U04 End of Period

U0412 Sequential Updates Post-Processor

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

Sequential Updates: This EOP module runs as the second stage of Sequential Updates.

These are the three stages of Sequential Updates:

• U0411 Sequential Updates – This first stage also runs the various other EOP modules that run as part of Sequential Updates
• U0412 Sequential Updates Post-Processor
• U0413 Sequential Updates Post-Merge

• Sequential Updates Exceptions Report
• Sequential Updates Error Messages
• Depreciation Accrual Report
• ITC Accrual Report
• Late Charges Audit Report

This module executes after all the individual modules of U0411 Sequential Updates are complete. It performs all file updating required at the office level for the individual modules. It also pools together reporting information for all the individual modules, if the database is segmented into equal parts and those parts are executed simultaneously (refer to the End of Period Multi-Process Count on the first screen of the End of Period Customizations option of U0212 Portfolio).

Four reports may be produced by this module:

• U0412A Sequential Updates Exception shows exceptions encountered during the Sequential Update process in the order in which the exceptions occurred. This report will notify users of unprocessable items, including late charge information that may require user action.
  
  
• U0412B Depreciation Accrual provides year-to-date information regarding depreciation for tax purposes. Also shown are life-to-date depreciation figures for informational purposes.
  
  
• U0412C ITC Accrual provides a current detailed accounting of the Investment Tax Credit status for each asset.
  
  
• U0412D Late Charges Audit shows information regarding late charges assessed during the Sequential Update process.

Skip Notes: This module should not be skipped if U0411 Sequential Updates completes successfully. U0412 performs office level file updating associated with the changes already made by U0411. Therefore, if U0411 is completed and U0412 is skipped, the database will have a potentially large number of inconsistencies.

U0412A Sequential Updates Exceptions

U0412A Sequential Updates Exceptions reports Data File Exceptions, Depreciation Exceptions, ITC Exceptions, and Late Charges Exceptions at the lease/asset level. Error types will be displayed on the report first, followed by detail error messages.

Sequential Updates Error Messages

Error messages are printed to U0412A Sequential Updates Exceptions. Error messages notify the user of unprocessable items.

The following list contains the messages (listed alphabetically) for the Late Charge module. All leases with late charge errors should be processed interactively through U0105 Assessments.

• ACCOUNTS RECEIVABLE RECORD (RAR) IS LOCKED
  The Accounts Receivable (RAR) record cannot be accessed. No late charge assessment was made. Try processing the late charge assessment interactively.
  
  
• BASE RATES RECORD (RPR) DOES NOT EXIST
  This message is used for GFT late charge methods only. The Base Rates (RPR) record does not exist. No late charge assessment was processed. The applicable base rates must be added through U0705 Base Rate, before the late charge assessment can be processed.
  
  
• REQ RECORD NOT FOUND WHEN CALCULATING USE TAX.
  No late charge assessment was processed because the Equipment (REQ) record could not be found during the sales tax calculation. Contact your NetSol representative regarding possible data corruption problem.
  
  
• RLO RECORD NOT FOUND WHEN CALCULATING USE TAX.
  No late charge assessment was processed because the Location (RLO) record could not be found during the sales tax calculation. Make sure that a Location record exists by using U0701 Location. Then try processing the Late Charge assessment interactively using U0105 Assessment.
  
  
• ERROR FOUND WHEN CALCULATING USE TAX.
  No late charge assessment was processed because of an error encountered while calculating sales tax. Contact your NetSol representative.
  
  
• INVOICE RECORD (RAR) DOES NOT EXIST
  The Accounts Receivable (RAR) record cannot be found. No late charge assessment was processed. Try processing the late charge assessment interactively.
  
  
• INVOICE FOUND ON RHA; INVOICE HAS BEEN PAID
  The Accounts Receivable (RAR) record was found on the Historical Accounts Receivable file, indicating that the invoice was paid in full and on time. If this message appears, contact your NetSol representative.
  
  
• LATE CHARGE AMOUNT IS NEGATIVE
  This message is used for GFT late charge methods only. It indicates the calculated late charge is negative, which generally means the user has processed lease payments in some way that caused previously assessed late charges to be too high. The negative number is actually a late charge credit. However, in this case the End of Period process neither reverses nor assesses any late charges. The user may wish to waive some existing late charges using the Assessment Waiver option of U0105 Assessment.
  
  
• UNABLE TO DECIPHER EXCEPTION - CONTACT NETSOL REP
  This message is displayed when LeasePak is unable to determine the reason for the exception, but something has occurred during while assessing the late charge that requires attention. If this message appears, determine the late charge amount and contact your NetSol representative.

The following list contains the messages (listed alphabetically) for the Depreciation Calculation module.

• INVALID DEPRECIATION CALCULATION FOR ASSET <asset number>
  This error message is displayed when LeasePak is unable to calculate depreciation for the asset. The possible errors are:

  INVALID ACCRUE ACCRUED TO DATE
  INVALID ALTERNATE MINIMUM TAX CODE
  INVALID BOOK DEPRECIATION CODE
  INVALID BOOK START DATE
  INVALID FEDERAL DEPRECIATION CODE
  INVALID IN-SERVICE DATE
  INVALID PAYOFF ACCRUED TO DATE
  INVALID STATE DEPRECIATION CODE

The following list contains the messages (listed alphabetically) for the ITC Accrual module.

