Lease Asset Details

Purpose

Allows the setup of a Lease Asset and the rules that will determine how the asset may be processed

A Lease Account may have multiple Lease Assets

Access

1. •Lease Details dialog |  |  or  

Dialog Details

Details Specific Fields

Field	Explanation
Start Date	This will default to the same date as the Next Instalment Date on the Lease Details dialog All assets associated with a lease should all have the same Start Date
Instalments	This is the number of Instalments that will post for this lease
Posted	This is the number of instalments that have Posted for this lease At the start, this is always 0 A Lease can have 3 components making up its instalment repayment profile Each instalment is made up of an Instalment Amount, GST and Stamp Duty These added together give the amount in the Total field When the Post Lease Instalments routine is run, the Total is the amount that will be posted to the Current Ledger The amount of the instalment (ex taxes) will post as a credit to the future ledger
First Amount	A lease can have a First Amount that is different to the standard instalment amount It may have a different value for GST This amount will post only once as the first instalment on a lease
Standard Amount	This is the normal instalment amount that will post
Final Amount	A lease can have a Final Amount that is different to the standard instalment amount It may have a different value for GST This amount will post only once as the last instalment on a Lease This amount is used as the Residual Value on termination where the termination method on the account type has been set to P & I NPV (FI) If a lease has been settled from a quote, the First and Final Instalment amount will be the same as the Standard Instalment Amount If the lease asset is being added manually, the First and Last Instalment Amounts can be ignored (0.00)
Instalments	This is the total value of the Instalments to be posted on the lease This total must agree to the total of the Finance components on the left hand side of this screen
Original Term	This is the term of the lease for this asset It is made up of the number of instalments from the Instalments field above and the Instalment Frequency from the Lease Details dialog
To Balance	If the total of the instalments does not equal the total financed, then the difference will be displayed here To Balance must be 0.00 to enable this dialog to be d
Ext Rental Posted	If Extended Rentals have been invoked, then this field will keep track of how many extended rentals have posted
Asset Status	This is a display field only At Client – the asset is with the client.  This is the default setting at the start of the lease and will remain so during the life of the lease. Returned to Stock – the asset has been returned by the client and is with the lease company or an authorised third party (Dealer, Auctioneer etc) On Leased – the asset has been linked to another lease account.  For this Status to display, the asset must first have been Returned to Stock, and then the  process undertaken On Sold – the asset has been sold to a third party.  For this Status to display, the asset must first have been sold through the  process
Return Date	This date will be pre-filled with the computer date of the day the  button is used This date can be overtyped with a different date The date will be cleared if the Asset Status is changed to At Client
Status Notes	Type here any notes required about the Status of the asset
Asset Type	[F2] to highlight and  the Asset Type These are user definable and are used to define types of assets along with the depreciation rate and method that would be applied to this lease asset.
Tax Depn Method	Display only field – value derived from the Asset Type
Tax Depn Rate/Life	Display only field – value derived from the Asset Type
Purchased Date	This will be pre-filled from the Purchase Date on the  dialog
Payable Invoice Number	This will update with the invoice number automatically created in the Payable System by the Buy Asset process It is the internal reference for the invoice which is system generated This field will be blank if the purchase was through a Dealer
Instalment Maint Payable Acc	[F2] to  the Accounts Payable Account that maintenance instalments should be posted too

Details Specific Buttons

[Button]	Explanation
	This button can be used to change the Asset Status from Returned to Stock to At Client It cannot be used to change the status from On Leased or On Sold
	This button can be used to change the Asset Status from At Client to Returned to Stock This will happen at the end of the lease life when the Lease company has secured possession of the asset It cannot be used to change the status from On Leased An asset can only be given an Asset Status of Returned to Stock if the Future balance of the lease account is zero If the lease is being early terminated, then this process must be undertaken before the asset can be returned to stock The following message will display:
	It is possible to enter usage details regarding this lease This will normally apply to the lease of motor vehicles, although can be applied to other assets Usage details do not need to be completed if they are not applicable to the asset being leased
	Allows the purchase of the Asset from a Dealer or Payable Account
	Allows the linking of the Asset to a new Lease Account when the asset has been released
	Allows the input of the sale price and Receivable Account for the Asset sale
	Allows access to a dialog where limited asset details may be changed
	Allows access to a list of maintenance entries and creation of new purchase orders

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