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Application Asset Tabs
[U0801]
Contents
Introduction
Fields
for adding or modifying an application (pending) asset are arranged into 8 tabs.
Depending on whether the type of asset is equipment or vehicle, either Tab 3 or
Tab 4 may be used, but not both. Data may be entered on tab 3 if the asset fits
into the broad category "equipment" as entered in the CLASS field of
tab 1, or tab 4 if the asset CLASS is defined as "vehicle".
The
minimum data required to save a new asset record is entered on 4 tabs, numbers
1 (General), 2 (Additional), 5 (Miscellaneous) and 6 (Depreciation/Title Filing).
Tab 1
Required
fields on Tab 1 are:
- description
- city, county, state
- acquisition cost
- DESCRIPTION
Enter a description
of the asset. This field is required. For vehicles, if DESCRIPTION is left
blank and CLASS, MANUFACTURER and MODEL are entered, that information defaults
to the DESCRIPTION field.
- ADDRESS
Enter the street address
of the asset’s location.
- CITY
Enter the city in which
the asset is located. The asset’s city, county, and state location determines
the use tax rate in effect. This field is required.
- COUNTY
Enter the county in
which the asset is located. The asset’s city, county, and state location determines
the use tax rate in effect. This field is required.
- MANUFACTURER
Enter the manufacturer
code for the asset. Use Help for a list of valid manufacturers. Manufacturer
and model codes are not entered for assets classified as equipment, only for
vehicles. Use the Asset Description update
[U0710] to add, change, and/or delete manufacturers from the list.
- MODEL
Enter the model code
for the asset. Use Help for a list of valid models for the MANUFACTURER entered.
Use the Asset Description update [U0710]
to add, change, and/or delete models for the manufacturer entered.
- YEAR
Enter the model year
of the asset. Do not enter the century portion of the year. For example, enter
96 for a 1996 model year.
- ACQUISITION COST
Enter the original acquisition
cost of the pending asset. This field is required. This amount is established
as the accounts payable for the asset. If assets are to be associated with
an application having a trade-in, the total acquisition cost of all the assets
should be net of the trade-in value.
Note: If the
Multiple Banks module is purchased and the asset is an insurance
asset, LeasePak will use the Acquisition Cost to hold the insurance
premium.
- RESIDUAL AMT
Enter the residual amount
(total estimated market value of the asset at the end of the lease). This
field is defaulted if RESIDUAL
% was coded on Application Tab 4. The default value is determined using
the following formula
ACQUIS
COST
* (RESIDUAL % / 100)
Note: LeasePak
allows operating type assets to be booked with a RESIDUAL that exceeds the
ACQUISTION COST
This value will be adjusted
if Acquisition Cost is changed.
- PAYMENT AMOUNT
Enter the asset’s monthly
rental payment amount. This is the payment amount LeasePak will use when calculating
the asset yield.
Note: LeasePak
allows the user to change the asset payment amount in Rebook [U0116] and
the percent of schedule used in the tax calculations, after the lease has
been booked when the Asset Percentage Calc Method (A/P) field is set to
P in the Miscellaneous Customization option of the Custom General update
[U0712].
- ORIGINAL ASSET COST
Enter the original asset
cost. This amount is used for the calculation of gross profit. Gross Profit
calculations are performed only if a value is entered here.
- OTHER CHARGES
Enter any other charges
associated with this asset. OTHER CHARGES are not included in accounts payable
for the asset. These charges are also excluded from the tax basis of the asset;
i.e., OTHER CHARGES are not depreciated nor included in ITC calculations.
For assets booked to operating leases, OTHER CHARGES are not carried on the
General Ledger.
- REPAIR COST
Enter the repair cost of
the asset. This value is informational only and is not used in any calculations.
- GST PAYABLE
Enter the Goods and
Services Tax. This field is for Canadian users only.
- INSURANCE PREMIUM
Enter the amount of
insurance premium, if any, to be paid to the broker for this asset.
Location
Search
For
fields CITY and COUNTY, clicking on the 
help button accesses the Location Search function.
Tab 1: Location Search
This
screen is used to enter criteria for the location search. Clicking on the Retrieve
button retrieves location records that match the input search criteria.
- STATE
This is the state or
province corresponding to the location.
