Batch Payoff [U0129]
B Method IBL users: you cannot use this update with B Method
Interest Bearing Loans (IBLs).
Contents
- Add/Change Payoff Batch Number
- Batch Payoff Entries
- Batch Payoff Report Viewer
- Delete Payoff Batch Number
Introduction
The Batch Payoff update works in conjunction with the Cash Control module, a separately purchased module. The Batch Payoff update allows the user to ability to automatically post all Payoffs for Interest Bearing Loans in arrears with an RAX* accrual method in a batch method. Using the Payoff (RPD) table, LeasePak will determine acceptance of the Payoff amounts based on the Payoff Customization switches set in the Portfolio [U0212] update: Default Bank Code for Payoff Refund, Refund Check Date Deferral, Use Third Party Payoff Quote Y/N, Batch Payoff Loss Tolerance, Batch Payoff Gain Tolerance and Assessment Tolerances. Additionally, LeasePak will process the Batch Payoff's through End of Period, the End of Period Customization option in the Portfolio update will allow the user to run Batch Payoffs and view Exceptions and audits through the Batch Payoff [U0427] update.
IQUOTE users: when making a batch payoff using IQUOTE, IQUOTE's payoff amount will override the payoff amount from LeasePak's Payoff Quote [U0213] update.
When a Payoff for RAX* type leases is processed, LeasePak will various edit checks to compare the data entered in the RPD table and the calculated payoff data.
For Example:
| Data From LeasePak | Outside Source Data | |
| Base Payoff | $ 76,660.12 | $ 78,000.00 |
| Pmts Outstd | $ 2,021.22 | $ 2,500.00 |
| Assmt Outstd | $ 125.00 | $200.00 |
| Total Payoff | $ 78,806.41 | $80,700.00 |
Amount
Received = $81,000.00
Bank Code: 125
Base Payoff : The difference is
debited/credited to the Gain/Loss on Sale of Equipment
Pmts Outstd: The difference
is debited/credited to Lessor Income-Simple
Assm Outstd: The difference is
debited/credited to the income account of each assessment and adjusted accordingly
(based on outside source data)
If the Payoff transaction is rejected, the amount entered through Batch Payoff [U0129], will be posted to the 'Default Bank for Automatic Suspense' and a Suspense item will be created and tied to the default PCRO. The Bank Code entered in this update will not record the cash receipt. Any exceptions will be displayed in the Exceptions report and the Suspense item number will be displayed in the Suspense Review [R0203] report.
The Batch Payoff
update, allows the user to reverse all payoffs transactions and batch payoff transactions
via the Payoff Reversal [U0103] update.
Each
group of Payoff entries are controlled by the batch number consisting of today's
date, and a unique sequential number. For Batch Payoffs, LeasePak automatically
assigns unique 30-digit batch numbers to each payoff applied through [U0103].
The Batch number changes when a new CHECK NUMBER is entered. Batch numbers assigned by LeasePak are made up of 20 digits:
- 6 digits for current date (YYMMDD)
- 6 digits for each payment session
- 8 digits for each check.
This number increases each time a new check number is entered.
For example, 3 checks from 3 lessees are to be applied on September 3, 1995.
| Check
Number | Check Amount | Invoice Number | Amount Paid | Batch Number |
| 1011 | $250 | 10042 | $100 | 9509039000010000001 |
| same | 10191 | $100 | 9509039000010000001 | |
| same | 10233 | $50 | 9509039000010000001 | |
| 976 | $7005 | 09919 | $7005 | 9509039000010000002 |
| 9442 | $2224 | 10098 | $1112 | 9509039000010000003 |
| same | 10131 | $1112 | 9509039000010000003 |
If
the user leaves the Batch Payoff screen back to the main menu, and then goes back
to enter more Payoffs, the next batch number will start with: 95090390000200000001.
Add/Change Batch Payoff
Number
This screen allows the user to enter the Batch Payoff Number that is to be added, changed or deleted.
This screen appears when the Add button is selected.
- BATCH PAYOFF NUMBER
The Batch Payoff Number is displayed.
- BATCH PROJECTED TOTAL
Enter the Projected Total that applies to the Batch Payoff Number.
- OPERATOR INITIAL
The current Operator Initials will default.
- EFFECTIVE DATE
Enter the Effective Date to which this batch payoff number will apply in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].
For IBLs in NMAT (matured) status and with Capitalize Interest set to 'N', you can specify an effective date as far forward of the accrued-to date as needed.
If the Last Accrued to Date is less than Payoff Effective Date, LeasePak will calculate the additional interest.
Example
Current Accrued to Date 10/1/01 Accrual Deferral Days 6 Next Accrual EOP on 10/07/01 New Accrued to Date on 10/07/01
Next Payment Due Date 11/01/01 Current Date 10/01/01-11/01/01 (between Last Accrued to Date and next Last Accrued to Date) Payoff Effective Date 10//06/01 Current Interest Outstanding = Additional Interest (Interest calculated for 7 days of October) + Current Payments Outstanding (Interest accrued until 10/1/01)
- PORTFOLIO
Enter the Portfolio to which this batch payoff number will apply.
