Bailment Control Details

Bailment Control Details

Purpose

Provide Control Details for the Month End Rollover process 

Access

  1. Bailment | Edit/View Bailment Control Details

Dialog Details



Detail Specific Fields

Field
Description
Month EndingEnter the date of the first Month End
Open BalanceThe total value of the module ledger balances (current + future) at the start of the current month
GL Balance Sheet - Contra Account

[F2] to highlight and select the bailment clearing account GL Code

Interest Direct Debit Days

Enter the number of days after the end of month that the direct debit should be taken, for end of month interest invoices, and fee invoices raised throughout the month.

The Direct Debit date will be applied as per the below rules:

Interest Invoices

Interest is posted 31st October, and the interest invoice is due to be paid on the 15th November.

15 would be the value entered in this field.

When the end of month interest posting is run, a Direct Debit record would be added to the Bailment Dealer for the amount of the invoice dated 15/11

Fee Invoices

An Adhoc Fee or PPFC Fee Invoice is raised on the 12/10, and  the Interest Direct Debit Days is 15.

A Direct Debit would be raised for the 15/11(15th of the month following the current month end).
Curtailment Direct Debit Days
Select to allow Curtailment payments to be direct debited
SOT Direct Debit Days
Enter the number of days after the audit has been completed that the direct debit should be taken
Bailment Web Lockout

Dropdown to select either:

  1. Maintenance
  2. Month End
When either of these options are selected, View only access will be applied to the Bailment website. Users will be unable to sell assets or create direct debits
Curtailment Model

Security Deposit – when a curtailment schedule is created it will be exclusive of GST.  GST is not accounted for until the asset sale invoice is created.

GST -  (Used in conjunction with the Currency Details GST Rules) field – GST will be accounted for either on each repayment (Australian model) or entirely on the first repayment (NZ model).

Curtailment processing will be per the Curtailment model for all bailment accounts until it is changed. 

If the Curtailment model is changed, bailment accounts already under arrangement will continue to run per the rules of the curtailment model originally assigned. 

All accounts that are then put on arrangement after a change in Curtailment Model will use the rules associated with the newly assigned curtailment model.
External User Password Expiry Days
Enter the number of days the password set on Bailment Web User is active for.

Once the number of days has been exceeded the user will be prompted to change their password.
External User Inactivity Expiry Days
Enter the number of days of inactivity the Bailment Web User allowed

Once the number of days has been exceeded the user will be locked out of Bailment Web. They will be prompted to contact the Staff user to unlock their session.
External User OTP Expiry Days
Enter the number of days the One Time Password is active for before prompting the External User to update their password on login

Once the number of days has been exceeded the user will be prompted to update their password.
Floorplan Stock List

If checked on, the end of month rollover process will check whether the Create Month End Stocklist process has been run. If the process has not been undertaken, then the rollover will not be progressed.

If checked off, the above validation is not invoked
Post Asset Sale FFP Fee

Drop down to select either:

  1. Dealer
  2. ​Distributor
If set to dealer, existing functionality will take place (charged to dealer at dealer rate).  If set to distributor, all post asset sale interest within the FFP period will be billed to the distributor at the distributor rate except if a Warranty date has been entered. Interest will continue to charge to the distributor at the distributor rate until the new FFP date has passed.  Once the FFP date has passed, interest will charge to the dealer at the dealer rate.  
Curtailment Mandatory on Security Make
Check this on for new Security Makes requiring a Curtailment Schedule to be linked to the Security Make
Mandatory Two Factor Authentication
Check this on to make Two Factor Authentication mandatory for all Bailment Web Users













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