- COUNTY
This is the county corresponding
to the location.
- CITY
This is the city corresponding
to the location.
- COUNTY CODE
This is the county 4-character
code from the MLO/RLO Location tables.
- CITY CODE
This is the city 4-character
code from the MLO/RLO Location tables.
Once
records have been retrieved, clicking on Select will choose the highlighted location.
Tab 2
Three
fields on tab 2 are required to save an asset:
- identification
- acquisition date
- in-service date
The dates may be in the future,
i.e., estimates of when the pending asset will be booked.
If
the User Defined Fields/Tables module was purchased, and if fields or tables were
defined at the asset level to collect customized, user defined information, this
tab offers access to screens where that information may be entered. Customized
fields and tables are defined on the User
Defined Fields/Tables option of the Portfolio update [U0212].
- IDENTIFICATION
Enter the asset identification
(e.g., the serial number of the asset). The IDENTIFICATION need not be unique
throughout the system.
- PURCHASE ORDER
Enter the purchase order
number for the asset, if any.
- CHECK REFERENCE
Enter a phrase or number
which will help identify the check used to pay for this asset. This check
reference is defaulted when the application is in the process of being booked
by the Status Transfer of the Application update [U0801]. This check reference
is also defaulted on the disbursal screen if the Disburse Check option is
selected from the New Lease update [U0101] menu.
- PART NUMBER
Enter the Part Number
for the asset, up to 25 characters. This field is required in order to write
down the Salvage Value [U0128] for
assets on Operating leases by Part Number.
- ACQUIS DATE
Enter the date, in MM/DD/YY
or DD/MM/YY format, depending on the Date
Format Preference field in Security [U0706], the asset was acquired by
the lessor. This field is required. It may be a future, estimated date.
Note: If the
Multiple Banks module is purchased and the asset is an insurance
asset, LeasePak will use the Acquisition Date as the insurance effective
date, the other Charge, Residual and Salvage Value will be set to 00.00
and cannot be changed.
- P.O. DATE
Enter the purchase order
date for the asset in MM/DD/YY or DD/MM/YY format, depending on the Date
Format Preference field in Security [U0706]. This date is informational
only. It may be a future, estimated date.
- IN-SERVICE DATE
Enter the date, in MM/DD/YY
or DD/MM/YY format, depending on the Date
Format Preference field in Security [U0706], on which the asset was placed
in service. The IN-SERVICE DATE is the starting date for all depreciation
except book depreciation
and manufacturer’s depreciation. It need not correspond to the asset acquisition
date, lease date nor the lease commencement date. This field is required.
It may be a future, estimated date.
Note: When a
new or cloned asset is being booked and the in-service date crosses a previous
tax year boundary, LeasePak will display a warning message to notify the
user, this message is informational only: "Warning-Asset
In-Service date is prior to a previous tax year. Continue
Y/N?’
When Y is selected,
the user may continue to add the asset. When N is selected, LeasePak will
cancel the add asset update and return to the first screen.
- NAME
Enter the name of the
supplier. If a valid supplier number was entered, supplier’s name is defaulted
and may not be changed.
- ADDRESS 1
Enter the first address
line of the supplier. Use this field if there is only one address line. If
a valid supplier number was entered, supplier’s address 1 is defaulted and
may not be changed.
- ADDRESS 2
Enter the second address
line of the supplier. If a valid supplier number was entered, supplier’s address
2 is defaulted and may not be changed.
Tab 2: User Defined Fields/Table
This
screen is used to input values of User Defined Fields, if applicable.
- ASSET NUMBER
The
application asset number is displayed.
- SHORT
NAME
The Short Name of the application's lessee is displayed.
- FIELD
VALUES
This
is the value to be entered under the particular field for this application asset.
This
screen is used to enter values into the User Defined Table, if any.
- ASSET NUMBER
The
application asset number is displayed.
- SHORT
NAME
The Short Name
of the application's lessee is displayed.
- COLUMN
VALUES
These are the
values to be entered under the particular column for this application asset.
Tab 3
If
the CLASS code entered on tab 1 indicates the asset is equipment, then tab 3 is
available for data entry. Heavy trucks and buses are categorized as equipment
rather than vehicles.
No
fields are required. An asset record may be saved with all the fields on tab 3
blank.
