Off Lease Inventory [R1001]

 

The Off Lease Inventory report [R1001] produces two reports, Off Lease Inventory and Used Inventory. The Off Lease Inventory [R1001A] lists assets on file which are not currently attached to a lease (i.e., in inventory or sold).

The Used Inventory [R1001B] lists used inventory. Assets that have been placed back into inventory following a Termination [U0102]. Additionally, this report will display the Accumulated Depreciation of the asset. This report works in conjunction with Change Off Lease Book Depreciation Method enhancement.

This report is used to reconcile the balance in the Inventory General Ledger account as shown on the General Ledger Entries Listing report [R0406]. The report may be accessed through the Asset report menu [R10]. All assets with a pre-inventory status (assets which have never been on lease) are shown first for each office. Following this, all other assets are listed. It may appear that the report, when viewed as a whole, is not sorted by asset number. In actuality, it is sorted by asset number, but within each sub-group of assets (pre-inventory and all others).

Note: The INVENTORIED VALUE totals for each accounting unit (portfolio, company, region, and office) should balance to the Inventory General Ledger account on the General Ledger Entries Listing report [R0406]. When balancing, both the Off Lease Inventory report [R1001] and the General Ledger Entries Listing report [R0406] should be generated at the same time.

 

The report may be selected interactively for:

• All off lease assets
• A portfolio
• A company
• A region
• An office

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.The report is organized by Portfolio, Company, Region, Office.

 

Off Lease Inventory Selection

• ALL
  Enter X to report on all 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.
  
  

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Off Lease Inventory Report - A

The Off Lease Inventory report [R1001A] reports at the asset level and provides the following information:

• ASSET
  The asset number is displayed. Assets with a pre-inventory status (assets which have never been on lease) appear first.
  
  
• ASSET DESCRIPTION
  The asset description, as entered through the Add Asset option of the New Lease update [U0101], is displayed.
  
  
• ASSET ID
  The asset identification number, as entered through the Add Asset option of the New Lease update [U0101], is displayed.
  
  
• USER DEF STATUS
  The user defined asset status is displayed. Asset status codes are established through the Custom Codes update [U0722]. See the Status Codes document for additional information on asset status codes.
  
  
• CURRENT STATUS
  One of the following LeasePak asset status values is displayed:
  
  
  • New (or Used) In Inventory
    Asset has come off lease into inventory.
    
    
  • New (or Used) Pre Inventory
    Asset has never been on lease.
    
    
  • New (or Used) Sold
    Asset has been sold.
    
    
• STATUS DATE
  The date of the last asset status change is displayed.
  
  
• LOCATION ST
  The state location of the asset is displayed. If applicable, the tax rate for this state is used to calculate and assess use tax for the asset.
  
  
• LOCATION COUN
  The county location of the asset is displayed. If applicable, the tax rate for this county is used to calculate and assess use tax for the asset.
  
  
• LOCATION CITY
  The city location of the asset is displayed. If applicable, the tax rate for this city is used to calculate and assess use tax for the asset.
  
  
• ACQUISIT DATE
  The original acquisition date of the asset is displayed.
  
  
• INVENTORIED VALUE
  The value of the asset as it exists in inventory is displayed. For assets that have come off lease into inventory, the INVENTORIED VALUE is the lower of the fair market value (as entered during the Termination option of the Payoff update [U0103]) or the net book value. If the lease is terminated at maturity, the net book value is normally the residual. If the lease is terminated prior to maturity, the net book value is calculated as follows:

  For precomputed interest leases:
  

CONTRACT RECEIVABLE
+ RESIDUAL
- UNEARNED INCOME (LESSOR + VENDOR + INVESTOR)

For simple interest leases:

ACCRUED PRINCIPAL

For assets with a 'pre-inventory' status (assets that have never been on lease), the INVENTORIED VALUE is the original acquisition cost of the asset. For assets which are sold, the INVENTORIED VALUE is zero.

• TOTALS
  Page totals for the number of off lease assets and the inventoried value are shown by office. Region, company, portfolio and grand totals are shown for the number of off lease assets and the inventoried value.
  
  

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Used Inventory Report - B

The Used Inventory [R1001B] report displays the information of terminated assets whose depreciation methods have been changed. This report works in conjunction with the Change Depreciation at Term (Y/N) field in the Miscellaneous Customizations option of the Portfolio [U0212] update, set to 'Y'.

If the field is set to 'N', or if the Vehicle Finance module is purchased, this report will display the following message:

"No Items Were Found Matching Selection Criteria".

 

• REPORT
  The report number is displayed [R1001B].

• USER ID
  The user id is displayed.

• P/C/R/O
  The Portfolio, Company, Region and Office is displayed.

• SELECTED PORT
  The selected Portfolio number is displayed.

• ASSET
  The asset number is displayed.

• ASSET DESCRIPTION
  This column displays the assets description.

• ASSET ID
  The asset id information is displayed.

• IN-SERVICE DATE
  The in-service date of the asset is displayed.

• ACQUISIT COST
  The aquisition cost of the asset is displayed.

• ACCUM DEPR
  The accumulated depreciation of the asset is displayed.

• BOOK VALUE
  The book value of the asset is displayed.

• TOTAL ASSETS
  The total number of assets in used inventory for the P/C/R/O is displayed.

• TOTALS/GRAND TOTALS
  Page totals for the number of off lease assets and the inventoried value are shown by office. Region, company, portfolio and grand totals are shown for the number of off lease assets and the inventoried value.
  

 

LeasePak  Reference Guide

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