Multi Asset Maintenance [U0230]

Multi Asset Maintenance [U0230] is an optional update (part of JULE 2001). It allows changes to the location, use tax, property tax, and UCC/title filing information to one, some, or all of the assets attached to a particular lease.

From the LeasePak menu, select Updates, Maintenance, Multi Asset Maintenance. LeasePak displays the lease selection screen:

Type the lease number or click to search, then click Select to continue.

LeasePak displays the Multi Asset Maintenance screen:

The top half of the screen lists all the assets attached to the lease. In the leftmost column, click to select (check) the corresponding asset, click to cancel the selection (clear the box), or use Select All/Unselect All to either select all assets attached to the lease or clear all selections.

Changes made to the fields described below will affect all assets selected (checked) in the list.

After making updates, click Save to record the changes, or click Cancel to abandon the changes and return to the lease selection screen.

Field Descriptions

Address
Type the street address corresponding to the location of the asset(s) or leave blank to retain the current address.
City
Type the city corresponding to the location of the asset(s), click to use Location Search, or leave blank to retain the current city. Typing information in this field will require updates to the County, State, and Zip fields as well.

Running Location Search without first specifying any criteria (such as a state or province) accesses all location records (50,000+ if Vertex locations are loaded) in the LeasePak database and can take up to 15 minutes to complete.

County
Type the county corresponding to the location of the asset(s), click to use Location Search, or leave blank to retain the current county. Typing information in this field will require updates to the City, State, and Zip fields as well.
State
Type the state corresponding to the location of the asset(s), click to select from the list, or leave blank to retain the current state. Typing information in this field will require updates to the City, County, and Zip fields as well.
Zip
Type the postal/zip code, or leave blank to retain the current code. Typing information in this field will require updates to the City, County, and State fields as well.
Use Tax Code
Click to select from the following choices or leave blank to retain the current Use Tax Code.

  • State, County, and City -- asset(s) subject to tax (if any) in all three jurisdictions
  • City -- asset(s) subject to tax (if any) in city jurisdiction only
  • County and City -- asset(s) subject to tax (if any) in county and city jurisdictions only
  • County -- asset(s) subject to tax (if any) in county jurisdiction only
  • State -- asset(s) subject to tax (if any) in state jurisdiction only
  • State and City -- asset(s) subject to tax (if any) in state and city jurisdictions only
  • State and County -- asset(s) subject to tax (if any) in state and county jurisdictions only
  • Exempt Use and Sale -- lessee is legally exempt from paying sales or use tax in all jurisdictions; LeasePak disallows assessment of sales/use tax on asset(s) but still reports asset on the regular Use Tax Disbursal listings
  • Exempt and Non-Reporting -- lessee is legally exempt from paying sales or use tax in all jurisdictions; LeasePak disallows assessment of sales/use tax on asset(s) and reports tax release information on the Use Tax Disbursal Non-Reportable listings
  • Tax paid Up Front -- lessee paid sales tax for the asset(s) at the beginning of the lease; LeasePak allows assessment of sales/use tax on other assessments only (not on the rental stream) and does not allow assessment at payoff
  • Exempt Use Tax Only -- lessee paid sales tax for the asset(s) at the beginning of the lease; LeasePak allows assessment of sales/use tax on other assessments only (not on the rental stream), but does allow additional sales tax assessment at payoff
  • Permanent -- asset(s) subject to the tax rates in effect on the commencement date of the lease and these rates remain effect throughout the life of the lease, regardless of jurisdictional changes (if a new lease is booked with a commencement date earlier than the book date--that is, backdated--and a tax rate change occurred between the commencement date and book date, taxes charged will reflect that change as of its effective date)
Tax Type
Click to select from the following choices or leave blank to retain the current Tax Type.

  • Csa (conditional sales agreement) -- usually finance leases; LeasePak reports all payments accrued as gross receipts
  • True lease (accrual) -- finance or operating leases; LeasePak reports all payments accrued as gross receipts
  • True lease (cash) -- finance or operating leases; LeasePak reports only payments actually received as gross receipts
Prop Tax Basis
Informational only: type the dollar amount on which to base property taxes or leave blank to retain the current amount(s).
Report Prop Tax (Y/N)
Type Y to include asset(s) on the following reports: Taxable Income [R0301], Investment Tax Credit Listing [R0303], Investment Tax Credit Review [R0303], Tax Depreciation [R0304], Energy Tax Credit Review [R0308], Tax Timing Differences [R031o], Gross Profit Deferral [U0608]; type N to exclude asset(s) from these reports; or leave blank to retain current value(s).
Allow Prop Tax (Y/N)
Type Y to include asset(s) on the Property Tax Assessment [R0305] report, type N to exclude asset(s) from this report, or leave blank to retain current value(s).
Title Filings
Add, change, or delete UCC/title filings for the selected asset(s). For more information on title filing fields, refer to Tab 6: Title Filings of Application Asset Tabs [U0801].

 

LeasePak  Reference Guide

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