Accounts Payable Balancing [R0408]

The Accounts Payable Balancing report [R0408] provides lease and asset information detailing the payable LeasePak General Ledger accounts. This report may be used to reconcile the corresponding General Ledger accounts on the General Ledger Entries Listing report [R0406].

The report may be accessed through the Audit Control report menu [R04].

The report may be selected interactively for:

• All leases and assets
• A portfolio
• A company
• A region
• An office
• A lease

The report may be automatically generated for each portfolio at the end of the month through the End of Period update [U0401]. Use the End of Period MODULES AND REPORTS screen under the End of Period Customizations option of the Portfolio update [U0212] to specify whether the report is created.

LeasePak will display the following IDC/IDR fees that have not been disbursed:

• Insurance Premium
• Notary Fee

Accounts Payable Balancing Selection

• ALL
  Enter X to report on all leases and off-lease assets. Leave blank to report on a specific portfolio, company, region, and/or office.
  
  
• PORT
  Enter the number of the portfolio upon which to report. Leave blank if reporting across portfolios.
  
  
• COMP
  Enter the number of the company upon which to report. Leave blank if reporting across companies.
  
  
• REGN
  Enter the number of the region upon which to report. Leave blank if reporting across regions.
  
  
• OFFIC
  Enter the number of the office upon which to report. Leave blank if reporting across offices.
  
  
• LEASE
  Enter the number of the lease upon which to report. Leave blank if reporting across leases.

Accounts Payable Balancing Report

The Accounts Payable Balancing report [R0408] reports at both the lease and asset levels and provides the following information:

• LEASE or ASSET
  The lease or off-lease asset number is displayed. An asset number is designated by an asterisk (*) placed immediately to the right of the number. A line for the lease shows all payable items. A line for the off-lease asset shows only accounts payable, use tax payable, property tax payable, and FHUT payable.
  
  
• LESSEE NAME or EQUIPMENT DESCRIP
  For leases, the short form of the lessee name is displayed. For off-lease assets, the asset description is displayed.
  
  
• ACCOUNTS PAYABLE
  The amount of the acquisition cost for the lease/asset which has not been disbursed is displayed. Accounts payable for the asset may be disbursed through the check disbursal screen of Book Lease or through the Check Disbursal option, both in New Lease update [U0101]. All accounts payable for the assets tied to a lease must be disbursed before the lease may be paid off through the Payoff update [U0103]. If the lease has multiple assets associated with it, the sum of all the undisbursed acquisition costs for the assets is shown.
  
  
• SECURITY DEPOSIT
  The (refundable) security deposit held for the lease is displayed. Security deposit is not applicable to off-lease assets.
  
  
• COMMISSION FEES
  The commission fees currently payable to the broker are displayed. Commission fees may be disbursed through the last screen of the Book Lease option or through the Check Disbursal option, both of the New Lease update [U0101]. All commission fees for the lease must be disbursed before the lease may be paid off through the Payoff update [U0103]. Commission fees are not applicable to off-lease assets.
  
  
• VENDOR PARTICIPTN
  The dollar amount due to be paid to the vendor for the specified lease is displayed. The portion of income earned (for vendor income participation) or the percentage of the lease payment (for vendor payment participation) is automatically calculated and remitted to participating vendors based on the vendor payment frequency (monthly or quarterly). Vendor participation is not applicable to off-lease assets. Refer to the Vendor Income Participation report [R0801] and/or the Vendor Payment Participation report [R0805] for more information on vendor participation.
  
  
• INVESTOR PARTICIPTN
  The dollar amount due the investor for the specified lease is displayed. The portion of income earned is automatically calculated and remitted to participating investors. Investor participation is not applicable to off-lease assets.
  
  
• USE TAX
  The accumulated use tax payable to the taxing entities (state, county, city) is displayed. The Use Tax Disbursal report [U0449], executed at the end of the month by the End of Period update [U0401] automatically clears the disbursed portion of this amount after reporting it as payable to the various taxing entities.
  
  
• PROPERTY TAX
  The property tax collected from the lessee but not yet paid to the taxing entities (state, county) is displayed. The user may choose to report and clear this amount or to simply report on property tax payable through the Property Tax/FHUT Payable update [U0119].
  
  
• FHUT
  The Federal Highway Use Tax collected from the lessee but not yet paid to the taxing entities (state, county) is displayed. The user may choose to report and clear this amount or to simply report on Federal Highway Use Tax payable through the Property Tax/FHUT Payable update [U0119].
  
  
• TOTALS
  Page totals for number of leases, number of off-lease assets and all dollar amounts are shown for each office. Region, company, portfolio, and grand totals are shown for the number of leases, number of off-lease assets and all dollar amounts.

Balancing Procedures

The totals for accounts payable, security deposit, commission fees, vendor participation, investor participation, use tax, property tax and federal highway use tax for each accounting unit (portfolio, company, region, and office) should balance to the corresponding General Ledger accounts on the General Ledger Entries Listing report [R0406]. When balancing, both the Accounts Payable Balancing report [R0408] and the General Ledger Entries Listing report [R0406] should be generated at the same time.

© 2001 by McCue Systems Incorporated.
All rights reserved.

The information contained in this document is the property of McCue Systems, Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. McCue Systems, Inc. assumes no liability for any inaccuracy that may appear in this document; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of McCue Systems, Inc. is prohibited.