- FHUT CATEGORY
Federal Highway Use Tax
categories are based on the weight of trucks and are established by the Internal
Revenue Service. This field should be entered for certain heavy motor vehicles,
such as trucks, truck tractors, and buses. These codes are established by LeasePak.
Use Help for a list of valid FHUT categories.
- FIRST
USE DATE
Enter the date
of first use for a heavy motor vehicle (e.g., truck, truck tractor, or bus) in
MM/DD/YY or DD/MM/YY format, depending on the Date
Format Preference field in Security [U0706]. FIRST USE DATE is used in conjunction
with the FHUT CATEGORY. The FIRST USE DATE may not be before the ACQUISITION DATE
of the asset and is required for all FHUT categories.
- INSPECT
DATE
Enter a date on
which the asset should be inspected in MM/DD/YY or DD/MM/ YY format, depending
on the Date Format Preference
field in Security [U0706]. The INSPECT DATE is informational only.
- WEIGHT
Enter
the weight in pounds of the heavy motor vehicle (e.g., truck, truck tractor, or
bus). WEIGHT is used in conjunction with the FHUT CATEGORY.
- ETC CODE
Enter
the Energy Tax Credit (ETC) method. The asset must be new in order to take ETC.
ETC must be bypassed if the federal depreciable life is less than 3 years. ETC
codes are established by the LeasePak system. At booking time a warning message
is displayed if an ETC method of other than bypass (BYPS) is entered for an asset
with an IN-SERVICE DATE after January 1, 1986. Use Help for a list of valid ETC
methods.
- OPERATOR
NAME
Enter the name
of the operator of the equipment. OPERATOR NAME is informational only.
Tab 4
Tab
4 is available for entry when the CLASS selected is a vehicle.
No
fields on this tab are required to save an asset record.
- LIST
PRICE
Enter the list
(manufacturer’s suggested retail) price of the vehicle. This dollar amount may
be selected to display on the New Lease Earnings report [R0101]. Refer to New
Lease Earnings report [R0101] for more information.
- AVERAGE YEARLY MILEAGE
Enter the average allowable yearly mileage for the vehicle. This field is informational
only. Note that the mileage entered
should be based on the same unit of distance
as the odometer reading entered in the ODOMETER field.
- ODOMETER
Enter the vehicle’s odometer
reading at the start of the lease. This field is informational only.
- GAS COST
This
value is informational only.
- DRIVER
NAME
Enter the name
of the driver of the vehicle. DRIVER NAME is informational only.
- AUTO
LICENSE
Enter the license
number of the vehicle. This field is informational only. However, booked assets
with a license number entered are reported on the License Number report [R0910].
- LICENSE
FEE
Enter the fee to
license the vehicle. This value is informational only.
- WARRANTY
PREMIUM
If there is
a charge for warranty insurance, enter the amount of the warranty premium. This
amount may be financed in the lease and factored manually into lease payments.
However, the amount entered here is informational only and is not used in any
LeasePak calculations.
- WARRANTY
Enter Y if there is a Warranty
for the vehicle. If not, enter N. This field is informational only.
- OPTIONS
Scroll
through the list of optional features and click to check the ones applicable to
the vehicle.
Tab 5
Tab
5 contains 3 fields required for storing an asset record:
- Tax Type
- Use Tax Code
- ITC Code
- PROPERTY TAX
Click to X the box if the asset, once it is booked, should appear on the Property
Tax Assessment report [R0305]. Only booked assets will appear on reports.
- NEW
This field indicates whether
the asset is new or used. Click to X the box if the asset is new. ITC and
ETC may not be passed-through for used assets. The depreciation method ADR
150% Declining Balance may only be selected for used assets. The depreciation
methods ADR Sum of the Year’s Digits and ADR 200% Declining Balance may only
be selected for new assets.
- RESIDUAL INSURANCE
Click to X the box if the asset has residual insurance. This field is informational
only.
- WARRANTY INSURANCE
This field indicates whether warranty insurance premiums are financed in the
lease. Click to X the box if warranty insurance premiums are financed. The
premium amount may be entered on tab 4. Both fields are informational only.