• INVALID ITC CALCULATION FOR ASSET <PCRO + lease number + asset number>
  This error message is displayed when LeasePak is unable to calculate ITC for the asset. The possible errors are:

  INVALID ACCRUE ACCRUED TO DATE
  INVALID DAR/DHA READ
  INVALID IN-SERVICE DATE
  INVALID ITC ACCRUED TO DATE
  INVALID ITC CODE
  INVALID ITC METHOD
  INVALID LEASE KEY
  INVALID ORIGINAL LESSOR UNEARNEDINV
  ALID PAYOFF ACCRUED TO DATE
  INVALID % OF SCHEDULE

The following list contains the messages (listed alphabetically) for the Data File exceptions for the Sequential Updates module. These messages are displayed if there are inconsistencies in the database with respect to the main data files.

• Customer group COMB. <customer number + group number> DOES NOT EXIST
  
  
• DEMOGRAPHIC RECORD (RDM) MISSING
  
  
• No base rate for financial inst <financial institution number>
  
  
• NO DEALERS SET UP - DEALERS INITIALIZATION CANCELED
  
  
• No record on lease file beyond <EOP portfolio number>
  
  
• STATE CODES <state location> AND <equipment location> MUST BE EQUAL
  
  
• Unable to get first asset <EOP portfolio number>
  
  
• Unable to access asset <asset number>
  
  
• Unable to access lease <lease number>
  
  
• Unable to update asset <asset number>
  
  
• Unable to update lease <lease number>
  
  
• <file name> <data field> FIELD: <field name> VALUE: <field value> DOES NOTEXIST
  This error message will be displayed if there are inconsistencies with the following data fields: Base rate code, broker, city, city name, city and state combination, credit approver officer, document approver officer, funding approver officer, guarantor, vehicle manufacturing and model combination, investor, or lease form code.
  
  
• <number> DATA stored; array allows for only <maximum array size>
  This error message will be displayed if the number of the following data fields exceeded the maximum size of the array: Broker, cities, dealers, lease forms, groups, guarantors, investors, locations, officers, vehicles, or financial institutions

U0412B Depreciation Accrual

U0412B Depreciation Accrual reports at the asset level and includes the following information:

• LEASE
  
  
• ASSET
  
  
• DEPR ST DATE
  The date the asset was first placed in service, as entered through the Add Asset option of U0101 New Lease, is displayed. The in-service date is the starting date for book depreciation.
  
  
• DEPR
  The book depreciation method by which the asset is being depreciated is displayed.
  
  
• BOOK DEPR BASIS
  The book depreciation basis is displayed.
  
  
• BOOK M-T-D DEPR
  The month-to-date book depreciation calculated for the asset is displayed.
  
  
• BOOK Y-T-D DEPR
  The year-to-date book depreciation calculated for the asset is displayed.
  
  
• BOOK L-T-D DEPR
  The life-to-date book depreciation calculated for the asset is displayed for informational purposes.
  
  
• TOTALS
  The page totals for the report reflect the number of assets and all dollar amounts for each portfolio, company, region, and office. Grand totals are shown for the number of assets and all dollar amounts.

U0412B ITC Accrual

U0412B ITC Accrual reports at the asset level and includes the following information:

• LEASE
  
  
• ASSET
  
  
• IN-SERV DATE
  The date the asset was first placed in service, as entered through the Add Asset option of U0101 New Lease, is displayed. The in-service date is the starting date for ITC.
  
  
• ITC CODE
  One of the following ITC codes, used for tax purposes (not book), is displayed:
  • TK= Full ITC (6% or 10%) is taken the first year.
  • TR= Reduced ITC (4% or 8%) is taken the first year.
  • TK2= Full ITC is taken over 3 or 5 years.
  • TR2= Reduced ITC is taken over 3 or 5 years.
  • PASS= ITC is passed through to the lessee (not taken).
    
    
• ITC METH
  The ITC tax method which the asset is being accrued is displayed.
  
  
• ITC ORG UNEARNED
  The original unearned ITC amount is displayed.
  
  
• ITC CUR UNEARNED
  The current unearned ITC amount is displayed.
  
  
• ITC M-T-D INCOME
  The month-to-date book depreciation calculated for the asset is displayed.
  
  
• ITC Y-T-D INCOME
  The year-to-date book depreciation calculated for the asset is displayed.
  
  
• TOTALS
  The page totals for the report reflect the number of assets and all dollar amounts for each portfolio, company, region, and office. The grand totals shown are for the number of assets and all dollar amounts.

U0412D Late Charges Audit

U0412D Late Charge Audit reports at the lease level and includes the following information:

• LEASE
  
  
• INVOICE NUMBER
• The invoice number to which the late charge was assessed is displayed.
  
  
• INVOICE DUE DATE
• The invoice due date for the INVOICE NUMBER is displayed.
  
  
• LATE CHARGE BASIS
• The amount used in the late charge calculation is displayed.
  
  
• LATE CHARGE METHOD
• The long form of the late charge method is displayed.
  
  
• LATE CHARGE RATE
• The rate used in the late charge calculation is displayed. If floating rates are used in the late charge calculation, the rate as of the run date is displayed.
  
  
• LATE CHARGE AMOUNT
  The calculated late charge amount is displayed.
  
  
• TOTALS
  The page totals for the report reflect the number of invoices and all dollar amounts for each portfolio, company, region, and office. The grand totals shown are for the number of invoices and all dollar amounts.