Bailment Floorplan Profile Details

Purpose

The Floor Plan Profile will define the rules that will apply between the Distributor and Financier for assets financed as part of a Bailment Agreement. 

The rules will include: 

1. The interest rate that will apply to the principal value of the asset purchased
2. Who will be responsible for paying the interest 
3. The period for which each party is responsible for paying interest

Over the duration of the Bailment term interest can be payable by either the Distributor (called a Free Period) or the Bailment Dealer (Due in Full Period).   Each period will have a number of days for which the interest structure applies.

Access

1. Setup | Floorplan Profiles
   
2. Bailment Account Details | Account Details Tab at the Floor Plan Profile field

Dialog Details

Details Specific Fields

Field	Explanation
Distributor	[F2] to highlight and  the interest profile rate which is to be used to calculate the interest payable by the Distributor during the Free Period of the Bailment Account
Dealer	[F2] to highlight and  the interest profile rate which is to be used to calculate the interest payable by the Bailment Dealer during the Due in Full Period of the Bailment Account
Dealer Post Due in Full	[F2] to highlight and  the interest profile rate which is to be used to calculate the interest payable by the Bailment Dealer after the Due in Full Period on a Bailment Account has passed
Use Payment Terms	If this flag is checked on, the calculated Free Floor Plan end date will be used as the Distributor payment date This date will be applied to the Distributor asset purchase transaction Where payment terms are not enabled, the Distributor payment date will be today (input date of the transaction) Payment Terms are affected by the following rules when the account is terminated, price adjusted or credit returned during the payment term:
Free Period Days	Enter the number of days of the Free Period This is generally at the start of the Bailment term During this time the Distributor will pay all of the interest on the purchase price of the asset If this is zero then the Bailment Dealer will pay all of the interest over the life of the bailment account
Due in Full Period Days	Enter the number of days of the Due in Full Period During this time the Bailment dealer is liable to pay interest costs
Curtailment Period Days	If Curtailment Period Days Apply is checked on enter here the Curtailment Period Days When the Bailment Account is put onto Curtailment, the Curtailment Schedule will begin from the days count based on the Open Date of the account plus the Curtailment Period Days
Curtailment Period Days Apply	Check this on to allow the entry of Curtailment Period Days

Adding together the Free Period Days and Due in Full Period Days gives the total time the asset will be on Floor Plan. At the end of this period the expectation is that the Dealer will pay for the asset or enter a Curtailment payment scheme.

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