avoid confusion with clear instructions Signup and view all the answers

What is the first step to searching for a Make in the Impact Tool?

Providing the Box Id Signup and view all the answers

Where can the Box Id be obtained from?

Data Warehouse Signup and view all the answers

What must be done with the Box Id before using it in the Impact Tool?

Remove spaces while pasting Signup and view all the answers

What is noted about the method of checking Manufacture/Make in the Impact Tool?

It is a temporary solution for now Signup and view all the answers

What information needs to be provided to obtain the Box Id from Data Warehouse?

CMF# Signup and view all the answers

What appears under the Backlog System Information column?

Backlog Box ID number Signup and view all the answers

What action should be taken after scrolling down in the Data Warehouse?

Locate the Box Id Signup and view all the answers

What must users remember when checking for the respective Manufacture/Make?

Utilize the correct CMF# Signup and view all the answers

What should you do if you need to copy employees from the source to the target in QRT and FI setups?

Only include employees with job codes Signup and view all the answers

In the TCL function for full installs, what common mistake are some team members making?

Incorrectly adding the month Signup and view all the answers

What should be done if Field 4 is blank and DMS has 'N' during an interface update?

Change it to 'P' Signup and view all the answers

When handling FI setups, what should be done with the Model Line if the description contains 'police'?

Delete the 'police' reference from the description Signup and view all the answers

Which function is used to copy banks from Primary to other addresses in FI setups?

FICP (Fin Inst Copy Primary) Signup and view all the answers

What is the required profit percent for Insurance Purchase and Lease setups in MSS?

100% Signup and view all the answers

Before running the report for all ML setups in FI setups, what is required regarding the file?

Clear the file to remove old data Signup and view all the answers

What is mandated regarding required fields when transferring data from source to target in QRT setups?

Check and validate required fields Signup and view all the answers

What issue arises if a template does not include at least one field N?

It can cause an issue in the AU function. Signup and view all the answers

What change should be made regarding the maximum add-on in the rate setups?

Match line 2 to line 3. Signup and view all the answers

When reviewing model codes, which model code should be selected for the Bronco Sport?

BRONSP Signup and view all the answers

What action should NOT be taken if the RSD function throws an error during port lock?

Perform the TCL function. Signup and view all the answers

What is the recommended course of action if the RSD function fails?

Contact IMP support for help. Signup and view all the answers

Which of these is a guideline for California state changes in F&I setups?

Ensure all rate setups comply with state standards. Signup and view all the answers

During the QA checklist, what should the QA team ensure regarding field N?

At least one field N must be present in every template. Signup and view all the answers

What should be checked if there are multiple model codes for a single model?

Take the model code that includes 'sport' in it. Signup and view all the answers

Which of the following areas did the team address corrections for in July 2022?

UD Signup and view all the answers

What corrections were outlined for the KT Session in September 2022?

Deal Testing Signup and view all the answers

Which topic was repeatedly mentioned in the context of corrections in multiple months?

Model Lines Signup and view all the answers

In what month were comments regarding 'Disclosure types' made?

October 2022 Signup and view all the answers

What was specifically highlighted in October 2022 regarding bank listings?

Even if banks are not listed, default steps should be checked. Signup and view all the answers

Which of the following was NOT mentioned as a correction in the July 2022 corrections?

Lease Setups Signup and view all the answers

Which area was identified for correction in the KT Session for August 2022?

MVP Signup and view all the answers

In the corrections made in September 2022, what common task was highlighted?

Setup of Deal Testing Signup and view all the answers

What correction was suggested regarding 'FI Setup' in the September KT sessions?

Consistent checking for setup errors Signup and view all the answers

Which of the following was emphasized for October 2022 corrections?

Lender Codes Signup and view all the answers

Study Notes

Corrections and Suggestions Overview

Emphasis on learning from past mistakes to improve team performance across various sessions.
Regular need for corrections and updates identified in team sessions from July 2022 to August 2024.

Specific Corrections by Month

July 2022
- Correction focus areas: TCL, UD, Banks, Deal Testing, Model Line, OSL Fields, We-Owes, Lender Codes, and Interface Updates.
August 2022
- Repeated emphasis on Full Installs and associated corrections for Banks, Model Lines, FI Installs, and Deal Testing.
September 2022
- Key issues included: Model Lines, FI Installs, ML Setup, QRT Rush, and Work a Quote (WAQ).
October 2022
- Critical areas for improvement: FI Setups, Lease Setups, Lender Codes, and Disclosure types.
- Reminder to check default steps in setup even when banks are not listed in the workbook.
June 2023
- TCL Function inaccuracies in month/year verification; Interface Updates on field specifics.
- Mandatory checks on required fields from source to target for QRT setups.
June 2024
- CAVS: Sales and Cost tagging corrections identified; attention on specific dealer journals and sales types.
- Reminder across multiple setups to ensure correct references and data entry, including employee details.

Key Functional Areas

Impact Tool
- Changes in the process of searching for Manufacturer/Make; detailed step-by-step guidance provided for using the Impact Tool.
Model Line Corrections
- Importance of checking UIS for model codes; specific examples highlighted for clarity.
Port Lock Protocol
- All team members instructed to uphold data integrity and avoid unnecessary data loss during errors in RSD function.

General Reminders for Future Sessions

Consistent verification of fields and setup protocols essential for effective operational efficiency.
Implementation of corrections in real-time to adapt to identified mistakes helps foster continuous learning and improvement within the team.

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Description

This quiz focuses on the necessary corrections required in the Finance and Insurance sector as identified in July 2022. Participants will learn from common mistakes encountered during deal testing and related processes. Engage with practical scenarios to enhance your understanding of financial operations.