- TAX
REPORTING
This field indicates whether
the asset appears on the following tax reports:
- Gain/Loss report [R0108]
- Receipts Less Depreciation
report [R0301]
- Investment Tax Credit Detail
report [R0302]
- Investment Tax Credit Summary
report [R0303]
- Depreciation report [R0304]
- Gross Profit Deferral report
[R0310]
- Tax Timing Differences report
[R0311]
Click to X the box if the asset
is to appear on the above reports. Only booked assets will appear on reports.
Note: If the
box is checked and a true lease TAX TYPE code is entered, the asset appears
on the Tax Timing Differences report [R0311] regardless of whether the Lease
Type Code is set to CSA or INSL when the asset is booked on a lease.
- TAX TYPE
Use Help to select the
TAX TYPE code. This code indicates a type of tax reporting for the asset.
If the TAX RPTG switch is not checked, this field is informational only.
- STATUS AT BOOK
The status code for the
asset is defaulted to AINV (available - inventory) and may be changed. Use
Help for a list of valid status codes. Asset status codes are established
through the Custom Codes update [U0722]. If the STATUS CODE of an asset is
changed to a value beginning with N, a warning message is displayed that this
asset may not be booked onto a lease.
Note that the status code defined
for a pending asset indicates the status of the asset when eventually booked,
not the status of the pending asset.
This code appears on the Off
Lease Inventory report [R1001] as USER DEF STATUS.
- USE
TAX CODE
USE TAX CODE indicates
which taxing entities are in effect for the asset, based on the asset’s city
and state location. The following is a list of the valid Use Tax Codes:
State, County, and
City
The asset is subject to tax in all 3 taxing jurisdictions regardless of
whether or not there is a tax rate present at the current time.
City
County and City
County
State
State and City
State and County
If an asset is exempt from use/sales tax from one or more taxing entities
(state, county, or city), then change the code to indicate the specific
taxing entities to be in effect.
Exempt Use and Sale
The lessee is legally exempt from paying any use/sales tax. The system
denies access to the use/sales tax assessment function everywhere in the
system.
Exempt and Non-Reporting
The lessee is legally exempt from paying any use/sales tax. The system
denies access to the use/sales tax assessment function everywhere in the
system. Tax release information will be reported on the Use Tax Disbursal
Non-Reportable Reports.
Tax paid Up Front
The lessee has paid sales tax on the equipment cost on the commencement
date of the lease. Use/sales tax can be assessed during the term of the
lease on applicable other assessments only. Use/ sales tax is never charged
on the rental payment or the payoff.
Exempt Use Tax Only
The lessee has paid sales tax on the equipment cost on the commencement
date of the lease. Use/sales tax can be assessed during the term of the
lease on applicable other assessments and on the payoff. Use/sales tax
is never charged on rental payment.
Permanent
The asset is subject to the tax rates in effect on the commencement date
of the lease. The rates are for the term of the lease regardless of any
rate changes for the location that may occur during the lease term.
However, if a
new lease is back dated (i.e., a past commencement date is assigned) and
a rate change occurred between the commencement date and the date of booking,
taxes charged will reflect that change as of its effective date.
- STOCK NUMBR
Enter the stock number of the asset. This number is informational only.
- ASSOC ASSET
Enter the number of the main asset associated with this asset. This may be
used to establish a link between one asset and another. If CALCULATE
ASSET YIELD is set to Y, as defined through the New Lease option of the
Portfolio update [U0212], the payment amount of the main asset only (not the
associated asset) is used in the cash flow when calculating the asset yield.
- ITC CODE
Use Help and select from
the list of valid codes.
Bypass indicates that ITC
is not taken for this asset. ITC must be bypassed if the federal depreciable
life is less than 3 years. If the asset was placed in service after January
1, 1986, but a firm commitment for the lease was established prior to
September 30, 1985, ITC may be taken. The bypass depreciation methods
must be used if the asset is tied to an Interest Bearing Loan. This code
should be used to indicate that ITC is bypassed by both the lessor and
the lessee.
Pass to Lessee indicates that
ITC is passed through from the lessor to the lessee. The asset must be
new in order to pass ITC.
Full ITC available is taken
in the current year. LeasePak automatically takes 6% if the federal depreciable
life is 3 years, or 10% if the federal depreciable life is greater than
3 years.
