This module will allow users to select lease accrual/billing cycles other than the base system option of monthly.
The alternate accrual/billing cycle options which are provided by this module are: bi-weekly, weekly, and semi-monthly. Throughout the documentation
and in the product these options are also known as the non-monthly accrual/billing cycles. When any of these new accrual/billing cycles is in use, it will provide income recognition and invoice billing frequency on the respective bi-weekly, weekly, or semi-monthly payment interval. However, users can change accrual/billing cycle for a lease by using U0104 Billing Frequency Change.
Following are the supported accrual and payoff methods that can be used for non-monthly accrual/billing cycles:
| Accrual/Billing Cycles | Accrual Methods | Payoff Methods | Termination Methods |
| M - Monthly (available in base system) | ALL | ALL | ALL |
| S - Semi-Monthly | *APR, *OSL, *OPM, *RES, *AF*, *AX*, *IF*, *IX* (Exception: *AFE, *AXE, *IFE, *IXE are not supported for non-monthly accrual/billing cycles.) | EBV, FIX, INV, NONE, NPV, OPR, PRN, PVS, RES, IB | EBV, INV, NONE, IB |
| W - Weekly | |||
| B - Bi-Weekly |
Following are the supported and unsupported functional areas of LeasePak pertaining to leases with a non-monthly accrual/billing cycle.
| Sr#. | LeasePak Updates/Reports | Supported/Unsupported Features | Notes |
| 1 | U0101 Book Lease | Supplemental depreciation is not supported for leases with non-monthly accrual billing cycles. | |
| AFM module leases or assets are not supported. | |||
| Advance invoicing is not supported. | |||
| CCA - Capital Cost Allowance is not supported for use with non-monthly accrual/billing cycle leases. | |||
| Automatic Payment Intervals 2 and 4 are not supported to book a lease with non-monthly accrual/billing cycle. | |||
| The PRORATE INCOME IDC/IDR (Y/N) switch from U0212 Portfolio→Miscellaneous Customizations does not support non-monthly accrual/billing cycles. If the switch is set to 'Y' then LeasePak will treat non-monthly accrual/billing cycle leases as if the switch was set to 'N'. | |||
| Recurring charges payment schedules are not supported for non-monthly accrual/billing cycle leases. | |||
| Field Lease Date Affects Yield set to 'Y' from U0212→Portfolio is not supported for non-monthly accrual/billing cycle leases. Users must set this field to 'N' from U0212 Portfolio→New Lease Customizations option. | |||
The following items are not supported for IBLs:
|
|||
| 2 | U0103 Payoff/Terminations | Supports non-monthly accrual/billing cycles. | For IBLs: Leases must be paid off using the current payoff or termination method that applies to interest bearing loans. |
| 3 | U0104 Payment Reschedule | Supports non-monthly accrual/billing cycles. | |
| 4 | U0105 Assessments | Supports non-monthly accrual/billing cycles. | |
| Supports off-lease billing when a non-monthly accrual/billing cycles lease has been either paid off or terminated. | |||
| 5 | U0107 Payment Extension | Supports non-monthly accrual/billing cycles. | |
| 6 | U0108 Lease Extension/Auto Lease Extension | Supports non-monthly accrual/billing cycles. | |
| Advance invoicing is not supported for leases with non-monthly accrual/billing cycles. | |||
| 7 | U0118 Due Day Change | Limited to only one due change per lease period for non-monthly accrual/billing cycles. | For IBLs: The multiple due day change for IBL non-monthly accrual/billing cycle leases is not supported regardless of the settings of switch MULTI DUE DAY CHG RESTRICTION (Y/N) from U712 Custom General->Miscellaneous Customizations. |
| 8 | U0120 Change Asset | Does not perform supplemental depreciation on assets attached to a non-monthly accrual/billing cycle lease. | |
| 9 | U0125 IBL Principal Adjustment | Supports non-monthly accrual/billing cycles. | The effective date entered for both a Principal Write-Up or Principal Write-Down cannot be greater than one accrual/billing cycle. |
| 9 | U0202 Master Financial | Does not calculate the Insurance Risk Fee percentage for non-monthly accrual/billing cycle leases. | |
