U04 End of Period

U0428 Insurance Risk Fee

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.

U0418 Batch Assessments must be set to run during EOP if running U0428 Insurance Risk Fee.

This is the initialization program for the Insurance Risk Fee option. It is available when U0418 Batch Assessments license module is purchased and selected for EOP and the INSURANCE RISK FEE % has been entered in U0101 Book Lease or U0801 Application→Tab 5: Codes/Fees.

When the insurance Risk Fee module is turned on, LeasePak will detect when the lease's due date is to determine if an insurance Risk Fee needs to be charged and calculated. The results are stored in Sybase RBS table (aamt_b_d). If a fee is to be calculated, LeasePak will post the fee to the G/L and A/R in the next EOP with Batch Assessments turned on, on the following day or invoice due date, removing the data in the RBS table.

If the lease has a monthly payment schedule and payment due date is the 1st of each month, LeasePak will perform the calculation on the last day of the month and the fee (if any) will be posted to the G/L on the 1st of the following month.

Example: If the lease has a semi-annual payment schedule with a due date on 1/1 and 7/1, then LeasePak will perform the calculation on the 6/30 and 12/31 and the fee (if any) will be posted to the G/L on 1/1 and 7/1. The same applies for any other payment frequency.