Business Processes
Form 1099-C
Credit Bureau Extract Metro 2 Format users.
When the creditor has filed a Form 1099-C Cancellation of Debt for a client on a lease or loan.
LeasePak Updates/Processes
- U0102 Payments
- U0105 Assessment
- U0239 Credit Bureau Lease/API
- U0462 Credit Bureau Extract
Relevant LeasePak Interface Fields
- U0239 Credit Bureau Lease/API
- "Special Comment Code"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| Special Comment Code – User sets to AU when appropriate; LP will report AU when set | AU – Account paid in full for less than the full balance |
| Account Status – LP will report 97 or 64 |
97 – Unpaid balance reported as loss (charge-off) 64 – Account paid in full; was charge-off |
Process Overview
This process requires that the User first charge off the lease. Refer to Charge-off process for more information.
After the User charges off a lease, they can either leave it as a charge-off/loss, in which case U0462 reports Account Status as 97 and other fields as appropriate for charge-offs, or settle the account.
To settle the account and report it as settled, the User must pay through U0102 Payments and/or waive or reverse through U0105 Assessment any open AR, then use U0239 Credit Bureau Lease/API to set SCC to AU. U0462 Credit Bureau Extract will report SCC as AU, Account Status as 64, and other applicable fields as paid/0.
LeasePak User Process
To settle an account for less than the full balance and report it as settled:
- Charge off the lease or loan
- Use U0102 Payments to pay and/or U0105 Assessment to waive or reverse any open AR
- Use interactive U0239 Credit Bureau Lease or third-party interface via API to set SCC to AU
Business Processes |
Appendix
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The information contained in this document is the sole property of NETSOL Technologies, Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. NETSOL Technologies, Inc. assumes no liability for any inaccuracy that may appear in this document nor does it have the obligation to update any of the information contained herein; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of NETSOL Technologies, Inc. is prohibited.