Bailment Account Details Curtailment Tab

Purpose

To manually create, monitor and edit the details of a curtailment arrangement and curtailment direct debit, or review the details of part payments made on the account.

Access

1. Bailment Account Browse | [Edit] Account | Bailment Account Details | Curtailment Tab 
   

Dialog 

Details Specific Function Buttons

Button	Explanation
	Select this to put the account onto Arrangement The  button will display once selected Once selected the Curtailment Tab header will be updated to state that the Account is Under Arrangement
	Used to initially populate the curtailment repayment schedule.  Can be used to create a repayment schedule until the first scheduled repayment date has passed. The below dialog will be presented for selection of the required Curtailment Schedule  and the day. If the Distributor has a default Curtailment Schedule selected, this field will be prepopulated – this may be changed. The created repayment schedule will be based on the GST Inclusive asset amount (Curtailment Method = GST) or GST Exclusive asset amount (Curtailment Method = Security Deposit) and the selected curtailment schedule percentage as follows: Future Ledger balance * percentage repeated for the number of times the percent divides into 100 Any rounding will be posted to the final repayment The first Repayment Date will be the same as the Curtailment Date The day parameter will default to the Day for Today.  It should be changed if there is a requirement to force the day created on the Repayment Schedule to be a month end date. So if the month was February and the day 28, that would be changed to 31 so the month end date was created for all Repayment Schedule items.  The day would remain as 28 if the schedules repayment date were always to be the 28th of the month. Examples (Security Deposit): Future Ledger balance = $3856, Curtailment percentage = 10%, Curtailment Date = 10/01/17 Schedule would list 9 repayments of $385.60 with the first payment starting on 10/01/17 and monthly on the same day thereafter Final Payment would be $385.60 Curtailment Payment + $385.60 GST. Total Payment = $771.20 Future Ledger balance = $3856, Curtailment percentage = 8%, Curtailment Date = 30/01/17, Day left as 30 Schedule would list 11 repayments of $308.48 with the first payment starting on the 30th January, second 28th February, third on 30th March, then 30th April etc Final payment of $462.72 plus 385.60 GST. Total payment = $848.32 Note If a price adjustment is processed following the creation of a payment schedule, the value of the price adjustment will automatically be applied to the final curtailment payment in the schedule.
	Select this to take the account off Arrangement This will only display if a schedule has been applied to the account The account can be taken off arrangement at any time

Details Specific Fields

Field	Explanation
Demo Curtailment Date	This is the Effective date for the Demo Curtailment Schedule This will only display if the Asset Status is Demo
Curtailment Date	Defaults to the day after the Due in Full Date This may be changed
Repayment Schedule	This is a list of scheduled repayments created from the above two parameters   The initial schedule is created by clicking  If the Curtailment Model is set to Security Deposit the amounts displayed are exclusive of GST. If the Curtailment Model is set to GST and the Currency GST Rule = Australia, the amounts displayed are inclusive of GST. If the Curtailment Model is set to GST and the Currency GST Rule = New Zealand, the first amount is inclusive of the total GST component, and the remainder are GST exclusive.
Curtailment
Model	This will display the type of Curtailment Module that has been set up on the Bailment Control Details Options are: GST Security Deposit
Payments
Last Receipt Date	Display only field Shows the date of the last curtailment payment received If this is blank, then no payment has been made
Last Receipt Amount	Display only field Shows the amount of the last curtailment payment received If this is blank, then no payment has been received
Manual Direct Debit
Next DD Date	The next scheduled date the dealer will make a payment for the account This field will be updated from the Due In Full process undertaken through Bailment web If this field is blank, no Direct Debits have been loaded by the dealer
Next DD Amount	The next scheduled date the dealer will make a payment for the account This field will be updated from the Due In Full process undertaken through Bailment web If this field is blank, no Direct Debits have been loaded by the dealer
Repayments
Curtailment Amount	Display only field Purchase price of the asset If the Curtailment Model is set to Security Deposit the amount displayed is exclusive of GST. If the Curtailment Model is set to GST the amount displayed is inclusive of GST.
Scheduled Repayments	Display only field Total of the repayment schedule
Difference	Display only field Dialog cannot be saved if <> 0.00 This ensures that the Scheduled Repayments total is equal to the Curtailment amount
Arrears
Total Outstanding	Display only field Curtailment  Amount including GST less total of repayments made to date
Repayments to Date	Display only field Total of payments received
Arrears	Display only field Difference between scheduled repayments to Today’s date and total repayments made If the curtailment is running to plan, this value will be $0.00, if payments are in advance a credit value will display, if in arrears, a positive (debit) amount will display
Arrears Days	Display only field Number of days in arrears Calculated by allocating payments made against the scheduled repayments until the scheduled repayments have been absorbed and then calculating the days from that to today's date
Paid To
Interest
Interest %	Display only field Shows the Post Due in Full interest rate being applied to the account
Invoice
Curtailment Invoice Printed	Display only field If checked on a Curtailment Invoice has been created for this account

Repayment Schedule Table

Field	Explanation
Date	The Date the schedule payment is due to be either direct debited or manually paid
Amount	The amount of the scheduled payment due
DD Status	There are four possible statuses: New – The Direct Debit may be edited or deleted using the function buttons. Created – The Direct Debit may be edited or deleted, but as it has been included in the Next Direct Debit amount, the  process must be run prior to saving the account. Posted – The Direct Debit has been posted to the bank, and can no longer be changed. No DD - The account has been taken off arrangement and a historical direct debit/manual payment has not been collected This field will only display if Curtailment Direct Debits are activated on the database and dealer
DD Arrangement	This will be blank if no Repayment Schedule has been set up for the payment due If a Repayment Schedule has been set up for the payment a  will display Edit the line to view the payment schedule set up

Curtailment Repayment 

Field	Explanation
Date	The Date the schedule payment is due to be either direct debited or manually paid
Repayment Amount	The amount of the scheduled payment due
Direct Debit

If Create Arrangement is selected the following dialog will display:

You can edit the line and/or add in new lines to set up additional direct debits to be collected to create a specific payment arrangement for each Scheduled Curtailment Payment

Removing an Account from Arrangement

If an account has been set up with the incorrect Curtailment Schedule or a change is required to start the Curtailments from a later date, the account can be taken off Curtailment with the  option.

Press 

Once the account is off arrangement the previous schedule will display for viewing purposes only

Putting an Account back on Arrangement

To put an account back on Arrangement, press the  button

Enter the Curtailment Date you want this to be effective from and press the  button

Select the Curtailment Schedule that populates or delete this and [F2] to select the correct Schedule. Change the day if required.

Once selected the new Schedule will appear. This will be calculated based on the outstanding balance of the account.

The new schedule applied will display as the Current Schedule, this can be edited as needed.

• Related Articles

• Create Curtailments Wizard

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