Processes
Amending Lease Asset Values
Purpose Asset values that are displayed on the main Asset Details dialog may require amendment Warning – this process should be undertaken with extreme caution as it will over write system calculated values. It is recommended security is established ...
Lease Extended Rentals
What is Extended Rental? An extended rental is the period a lease enters after its original maturity date when the lessee continues making rental payments without the lease being formally terminated or early terminated. Once a lease passes its ...
Lease Direct Debit Processing Rules
Process Normal functionality is that Direct Debits process for leases when Lease Instalments are posted: User will specify a Posting Date (defaults to yesterday) and should select a Bank account if there is more than one bank account set up When ...
Early Termination and Write Off Simultaneously
Purpose A write off can be performed at the same time as the Early Termination by completing the Write Off section of the Early Termination dialog. The write off functionality is exactly the same for all termination methods. The process is described ...
Lease End Asset Management
Purpose To dispose of Assets associated with an operating lease at the conclusion of the lease Access Lease | Access Lease Accounts | Lease Account | | Process Once a Lease Account has been Early Terminated or has come to a natural conclusion the ...
Lease Maintenance and General Ledger Integration
Purpose Monthly it is necessary to verify the maintenance posting to the General Ledger Process Run the Print Leased Assets Maintenance and Instalments Report For ease of use to process the journal entries posted to the General Lodger at month end ...
Lease Asset Maturities
Purpose Describes process available when a Lease matures naturally or early. Also describes automated transaction processing if a loan naturally matures. Natural Maturity Process Advising of maturing leases is a business process that should be ...
Maintenance and Depreciation Processing
Purpose Where a lease has components of maintenance these can be tracked at both the asset and lease levels and a comparison made against actual lease maintenance cost to ascertain if there are over or under recoveries of maintenance. Access There is ...
Managing Lease Assets
Purpose A Lease Account can have multiple assets associated with it. There are two main reasons why this may occur. The lease agreement may cover more than one asset. In this case, only the primary asset may have financial details, or all assets may ...
Lease Bulk Dealer Invoice Creation
Purpose Creates the Dealer Lease Invoice reports and associated CSV report files. Access Lease | Create Lease Bulk Invoices Process Field Explanation Invoice Due Date Enter the invoice due date Note: The process will only include accounts with the ...
Dealer Lease Payment Process
Purpose This process is to be used for Lease account payments that may be: collected on behalf of a dealer (direct debit raised by the finance company in the name of the dealer so it appears the direct debit is being taken by the dealer) or where an ...
Write Off Subsequent to a Lease Early Termination
Purpose There are times when an account balance needs to be Written Off after an Early Termination has taken place. The Write Off functionality is exactly the same for all termination methods. The process is described here for the Rental Standard ...
Reversing Lease Early Termination Write Offs
Purpose A Write Off can be reversed If an Early Termination has taken place, as well as a write off (at either the same time or a later date), the write off must be reversed first The process to reverse a write off by itself, or a write off prior to ...
Reversing Lease Early Terminations
Purpose Allows the automated reversal of an Early Termination and/of Write Off previously undertaken on a Lease Account. All transactions posted from the Early Termination with a reference of EARLY will have a reversing transaction posted restoring ...
P&I Standard Early Termination Details
Purpose This will be used for all leases that recognise their income under the Actuarial Method (Principal and Interest split), and that are not to use the NPV calculation. The rebate default percentage can be applied to terminations using this ...
P&I NPV Early Termination Details
Purpose This will be used for all leases that recognise their income under the Actuarial Method (Principal and Interest split), and that are to use the NPV calculation to work out the value of future instalments. Access Access Lease | | Dialog ...
P&I NPV (FI) Early Termination Details
Purpose This will be used for all leases that recognise their income under the Actuarial Method (Principal and Interest split), and that are to use the NPV calculation to work out the value of all future instalments, except the final instalment. The ...
Rental NPV Early Termination Details
Purpose This will be used for all leases that recognise their income under the No Deferral Method (Rental Income), and that are to use the NPV calculation to work out the value of future instalments. Access Access Lease | | Dialog Details Early ...
Rental Standard Early Termination Details
Purpose This will be used for all leases that recognise their income under the No Deferral Method (Rental Income), and that are not to use the NPV calculation. Access Access Lease | | Dialog Details Early Termination Input Selection Field Explanation ...
Rental P&I Standard Early Termination Details
Purpose This will be used for all leases that recognise their income under the No Deferral interest method but require an interest rebate to be passed onto the client that is not an NPV calculation. The interest rebate is calculated using the ...
Calculate Lease Settlement Value
Purpose Allows the bulk creation of Lease Settlement Values to be stored in the Lease Account Database table on a Daily Basis Pre Requisites A Control script is required for this process to display in the Lease menu. If you require this process ...
P&I NPV (FI) Early Termination
Process A Termination Reason will be selected, and the termination date changed if necessary. The discount rate will be entered that will be used to work out the NPV value of all future instalments that remain unposted. A non-editable Residual Value ...
Post Lease Instalments Due
Purpose Post Instalments and Recurring Charges due up to and including the posting date and create a Direct Debit batch for the amount due Access Lease | Post Lease Instalments Due Process - Post Lease Instalments Due Field Explanation Posting Date ...
Purchasing Lease Assets
Purpose Enter details of when the Asset was purchased so the initial cost can be calculated and the Dealer/Payable account paid for the Asset Leased Access from the Lease Asset Details dialog Process The following screen will display Buying the Asset ...
Creating a Lease Early Termination Quote
Purpose This function is used when a client inquires of the amount required to settle their lease Access Lease | | Process The dialog that displays will be different depending on the Lease Early Termination method The enquiry and quote process will ...
Update Lease Instalments Tax Amounts
Purpose Calculate and update the Tax Amounts for each Lease Asset with a status of “At Client” May be run if the calculation of Management Depreciation for the number of Instalments Posted is incorrect Access Lease | Update Lease Instalment Tax ...
Create Lease Asset Maturity Communications
Purpose Allows the automated creation of letters to go to clients advising of their Leases that will be maturing between the user defined date ranges Access Lease | Create Lease Asset Maturity Communications Process Field Explanation Instalments ...
Trouble Shooting the Post Lease Instalments Due Process
Purpose The Post Lease Instalments posts the instalment transactions to the database as each account is processed. If Vault crashes while this process is being run the accounts processed before the crash will have the instalments posted. If the Lease ...