Full ITC 2%/Year indicates
the full amount of ITC available is taken at 2 percent per year for tax
purposes. LeasePak shows the amount of ITC to claim as 2% each year for
3 years if the federal depreciable life is 3 years, or 2% each year for
5 years if the federal depreciable life is greater than 3 years.
Reduced ITC indicates LeasePak
automatically takes 4% if the federal depreciable life is 3 years or 8%
if the federal depreciable life is greater than 3 years. A reduced amount
of ITC may be taken only if the federal depreciation method is ACRS.
Reduced ITC 2%/Year indicates
a reduced amount of ITC is taken over 3 or 5 years for tax purposes. LeasePak
shows the amount of ITC to claim as one-third of 4% of the asset cost
for each of 3 years if the federal depreciable life is 3 years, or one-fifth
of 8% of the asset cost for each of 5 years if the federal depreciable
life is greater than 3 years. A reduced amount of ITC may be taken only
if the federal depreciation method is ACRS.
At booking time a warning
message is displayed if an ITC method of other than bypass is entered
for an asset with an IN-SERVICE DATE after January 1, 1986.
- ITC METHOD
Use Help to select the
Investment Tax Credit accrual method for book purposes. Valid ITC accrual
methods are:
Straight-line method: ITC income
is accrued over the federal depreciable life of the asset using the straight-line
method.
Rule of 12/78ths method: the
amount of ITC is accrued using the following formula:
ITC EARNED =
CURRENT UNEARNED
ITC INCOME
* NO. OF
REMAINING MONTHS
/ SUM OF
THE DIGITS OF REMAINING LIFE
Proportional method: ITC income
is accrued proportionally to the rate at which lessor income is earned on
the lease. This method applies only to assets that are on-lease. If Proportional
is entered for an off- lease asset, ITC will be earned using the straight-line
method until the asset goes on-lease. Similarly, an on-lease asset using
the proportional method will revert to the straight line method when it
comes off-lease.
Tab 5: Asset Search
For
field ASSOC ASSET, clicking on the
help button accesses the Asset Search function.
The
initial Asset Search screen allows entry of Search Criteria. Clicking Retrieve
without entering criteria will generate a list of all booked assets in LeasePak.
Narrow the search by entering one or more criteria. For example, enter a lessee’s
address or city to focus the search to assets for a particular lessee.
- LEASE
If the asset is on lease
and the lease number is know, but the asset number is not, enter the lease number
as search criterion. All assets for that lease will appear on the Asset List.
- ADDRESS
When
an asset is added, its location is entered. Asset Search looks at addresses entered
at the asset level to record asset locations. It does not search lessee, vendor,
or other addresses.
- CITY
/ STATE / ZIP
Enter
a city, state or ZIP code to narrow the search to assets at that location.
Once
any desired Search Criteria have been entered, click Retrieve.
LeasePak
searches all booked assets and displays information about those which match the
criteria on the Asset List portion of the screen. To use one of the assets listed
as the ASSOC ASSET, highlight it and click Select. The selected asset number appears
in the ASSOC ASSET field.
Tab 6
Tab
6 contains many key accounting parameters for the asset. Fields required to store
an asset record are:
- Federal
Depreciation
- State Depreciation
- Alt
Min Tax Depreciation
- Book
Accounting
- Book Depreciation
- at
least one line of Title Filings
- FEDERAL
DEPRECIATION
Federal
depreciation codes are established by the LeasePak system. Use Help and select
the appropriate code. The third and fourth characters in the code indicate the
asset’s depreciable life in years for federal deprecation.
ACRS depreciation may not be used
for assets with an IN-SERVICE DATE prior to January 1, 1981.
ACRS
Safe Harbor depreciation may not be used for assets with an IN-SERVICE DATE after
December 31, 1983.
MACRS
1/2 Year Convention and MACRS Mid Quarter Convention depreciation methods may
not be used for assets with an IN-SERVICE DATE before August 1, 1986.
ADR
depreciation may not be used for assets with an IN-SERVICE DATE after December
31, 1980.
If
federal depreciation is not to be calculated for the asset and Investment Tax
Credit is to be claimed, the bypass depreciation methods must be used. The bypass
depreciation methods must be used if the asset is tied to an Interest Bearing
Loan DVA1 and/or
DVA2 depreciations are to be used when calculating the Diminishing Value
of the asset.
