Selection Off Lease - Report A Off Lease - Report B

Off Lease Inventory [R1001]

Reports the status of assets available in inventory. LeasePak classifies assets in inventory as pre-lease (assets that have never been on lease) and used (assets that have returned to inventory after lease termination).

Based on this, the Off Lease Inventory [R1001] generates two reports that report on pre-lease and used assets. These two reports are also referred as Report A and Report B respectively in this document.

End of Period: This process can be run either interactively through this update or seleted to run as a special month-end version during EOP End of Month. As an EOP module, the process is:

EOP Only	Yes*
Frequency	Monthly
Sequential Updates	No
Skip Notes	No restrictions

*The special month-end version of this report is only available through EOP End of Month, but is otherwise the same as the interactive version, using the same processing but with selection criteria specific to End of Month.

For more information about End of Period, refer to U04 End of Period Overview.

 

In the module selection screen of Portfolio [U0212]: End of Period Customizations, select Off Lease Inventory to run this report as part of End of Period. You can also select from here to generate either both the (Off Lease Inventory and Used Inventory ) reports or only one of them. LeasePak organizes the End of Period report by portfolio, company, region, office.

Selection Criteria

On the LeasePak main menu, click Reports, point to Audit Control [R0418], and then click Client Payment History [R0418].

Field Descriptions

All

Optional

Select this check box to report on all off lease assets, or clear it to report on a specific portfolio, company, region, and/or office.

Port

Optional

Type the portfolio number to report on, or click to select from the list. Leave blank if reporting across portfolios.

Comp

Optional

Type the number of the company to report on, or click to select from the list. Leave blank if reporting across companies.

Regn

Optional

Type the number of the region to report on, or click to select from the list. Leave blank if reporting across regions

Offce

Optional

Type the number of the office to report on, or click to select from list. Leave blank if reporting across offices.

Click OK to generate the reports.

LeasePak will display Report A (Off Lease Inventory) first. To see Report B (Used Inventory), click Done at the bottom of the Report A window.

Off Lease Inventory (Report A)

This shows assets that have not been on lease ever since their booking in inventory. It will also show assets after termination of a lease or asset if U0212 Portfolio → Miscellaneous Customizations → Change Depreciation at Term (Y/N) is set to 'N'. Assets may appear in the Off Lease Inventory report if the asset:

• Has been booked in inventory and
  • Has never been attached to a lease or
  • Was attached to a lease that was later removed
  • Was terminated with Change Depreciation at Term set to 'N'

The report organizes the assets into individual accounting units (portfolio/company/region/office), and, within each unit, lists the assets by asset number.

Use this report to reconcile the Inventoried Value totals for each accounting unit (portfolio/company/region/office) against the corresponding general ledger Inventory account totals on the General Ledger Entries Listing [R0406].

When reconciling, generate both the Off Lease Inventory and General Ledger Entries Listing reports at the same time.

The following is an example of how this report appears in LeasePak. To see a current sample report, click here (opens in a new window).

Field Descriptions

Listed in alphabetical order by displayed field name. To find a field description, locate the field name on the screen display, then look it up alphabetically in the list below.

Acquisition Date

Display

Shows the asset acquisition date.

Asset

Display

Shows the unique asset number.

Current Status

Display

Shows the current status of the asset. The status code is a four character abbreviation representing the status of the asset. This status is assigned and managed by LeasePak. Possible status codes for an asset include NRIN and NRIV.

• NRIN
  Indicates a new asset with accounts payable disbursed.
  
  
• NRIV
  Indicates a new asset with accounts payable not disbursed.
  

Click here (opens in a new window) to learn more about LeasePak status codes.

Description

Display

Shows any information entered for the asset. In case of vehicles, the description includes the manufacturer name, vehicle model and year.

Grand Totals

Display

Shows the number of off lease assets and the inventoried value arranged with respect to the accounting units (office, region, company, portfolio) and the grand totals for the number of off lease assets and their inventoried value.

ID

Display

Shows the asset identifier. Duplicate IDs for different assets may appear in your report. This is because LeasePak imposes no rule for the asset ID to be unique and leaves it at the user's discretion to specify a unique or a duplicate identification.

Inventoried Value

Display

The value of the asset as it exists in inventory. For assets that have come off lease into inventory, this is the lower of the fair market value (as entered during the Termination option of the Payoff update [U0103]) or the net book value. If the lease is terminated at maturity, the net book value is normally the residual. If the lease is terminated prior to maturity, the net book value is calculated as follows:

For precomputed interest leases:

CONTRACT RECEIVABLE
+ RESIDUAL
- UNEARNED INCOME (LESSOR + VENDOR + INVESTOR)

For simple interest leases:

ACCRUED PRINCIPAL

For assets with a 'pre-inventory' status (assets never been on lease), the Inventoried Value is the original acquisition cost of the asset.

Location City

Display

The city location of the asset. If applicable, the tax rate for this city is used to calculate and assess sales/use and property taxes for the asset.

Location County

Display

The county location of the asset. If applicable, the tax rate for this county is used to calculate and assess use sales/use and property taxes for the asset.

Location State

Display

The state location of the asset. If applicable, the tax rate for this state is used to calculate and assess sales/use and property taxes for the asset.

Status Date

Display

Shows the date for the last change in the Current Status of asset.

User Def Status

Display

Shows the user defined asset status. You can define custom asset status codes using the Custom Codes update [U0722]. See the Status Codes document for additional information on asset status codes.

Click Done after reading this report to view the Used Inventory report (Report B).

Used Inventory (Report B)

This report shows the used assets available in inventory after lease or asset termination if U0212 Portfolio → Miscellaneous Customizations → Change Depreciation at Term (Y/N) is set to 'Y'.

The following is an example of how this report appears in LeasePak. To see a current sample report, click here (opens in a new window).

Field Descriptions

Listed in alphabetical order by displayed field name. To find a field description, locate the field name on the screen display, then look it up alphabetically in the list below.

Accum Depr

Display

Shows the total amount of depreciation collected on the asset to date.

Acquisit Cost

Display

Shows the asset acquisition cost.

Asset

Display

Shows the unique asset number.

Book Value

Display

Shows the book value of the asset.

Description

Display

Shows any information entered for the asset. In case of vehicles, the description includes the manufacturer name, vehicle model and year.

Grand Totals

Display

The report organizes the page totals for the number of used assets and their book value for each accounting unit (portfolio/company/region/office) and the grand totals for the number of used assets and their book value.

ID

Display

Shows the asset identifier. Duplicate IDs for different assets may appear in your report. This is because LeasePak imposes no rule for the asset ID to be unique and leaves it at the user's discretion to specify a unique or a duplicate identification.

In-Service Date

Display

Shows the date since the asset is in-service.

 

 

LeasePak  Documentation Suite

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