U04 End of Period

U0414 Assumed Payments

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

Sequential Updates: This EOP module runs as part of U0411 Sequential Updates.

This module performs batch (non-interactive) lease payment processing for leases coded as having assumed payments. It may be used to process payments automatically as they become due, even though the cash is not directly received by the lessor. For example, assumed payments may be appropriate if lease payments are assigned and directly remitted to a third party, or if they are collected and processed by another division of a lessor's company.

When the Cash Control module is purchased, LeasePak will automatically assign a trace reference information from the Payment Origination code. The trace reference will appear in R0926 Cash Control Payment History.

U0414A Assumed Payment Exceptions and U0414B Assumed Payment Audit are created by this module. These reports are formatted exactly like U0415A Batch Payment Exceptions report [] and U0415B Batch Payment Audit.

Unlike the Batch Payments module, no special input files are required for assumed payment processing. If payments are assumed for the lease, the Assumed Payment module automatically processes the payments. The lease may be designated as having assumed payments through U0101 New Lease→Book Lease update or through U0202 Master Financial. If payments are assumed, all outstanding amounts due on or before the current date are paid. This includes:

• Payment amount
• Interest amount (if a simple interest lease)
• Use tax
• Vendor payment participation
• Recurring charges (any type)
• Assessments (for example, late charges, collection fees)
• Special lease booking assessments (for example, security deposit, interim rent, down payment)

If the 1994 JULE Fund is purchased, interest bearing loans may be designated for assumed payments.

If the Multiple Banks module is purchased, the cash account that will be debited is 129 (Assumed Payments Receivable).

If the Notes Payable module is purchased and the APPLY PAYMENT TO NOTE parameter on the New Lease option of the U0212 Portfolio→New Lease update is set to Y, then assumed payments made on leases attached to notes payable will also be made on the note.

If the payment of the above items is subsequently reversed using the option of U0102 Payments→Payment Reversal, the Assumed Payment module does not reapply the reversed payment. Therefore, actual delinquencies for those leases with Assumed Payments may be tracked. Session assignments are not required in order to process Assumed Payments.

Exception messages for Assumed Payments are similar to the U0415 Batch Payments exception messages.