| Automatic Payment Interval 2 and 4 are not supported to book a lease with non-monthly accrual/billing cycles. | |||
| 10 | U0209 Customer Group | Lease with non-monthly accrual/billing cycles cannot be attached to a group. | Users must set the lease accrual cycle to monthly to attach to a group. |
| 11 | U0212 Portfolio | The PRORATE INCOME IDC/IDR (Y/N) switch from U0212 Portfolio→Miscellaneous Customizations does not support non-monthly accrual/billing cycles. If the switch is set to 'Y' then LeasePak will treat non-monthly accrual/billing cycle leases as if the switch was set to 'N'. | |
| The Lease Date Affects Yield field from U0212 Portfolio→New Lease Customizations does not support non-monthly accrual/billing cycle leases. | Field Lease Date Affects Yield must be set to 'N' from U0212Portfolio-→New Lease Customizations. | ||
| Invoice/Accrual Deferral days are supported for non-monthly accrual/billing cycle leases. | Users must set invoice and accrual deferral days for non-monthly accrual/billing cycle leases. | ||
| 12 | U0236 RCR Schedule | Recurring charges payment schedule is not supported for leases with non-monthly accrual/billing cycles. | |
| 13 | U0301 Accrual | Supports non-monthly accrual/billing cycles. | |
| 14 | U0418 Batch Assessments | Supports non-monthly accrual/billing cycles. | |
| Supports off-lease billing when a non-monthly accrual/billing cycle lease has been either paid off or terminated. | LeasePak uses the existing logic to determine which invoice the off-lease billing assessment will appear on leases with non-monthly accrual/billing cycles when U0712 Custom General→Miscellaneous Customizations switch OLB INV ON LEASE DUE DAY (Y/N) is set to either 'Y' or 'N'. | ||
| 15 | U0428 Insurance Risk Fee | Insurance Risk Fee is not supported for leases with non-monthly accrual/billing cycles. | |
| 16 | U0433 Late Charges | Supports leases with non-monthly accrual/billing cycles. | |
| 17 | U0438 ALI Insurance Data Export | Does not support leases with non-monthly accrual/billing cycles. | |
| 18 | U0462 Metro2 Interface | Supports non-monthly accrual/billing cycles. | |
| 19 | U0712 Custom General | Semi-monthly payment setup | Use Semi-Monthly Payment Due Day Table to define both primary and secondary due day for semi-monthly accrual/billing cycle leases. |
| 20 | U0801 Application | Supports non-monthly accrual/billing cycles. | |
| Does not support to calculate Insurance Risk Fee for non-monthly accrual/billing cycles. | |||
| AFM applications and application assets are not supported for non-monthly accrual/billing cycles. | |||
| Advance invoicing is not supported for non-monthly accrual/billing cycles. | |||
| CCA - Capital Cost Allowance is not supported for non-monthly accrual/billing cycles. | |||
| Automatic Payment Interval options 2 and 4 are not supported for use with non-monthly accrual/billing cycles. | |||
| Recurring charge payment schedule is not supported for non-monthly accrual/billing cycles. | |||
| Rate Plans are supported for use with non-monthly accrual/billing cycles. | |||
| 21 | R0109 Model Amortization | Supports non-monthly accrual/billing cycles. | |
| 22 | R0110 Portfolio Profile | Supports non-monthly accrual/billing cycles. | |
| 23 | R0112 Forecasting | Supports non-monthly accrual/billing cycles. | |
| 24 | R0113 - Lease Discounting Approval | Supports non-monthly accrual/billing cycles. | |
| 23 | R0502 - Application Inquiry | Supports non-monthly accrual/billing cycles. | |
| 25 | R0506 - Credit Approval | Supports non-monthly accrual/billing cycles. | |
| 26 | R0905 - Lease Inquiry | Supports non-monthly accrual/billing cycles. | |
| 27 | F5 - Lease Summary | Supports non-monthly accrual/billing cycles. |
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The information contained in this document is the 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; 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.
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