Financial Institution Name [U0708]

This update is related to the Base Rates [U0705] update. For more information, refer to the document Base Rates [U0705].

 

The Financial Institution Name update [U0708] is used in conjunction with the Base Rates update [U0705] for floating interest rate leases and the Loan update [U0211] for underlying loans for leased assets. That is, names entered through this update may be used for both the financial institution of the float rate used for floating interest rate leases and the lender name for the underlying loan(s) for leased assets.

Floating rate leases may float with any rate chosen. Each rate is tied to a financial institution. More than one float rate may be set up in LeasePak. A file of daily rates must be maintained for each rate utilized. (Refer to the Base Rates update [U0705].)

Before entering floating rates for an institution or loan information for assets, this update must be used first to enter the code and name of the financial institution/lender. Once float rates have been entered for an institution, the institution’s code may be used in the New Lease update [U0101] as the financial institution to which the interest rate is tied.

 

Financial Institution Name Menu

This screen is used to select the Financial Institution Name update [U0708] option.

• SELECT ONE OPTION

  ADD
  This option adds a financial institution to the Names (RNM) file.

CHANGE
This option changes the financial institution name.

DELETE
This option removes a financial institution from the Names file. An institution may not be removed if base rates currently exist on the Base Rates (RPR) file for the institution.

Add or Change Financial Institution Name

This screen is used to select the financial institution number and financial institution name which is to be added or changed.

• NUMBER
  Enter the number of the financial institution to be added. When adding a financial institution number, the number code must not exist on the Names file. If the financial institution is to be changed, the NUMBER is defaulted into the field and may not be changed.
  
  
• INSTITUTION NAME
  Enter the financial institution name to be added. If changing a financial institution name, the name defaults into the institution name field.

Delete Financial Institution Name

When the Delete button is selected, the following message is displayed:

To confirm the deletion, select Yes; to cancel, click on No.

 

LeasePak  Reference Guide

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