Payments [U0102]: Payment/Principal Interest Waiver

This screen is used to select the lease to which a payment/principal interest waiver is to be applied. The selection may be by invoice number, by lease number, or by group number. All waiver transactions may be viewed in the Waiver Report [R0412].

When waiving items through this update [U0102], the following will apply:

• All other assessments must be waived through the Assessment update [U0105].
  
  
• The Effective Date will be the same date of the last payment of the invoice, or the effective date will be set to be the same as the invoice due date or the current date.
  
  
• The partial payment rules will apply to partial waivers. If a partial payment to interest is made, a partial waiver to interest may be made.
  
  
• If a lease is tied to a Note and the LEASE PAYMENT APPLIES TO NOTE switch is set in the New Lease option of the Portfolio update [U0212] is set to Y, then no Payment/Principal Interest may be waived.
  
  
• When waiving items through the Assessments update [U0105] or through the Waiver option in the Payments update [U0102], LeasePak will not allow the user to exceed the Waiver Tolerance limits.

Waived Payment/Principal Interest amounts may be reversed through the Payment Reversal option.

Note: The last Bank Code will be used instead of the Payment Principal Interest waiver Bank Code, if different. The user may use the General Ledger adjustment update [U0121], to adjust the G/L for the waiver Bank Code and the Reversal Bank Code.

• INVOICE NUMBER
  Enter the invoice number to be applied. Leave blank if selecting a specific lease or customer/group.

  For interest bearing loans, if the invoice selected is not the most delinquent invoice with interest and principal outstanding, only outstanding assessments may be paid. No interest and principal amounts are displayed for payment.

• LEASE
  Enter the lease number if a payment to an individual lease is desired. Leave blank if selecting a specific invoice number or a customer/group.

  A switch on the Miscellaneous Customizations screen of the Portfolio update [U0212] governs which invoice is displayed for payment. If the ALLOW PREPAYMENTS WITH OUTSTANDING ASSESSMENTS switch is set to N, the lease’s most delinquent invoice is retrieved and displayed for payment. If that switch is set to Y, the oldest invoice with an open normal payment type of receivable is displayed. A warning message notifies the user if older invoices exist with open assessments, but no open normal payments. For interest bearing loans, the most delinquent invoice with principal and interest outstanding will be retrieved and displayed for waiver. A message is displayed if an invoice with only assessments outstanding is due prior to the displayed invoice.

  Note: The ALLOW PREPAYMENTS WITH OUTSTANDING ASSESSMENTS switch has no effect on interest bearing loans.

  For other simple interest accrual types (e.g., VT, LT, VV accrual methods), with the switch set to Y, the oldest invoice with open principal and /or interest is displayed. A credit memo may be created if all principal and interest is paid, even though assessments are outstanding.

• CUST
  Enter the customer number if a payment/principal interest waiver to a customer/ group is desired. Leave blank if selecting a specific invoice or lease. GROUP must be entered if CUST is entered. This selection is not available for interest bearing loans.

• GROUP
  Enter the group number if a payment/principal interest waiver to a customer/ group is desired. Leave blank if selecting a specific invoice or lease. CUST must be entered if GROUP is entered. This selection is not available for interest bearing loans. Outstanding receivables for all active leases in the group are retrieved and displayed for payment.

This screen is used to process payment/principal interest waivers for individual leases or invoices. This screen is used only to waive payment/principal and interest, all other assessments must be waived through the Assessment update [U0105].

Only the Payment Amount field is accessible on this screen. All other fields are read only.

• PAYMENT AMOUNT (scrolled field)
  This field is to enter the payment/principal interest amount to be waived.
  
  If the user has Waiver Tolerance security limitations, the user may only waive the specified amount.

© 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.