- BANK CODE
Enter the Bank Code to which this batch payoff number will apply.
Change
Batch Payoff
When a Batch Payoff Number is entered or the Help button is used to select a previously entered number, LeasePak allows the user to select the Change button.
- BATCH CONTROL NUMBER
The Batch Payoff Number is displayed.
- BATCH
PROJECTED TOTAL
The Projected Total that applies to the Batch Payoff Number is displayed and may be changed.
- OPERATOR
INITIAL
The current Operator Initials will default.
- EFFECTIVE
DATE
Enter the Effective Date to which this batch number will apply in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].
Interest Bearing Loan users: for IBLs in NMAT (matured) status and with Capitalize Interest set to 'N', you can specify an effective date as far forward of the
accrued-to date as needed. - PORTFOLIO
Enter the Portfolio to which this batch payoff number will apply.
- BANK
CODE
Enter the Bank Code to which this batch payoff number will apply.
Batch Payoff Entries
This screen allows for Batch Payment Entries.
- BATCH
CONTROL NUMBER
The unique Batch Payoff Number is displayed for the batch of payments entered for the given session.
- OPERATOR
The current signed-on user initials are displayed.
- BATCH
PROJECTED TOTAL
Enter the projected target total of all batch payments. This number is used for reconciliation; the number entered should match the total payment amount before the batch payment is processed.
- CHECK
NUMBER
Enter the check number for the payment. This is a required field.
- LSE/INVO
Enter L for Lease. 'L' must be selected for IBLs. This field automatically defaults to L.
- NUMBER
Enter the Lease or Invoice number. This field is required.
- AMOUNT
Enter the payment amount. This field is required.
- EFFECTIVE
DATE
The effective date defaults from the previous screen. This field may be changed in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].
- BANK CODE
The bank code defaults from the previous screen. This field may be changed.
- PAYOFF
METHOD
PAYOFF METHOD defaults to the method specified on the Payoff Quote (RPD) file. If no Payoff Quote exists, PAYOFF METHOD defaults to the method on the lease form, as established on the Lease Form update [U0721]. The method may be changed to another valid method. Click on the Help arrow for a list of valid payoff methods. The matrix below shows which payoff methods may be used for each lease type.
Lease Type Payoff Methods Termination Methods Precomputed CF3, EBV, FIX, G12, INV, NPV, PR, PRN, PV2, PVS, PVT, R78,RES, RV, SB, TAX, WO EBV, G12, INV, NONE, PV2, RV, TAX, WO Simple Interest EBV, PRN NONE Operating OPR INV, NONE IBL IB IB - PAYOFF
SOURCE
Select the payoff source. Use Help for a list of valid sources. PAYOFF SOURCE is informational only. Codes are established through the Custom Codes update [U0722] under code SRC. - PAYOFF
RATING
Select the payoff rating. Use 'HELP' for a list of valid payoff ratings. PAYOFF RATING is informational only. Payoff rating codes are established through the Custom Codes update [U0722] under code RAT. - ALLOW
OVERRIDE
This field will permit overrides of Portfolio setting to occur on posting of gain or losses and the associated G/L accounts. - CURRENT
TOTAL
This field will display the total dollar amount. This amount will be updated as each entry is made.
- SAVE
Select Save when the Batch Payoff number is to be saved.
- VALIDATE
When the Validate button is selected the following is verified and saved: Check Number, Lease Number, and other high level edit checks are performed. Once the validation is complete, LeasePak will display the Batch Payoff detail record and validation for the specific batch Payoff processed.
When the validation is complete, LeasePak will notify that user that the validation is complete.
Select Ok. This will prompt the user the the Batch Payoff Report Viewer which automatically launches when Ok is selected.
- PROCESS
Select Process when the Batch Payoff numbers are ready to be processed. The Operator which entered the batch payoff number, is not allowed to process the entries; an error message will appear when this occurs. Select OK and hit the Cancel button to continue.
Batch Payoff Report Viewer
This screen appears when OK is selected in the previous screen. This screen allow the user to view the Batch Payoff Report Viewer [R0416] at the time of entry. Select one of the choices if desired, if not, select Cancel. Once the batch payoff job has been submitted, the processed job may be viewed through the Batch Payoff update or through the Batch Payoff Report Viewer [R0416].
To view the report through the Batch Payoff update, select the batch payoff number from the first screen. The Help menu will display the batch payoff numbers that have been completed. When a completed job is selected, the VIEW button will appear in the screen.
For a detailed description of the report, refer to the Batch Payment Report Viewer [R0415].
Delete Payoff Batch Number
Unprocessed batch payoff numbers may be deleted. Select the batch payoff number to be deleted. Use the Help button to view the list of unprocessed batch numbers. Select Delete.
Select Yes or No for the Batch Detail Record that is displayed to be deleted or not. If Yes is selected, the Batch Detail record will be deleted for the given batch payoff key.
LeasePak Documentation Suite
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by NetSol Technologies Inc. All rights reserved.
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