U0720 Loan Rates Full History

Commercial Loan

Overview document (not a LeasePak menu item)
Corresponding End of Period process: None

Commercial Loan overview document in progress.

The Commercial Loan Module works in conjunction with and requires the Loan Accounting (Interest Bearing Loans/IBL) module.

 

 

Commercial Loan Features

Weekend And Holiday Assgn [U0720]

For commercial loan users, this update offers the added feature of multiple calendars.

From the LeasePak main menu, select Updates, Auxiliary Table Maintenance [U07], Weekend And Holiday Assgn [U0720]:

Select Add to create a new calendar, Change to modify an existing calendar, or Delete to delete an existing calendar.

You cannot delete the 'BASE' calendar, which serves as the standard LeasePak calendar for non-Commercial Loan users. If you attempt to delete one of the custom calendars, LeasePak will search through the database Lease (rls) table, and if it finds any loans using the particular calendar, will not allow the deletion.

Click OK to proceed or Cancel to exit the update.

Field Descriptions

Holiday Calendar Code

Add or change the 4-character code identifying the calendar. You cannot change the code for the 'BASE' calendar.

Description

Add or change the description of the calendar. Maximum field length is 20 characters.

Year

LeasePak sets this to the current year and displays it in 'YYYY' format. Non-editable.

The remainder of the update is identical to the standard Weekend And Holiday Assgn [U0720].

 

Enhanced Loan Rates

The Enhanced Loan Rates fields are for use with floating-rate IBLs--'AF' and 'IF' accrual methods only.

Use the fields listed below to further customize the rates for your floating-rate IBL commercial loan. You can input initial data for these fields in:

Application Tracking [U08]: New/Change Application, Tab 9 Accrual Info.

New Lease [U0101]: Book Lease

You can make updates or corrections on these fields in:

Change Accrual [U0215]

You can report on these fields from:

Application Inquiry [R0502]: Terms of Application

Lease Inquiry [R0905]: Terms of Lease

Lease Summary F5: Terms/Rates

Field Descriptions

Base Rate %

Specify the percentage of the base rate to use as the floating rate for the loan. You can specify a base rate percentage or an add-on rate, but not both. Default value is 100%.

Next Rate Set Day

Specify which day of a given month to use in beginning to choose rates from the rate table. Valid values are 0 through 31. Select '0' (default value) to use current LeasePak behavior, which is to use rates individually. This field works in conjunction with Next Rate Set Month--if you set this field to '0', you must also set Next Rate Set Month to '0'.

Next Rate Set Month

For regular quarterly (QTR), semiannual (SEMI), or annual (ANNL) payment schedules, specify the start month(s) of the periodic cycles. For example, to specify the beginnings of Q1-Q4 as July, October, January, April (in that order), select '7'. To specify a first half-year beginning in September and a last half-year beginning in March, select '9'. This field works in conjunction with Next Rate Set Day--if you set this field to '0', you must also set Next Rate Set Day to '0'.

Frequency of Rate Set

Specify how often to check the rate table for changes. If Next Rate Set Day and Next Rate Set Month are '0', you must select either 'DAY' (check daily) or 'NONE' (default--also checks daily). If Next Rate Set Day/Month are not '0', you can select anything but 'DAY' or 'NONE'. The other options are 'MON' (check monthly), 'QTR' (check quarterly), 'SEMI' (check semiannually), and 'ANNL' (check annually).

Use Business Day

Specify 'C' (Calendar Day), 'P' (Previous Business Day), or 'F' (Following Business Day). If you wish to specify 'P' or 'F', you must set Calendar Code to something other than 'BASE' or (None).

Calendar Code

Select a calendar from the list. You can set up additional custom calendars through the special Commercial Loan version of the Weekend And Holiday Assgn [U0720] (opens in a new window) update. You must set the Calendar Code to 'BASE' or (None) if you wish to specify 'C' (Calendar Day) for Use Business Day.

Late Charge Methods 'GFL*' and 'GFT*'

For Commercial Loan users, the late charge methods 'GFL*' and 'GFT*' will use the above fields for late charge calculations on floating-rate IBLs:

Late charge rate = (commercial rate * Base Rate %) + lease add-on rate + Lease Form penalty add-on rate

Where the commercial rate is the rate table rate according to the parameters set by the above fields.

 

 IBL Full History Report

For Commercial Loan users, LeasePak includes the IBL Full History [R0927B] report with the IBL Inquiry [R0927]. This report works for both method 'A' and 'B' IBLs. It is an XML-only report--that is, it only displays in the new XML report format, regardless of your settings in Report Profile F4. The R0927B report draws from the LeasePak database tables rid Invoice Interest Detail, rpc Principal Change, and rph Payment History and in many ways is similar to a combination of the IBL Inquiry and Account Payment History [R0909] reports.

Because this report draws on the rid Invoice Interest Detail table, in order to display any detail information, you must first turn on the Custom General [U0712]: Miscellaneous Customizations switch IBL Invoice Detail (check the box or set to 'Y'). With this switch on, LeasePak creates the IBL detail records and stores them in the Invoice Interest Detail (rid) database table for use with the report.

LeasePak does not generate IBL invoice detail for the rid table retroactively--that is, you will not have specialized IBL invoice data for any invoice activity prior to turning on the switch. This does not, however, have any affect on the operation of the payment history portion of the report (although you still need to turn on IBL Invoice Detail on to see this part of the report).

 

 

LeasePak  Documentation Suite

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