Overview Selection Billing Frequency Change Billing Frequency Reversal

Billing Frequency Change

LeasePak menu: Daily Work [U01], Payment Reschedule[U0104]

Corresponding End of Period process: None
Related to: Payment Reschedule [U0104]

The Billing Frequency Change option is used to change the current accrual/billing cycle on a lease or interest-bearing loan. Not all leases and interest-bearing loans can have their billing frequency changed. Not all leases and interest-bearing loans can have their billing frequency changed. There are certain restrictions to disallow billing frequency change. This option of U0104 requires purchase of the Alternate Accrual/Billing Cycles module.

U0104 Billing Frequency Change supports only A method interest bearing loan leases.

Lease Selection

Lease

(Mandatory)

Enter lease or interest-bearing loan number to change a billing frequency.

Billing Frequency Change

Use this screen to change the billing frequency.

Commencement Date

(Read-Only )

The commencement date of the lease is displayed.

Term (Months)

(Read-Only)

The term of the lease in months is displayed.

Accrual Method

(Read-Only)

The accrual method of the lease is displayed.

Accrued To Date

(Read-Only)

The accrued to date of the lease is displayed.

Current Payment Terms

Accrual/Billing Cycle

(Display-Only)

The current accrual/billing cycle is displayed.

Monthly Pmts Start Date

(Display-Only)

The current payment schedule start date is displayed. The label of this field is dynamic depending on the selected accrual/billing cycle. The possible labels are:

• Monthly Pmts. Start Date
• Weekly Pmts. Start Date
• Semi-Monthly Pmts. Start Date
• Bi-Weekly Pmts. Start Date

Due Days

(Display-Only)

The current due day(s) on the lease is displayed.

Maturity Date

(Display-Only)

The maturity date of the lease is displayed.

Grace Period Days

(Display-Only)

The grace days is displayed.

New Payment Terms

Accrual/Billing Cycle

Enter the accrual/billing cycle. The new value of accrual/billing cycle must be different from the current accrual/billing cycle.

Monthly Pmts Start Date

Enter the new payment schedule start date for the remaining payments to be accrued. This field will default to accrued to date + 1 day. The label of this field is dynamic depending on the value selected in the Accrual/Billing Cycle field. The possible labels are:

• Monthly Pmts. Start Date
• Weekly Pmts. Start Date
• Semi-Monthly Pmts. Start Date
• Bi-Weekly Pmts. Start Date

Due Days

(Display-Only)

The new payment due day for the remaining payments is displayed based on the new accrual/billing cycle entered. If the new accrual/billing cycle is Semi-Monthly, the due day field will be based from U0712 Custom General->Semi-monthly Payment Due Day Table update where semi-monthly accrual/billing cycle is defined.

For Example:

Accrual/Billing Cycle	Due day(s)
B - Bi-Weekly	Sat
M - Monthly	7
S - Semi-Monthly	7, 21
W - Weekly	Sat

Maturity Date

(Display-Only)

The maturity date of the lease is displayed. The maturity day and date for the lease or interest-bearing loan will be calculated depending on the new accrual/billing cycle entered and number of payments that have been entered in payment schedule grid.

For Example:

Accrual/Billing Cycle	Bi-Weekly/Monthly/Semi-Monthly/Weekly Pmts. Start Date	Due days(s)	Maturity Date
B - Bi-Weekly	1/7/1989	Sat	Sat, Jan 21, 1989
M - Monthly	1/7/1989	7	Tue, Feb 7, 1989
S - Semi-Monthly	1/7/1989	7, 21	Sat, Jan 21, 1989
W - Weekly	1/7/1989	Sat	Sat, Jan 14, 1989

Grace Period Days

(Display-Only)

The current grace days of a lease or interest-beating loan is displayed and can be changed instead of using U0202 Master Financial update.

Payment Schedule Grid

The payment schedule grid must be filled to reflect the remaining payments on the lease or interest-bearing loan based on the new accrual/billing cycle that was entered above. The billing frequency drop down menu will only show the applicable frequencies for the new accrual/billing cycle. The payment schedule must have at least one payment record. If the accrual method on the lease or interest-bearing loan is in advance, the first payment in the grid will be defaulted to SKIP, and this cannot be changed.

Refer to Payment Schedule overview document for description of remaining payment schedule grid columns and values.

Click OK button if you want to continue with the billing frequency and payment schedule changes.

LeasePak ensures the following conditions before saving changes made to the update for a selected lease:

• The lease must not have an Automatic Lease Extension record.
• The lease cannot have open accounts receivable invoices or paid amounts after the accrued to date.
• The lease must not have an asset with supplemental depreciation.
• The lease must not have an Automatic Payment Interval set to 2 or 4.
• The lease must not have Insurance Risk Fee.
• The arear lease with no billing frequency change must have at least one invoice accrued (otherwise use Rebook).
• IBLs Only- Leases with the following items are not supported:
  • Capitalized Interest
  • Commercial Loans
  • Interest Free Months

LeasePak will not clear the record of selected lease payment deferral, payment extension and reschedule counters on completion of billing frequency change update. Once billing frequency change completes LeasePak recalculates the following:

• For pre-computed leases:
  • Yield factor
  • Unearned lessor income
  • Unearned residual income will be re-calculated if the leases portfolio has Accrete Residual turned on in U0212 Portfolio->New Lease Customizations.
  • Contract receivable
• For IBL leases
  • Yield factor will not be recalculated.

Billing Frequency Reversal

The Billing Frequency Reversal option is used for reversing the most recent billing frequency change performed on a lease or interest-bearing loan. Not all leases and interest-bearing loans can have their billing frequency reversed. There are certain restrictions to disallow billing frequency reversal.

Lease

(Mandatory)

Enter the lease or interest-bearing loan number to reverse the last billing frequency change.

 

All fields are read-only. The lease or interest-bearing loan will be reversed to its previous state before the billing frequency was changed.

Clink OK to proceed with billing frequency reversal or Cancel.

LeasePak confirms to proceed with the update. Click OK to confirm billing frequency reversal. After completion of this update, LeasePak will return to the Lease Selection Screen.

 

LeasePak  Documentation Suite

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