- STATE
DEPRECIATION
Use Help
and select the state depreciation method for the asset. State depreciation codes
are established by the LeasePak system. The third and fourth characters in the
method indicate the asset’s depreciable life for state depreciation. The
guidelines for various federal depreciation methods above also apply to state
depreciation (e.g., ACRS depreciation may not be used for assets with an IN-SERVICE
DATE prior to January 1, 1981).
- ALT
MIN TAX DEPRECIATION
Use Help and select the alternative
minimum tax (AMT) depreciation method for the asset. Alternative minimum tax depreciation
codes are established by the LeasePak system. The third and fourth characters
in the method indicate the depreciable life of the asset for AMT depreciation.
AMT depreciation may not
be used for assets with an IN-SERVICE DATE prior to August 1, 1986.
The
bypass depreciation methods must be used if the asset is tied to an Interest Bearing
Loan.
- SALVAGE
VALUE
Assets depreciate
down to the salvage value for state depreciation purposes. For federal and alternate
minimum tax depreciation purposes, assets always depreciate to zero.
- MFRS DEPRECIATION BASIS
Enter the starting value for
the manufacturer’s depreciation of the asset.
- TAX
DEPRECIATION BASIS
This
field will default the total Acquisition Cost of the asset as set in Tab 1. The
user may change the tax depreciation basis prior to booking the lease. This field
will be displayed when the 1996 Jule Fund module is purchased.
- PROPERTY
TAX BASIS
This
field will default the total Acquisition Cost of the asset as set in Tab 1. The
user may change the Property Tax Basis for tax purposes. Property Tax Basis may
also be modified throughout the life of the lease by using PROP
TAX BASIS field in the Asset [U0210] update. This field is informational only
and is part of the Jule Fund 1996 module.
- BOOK
ACCOUNTING
Use
Help to select one of the following: FINANCE:
Enter this method if the asset is to be booked on a lease other than an operating
lease. Monthly book depreciation is recorded at the asset level, but no General
Ledger updating is performed.
OPERATING:
Monthly book depreciation is recorded at the asset level. In the General Ledger,
the inventoried value of the asset is decreased and the depreciation expense is
increased by the depreciation amount.
Note:
If the Multiple Banks module is purchased and the asset is an insurance
asset, LeasePak will automatically default the accounting method to Finance.
- BOOK DEPRECIATION
Use
Help to select a book depreciation codes as established by the LeasePak system.
The third and fourth characters in the code indicate the asset’s depreciable life
in years for book depreciation. The
guidelines for various federal
depreciation methods discussed above also apply to book depreciation (e.g.,
ACRS depreciation may not be used for assets with an IN-SERVICE DATE prior to
January 1, 1981). DVA1
and/or DVA2 depreciations
are to be used when calculating the Diminishing Value of the asset.
- BOOK
DEPR DATE
Enter the
starting date for book depreciation of the asset in MM/DD/YY or DD/ MM/YY format,
depending on the Date
Format Preference field in Security [U0706].
- BOOK
SALVAGE VALUE
Enter
the amount that this asset is to be depreciated down to for book purposes. This
amount must not be greater than book depreciation basis entered in BOOK DEPR BASIS
field.
- BOOK
DEPR BASIS
Enter
the starting value for the book depreciation of the asset. When adding a new asset,
this field is defaulted with original acquisition cost entered at ACQUIS COST
field. This value will be
readjusted if the Acquisition Cost is changed.
Note:
When the asset is an insurance
asset, LeasePak will default and grey out Book, State, Fed and AMT depreciations
to be set to BY03, Additional Depreciations 1 and 2 will be blank.
- ADDITIONAL DEPR 1
Enter
the additional depreciation 1 method for the asset, if any.
- ADDITIONAL DEPR 2
Enter
the additional depreciation 2 method for the asset, if any.
- DIMINISHING RATE
Enter the diminishing
rate for the asset. Access to this field will be given when DVA1
and/or DVA2 are entered in the Federal and/or Book depreciation method
fields.
- FASB
13 LIFE (months)
Enter the FASB 13 life,
in number of months for each asset. This field works in conjunction with the
FASB 13 Test
in the Accrual Information Tab 9 in Applications [U0801]. The number entered
in this field is used to compare the lease term against each asset.
