Lender Booking Rates [R1202]

 

The Lender Booking Rates report [R1202] displays the rates at which funds were borrowed from the lender. The average borrowing rate for these funds is calculated and can be used for management purposes.

The report may be accessed through the Note Payable report menu [R12] and may be selected interactively for:

• All lenders
• A single lender

 

Lender Booking Rates Selection

• ALL
  Enter X to report on all lenders. Leave blank if reporting on a specific lender.
  
  
• LENDR
  Enter the Lender number on which to inquire. Use Help for a Client Search by lender. Select a lender, then select a note from the list of notes for that lender. Leave blank if reporting on multiple lenders.

 

• ALL
  Enter X to report on all notes payable on file for the lenders selected, regardless of the commencement date. Leave blank if a start date and/or end date is desired.
  
  
• START DATE
  Enter the earliest commencement date, in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706]. of the notes payable to report. All notes payable on file for the lender with a commencement date on or after this date are selected. If both a START DATE and an END DATE are entered, all notes payable with commencement dates on or between these dates are selected. Leave START DATE blank if all notes payable are desired or if all notes payable on or before the END DATE are desired.
  
  
• END DATE
  Enter the latest commencement date, in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706]. of the notes payable to report. All notes payable on file for the lender with a commencement date on or before this date are selected. Leave END DATE blank if all notes payable are desired or if all notes payable on or after the START DATE are desired.
  
  
• NOTE TYPE
  Enter a specific note type upon which to report, or enter the first letter of a note type code followed by an asterisk (*). This will enable the user to generate a report by lender with all revolving or all non-revolving notes. Leave NOTE TYPE blank if all types are desired. Use Help for a list of valid note types.
  
  The following example will select all revolving note types:
  • NOTE TYPE: R*__

 

Lender Booking Rates Report

The Lender Booking Rates report [R1202] provides the following information for each note payable which commenced during the specified period.

• NOTE TYPE
  The 4-character code plus a description of the notes payable type is displayed. Notes Payable types are defined through the Custom Code update [U0722].
  
  
• NOTE
  The note payable number is displayed.
  
  
• DESCRIPTION
  The description of the note payable is displayed.
  
  
• COM DATE
  The commencement or starting date of the note is displayed.
  
  
• ACCRUAL METHOD
  The code and description of the note's accrual method are displayed.
  
  
• RATE
  The interest rate of the note payable is displayed. The interest rate is calculated as follows:
  • FLOATING SIMPLE INTEREST
    The base rate for the float index on the commencement date plus the add- on rate is displayed for floating rate simple interest accrual methods.
  • FIXED SIMPLE INTEREST
    The fixed rate of the note payable is displayed for fixed rate simple interest accrual methods.
    
    
• ORIGINAL AMOUNT
  The original amount of the note payable is displayed. The original amount is calculated as follows:

ORIGINAL PRINCIPAL AMOUNT - DOWN PAYMENT

• TOTALS
  Page totals for the number of notes payable, weighted average rate, and all dollar amounts are shown by lender. Grand totals are shown for the number of notes payable, weighted average rates, and all dollar amounts.

 

Additional Information

A weighted average rate is more reflective of the actual rate than a simple average rate, because the original amount for each note payable is factored into the weighted average rate, while the number of notes payable is the only factor for a simple average rate. If all original amounts for each note payable were exactly the same, the weighted average rate and the simple average rate would be the same. However, if the original amounts vary, a note payable with a higher original amount and a higher rate than the simple average rate would increase the weighted average.

Weighted average rates are calculated using the following formula:

sum of the (ORIGINAL AMOUNT * RATE) for all notes payable
/ TOTAL ORIGINAL AMOUNT for all notes payable

The following is an example of the weighted average rate formula:

ORIGINAL AMOUNT * RATE
Note 1 $100,000 * 4.5% = $ 4,500
Note 2 $ 12,000 * 4.0% = $ 480
Note 3 $ 50,000 * 4.25% = $ 2,125
$162,000 $ 7,105

The weighted average rate of these 3 notes payable is:

$7,105 / $162,000 = .04385 (4.39%)

(The simple average rate of these 3 notes payable is 4.25%.)

 

LeasePak  Reference Guide

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