- TITLE
STATUS
Enter
the Title Status code for the asset. This field is informational only. Use Help
for a list of valid title status codes. Title Status (TITLE. STAT code category)
types may be established using the Custom Code update
[U0722].
Tab 6: Title Filings
The
bottom half of tab 6 is used to record as many as 5 vehicle titles and registration,
UCC filings, or other proofs of ownership. Click the Add button to display a window
where filing information may be entered.
If
information already stored must be changed or deleted, use the Change or Delete
buttons.
At least one
line of title filings must be entered to store an asset record.
This
is the window which appears for entry of title filings.
- TITLE
FILINGS - LINE
This
field automatically numbers the current line of title filing information.
- TITLE FILINGS - TYPE
Use
Help and select the type of filing for the asset. Up to 5 lines of title filings
for each asset may be stored. If a code other than ‘NONE’ is entered, the filing
status, the state of filing, filing date and term must be entered.
- TITLE FILINGS - STATUS
Use
Help and select the filing status for the title filing entered under TYPE.
- TITLE FILINGS - STATE
Enter the 2-character code for the state of filing. Use Help for a list of valid
state abbreviations.
- TITLE
FILINGS - COUNTY/CITY
The combination of state and county, or state and city must have been entered
through Location update [U0701]. Use the Location Search (...) to enter the state
and view a list of valid city and county abbreviations.
- TITLE FILINGS - DATE
Enter the date of filing in
MM/DD/YY or DD/MM/YY format, depending on the Date
Format Preference field in Security [U0706].
- TITLE
FILINGS - TERM
Enter
the filing term in months. The expiration date of the filing is defined as the
filing date plus the filing term. When the filing has expired, the lease automatically
appears on the Certificate of Ownership report [R0903] and in the Collateral Tracking
module, a separately purchased module of LeasePak. Only booked assets will appear
on the reports and in Collateral tracking.
- TITLE
FILINGS - FILE NUMBER
Enter the number on the title
certificate. If a certificate has not yet been received, enter "unknown"
or "pending."
Tab 7
Tab
7 is used to record upfront tax information. It is available for data entry only
if the USE TAX CODE field on tab 5 is coded Tax
Paid Up Front or Exempt Use Tax Only.
- SALES
TAX - STATE
Enter a
valid abbreviation for the state in which the asset is located. Use Help for an
alphabetic list of state abbreviations. Upfront sales tax will be payable to this
state.
- SALES
TAX - STATE TAX RATE
Based
on the STATE entered, this field is initially defaulted with the state
use tax rate entered in the Location update [U0701]. Override the rate if
necessary.
- SALES
TAX - COUNTY
Enter a
valid abbreviation for the county in which the asset is located. Use Help for
an alphabetic list of state abbreviations. Upfront sales tax will be payable to
this state.
- SALES
TAX - COUNTY RATE
Based
on the County entered, this field is initially defaulted with the county
use tax rate entered in the Location update [U0701]. Override the rate if
necessary.
- SALES
TAX - CITY
Enter a valid
abbreviation for the county in which the asset is located. Use Help for an alphabetic
list of state abbreviations. Upfront sales tax will be payable to this state.
- SALES
TAX - CITY RATE
Use
Help (...) to perform a Location Search. On the Location Search screen, enter
the state as search criteria and click Retrieve. A list displays of all counties
in that state which have been entered in the Location update [U0701]. Within each
county are listed all cities which have been entered in the Location update. Scroll
through the list to find the county and city of the asset location. Click to highlight
it, then click the Select button. County and city abbreviations and rates will
default on this tab. Override rates if necessary. Refer to the Location update
[U0701] for more information on city use
tax rates.
- BASE
TAX AMOUNT
This is the
purchase amount on which upfront sales tax is calculated. This field is initially
defaulted with the acquisition cost if the DISBURSE UPFRONT SALES TAX switch on
the Miscellaneous Customizations screen of the Portfolio update [U0212] is set
to N. Otherwise Base Tax Amount is calculated using the formula:
ACQUISITION
COST
/ (1
+ (STATE + COUNTY + CITY TAX RATES))
It
is permissible to change the Base Tax Amount, e.g., for penny rounding purposes.
However, the sum of Base Tax Amount and Upfront Sales Tax should equal the acquisition
cost.
- UPFRONT
SALES TAX
The calculated
sales tax is displayed. This field is adjusted as tax rates or the acquisition
cost are changed. The upfront
sales tax is calculated using the formula: (BASE
TAX AMOUNT * STATE RATE)
+ (BASE TAX AMOUNT * COUNTY RATE)
+ (BASE
TAX AMOUNT * CITY RATE)
Tab 8
Tab
8 is available only for portfolios set up for Capital Cost Allowance (CCA). CCA
is an optional LeasePak module requiring separate purchase. CCA is set up using
the Portfolio Maintenance [U0212], Tax Entity [U0224], and CCA Class [U0703] updates.
CCA is updated through functions in the Capital Cost Allowance menu [U15].
- CAPITAL COST
Enter
the initial amount that may be depreciated on the asset. This field is defaulted
with the acquisition cost entered on screen 2. This value may differ from the
acquisition cost of the asset in that adjustments, such as Investment Tax Credit,
may be made. In some cases, tax laws dictate that the capital cost which may initially
be depreciated must be the fair market value (e.g., for Specified Leasing properties)
or within a specified maximum amount (e.g,. a $24,000 limit on the automobiles
acquired on or after September 1, 1989).
- ITC
AMOUNT
Enter the Investment
Tax Credit amount that may be claimed on the asset. This field is informational
only.
- TAX
ENTITY
Enter the tax
entity who will claim the CCA on the asset added. Use HELP for a list of valid
tax entities. Tax entities are established through the Tax
Entity update [U0224]. Initially, the default tax entity defined for the
office, region, company, and portfolio associated with the asset is displayed
for verification and modification. The default defined for the lower level takes
precedence. For example, if a default tax entity is entered for the office and
another for the company, the office default is displayed. However, if the information
for the asset being added is from a default asset, the tax entity from the default
asset is displayed. A default
portfolio must have been defined for the TAX ENTITY entered through the Tax Entity
update [U0224].
- CLASS
Enter the CCA class for
the asset. Use HELP for a list of valid CCA classes. CCA classes are established
through the CCA Class update [U0703].
After a valid CCA class is entered, the asset type, accrual method, and the disposition
method defined for the class are displayed.
- TYPE
Enter the asset type. These
types are established by LeasePak. Valid types are:
- L Specified Leasing property
-
O Individual asset which is not a specified leasing property but is placed in
a separate class
- P
Pooled asset
Initially, this field is defaulted with the asset type defined for the class through
the CCA Class update [U0703].
- ACCRUAL
METHOD
Enter the accrual
method. Use HELP for a list of valid methods established by LeasePak. Valid methods
are: - DBL Declining
balance
- DBLH Declining
balance with half-year convention
-
SL02 Straight line 2 years
-
SH02 Straight line 2 years with half-year convention
-
BYPS Bypass CCA calculation
Refer to the Tax Considerations document of the Reference Guide for more information.
Initially, this field is defaulted
with the accrual method defined for the class through the CCA
Class update [U0703]. For
an asset placed in a pool, the accrual method must be either the method defined
for its pool or BYPS.
- DISPOSITION
Enter the disposition method.
Use HELP for a list of valid disposition methods. These methods are established
by LeasePak. Valid methods are:
- GEN
General method
- NONE
No terminal loss or recapture is allowed
Initially, this field is defaulted with the rate defined for the class through
the CCA Class update [U0703].
Note
that if the ACCRUAL METHOD is BYPS, the disposition method NONE is displayed and
cannot be changed.
This
field is not accessible if the asset is placed in a pool, i.e., TYPE = P.
- ADD-ON
RATE
Enter a rate to
be added to the base rate defined in the CCA Class update [U0703] in calculating
capital cost allowance for the asset. For example, if the add-on rate is 6%, then
enter _6.00000, not ___.06000. This
field is accessible only if the asset is on one of the Declining Balance calculation
methods. In addition, it is inaccessible if the asset is placed in a pool.
If
an add-on rate is not defined and if the CCA accrual method for the asset is one
of the declining balance methods, then a warning message is displayed if the base
rate is not available on the in-service date of the asset.
©
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.
