Payment Due Day Change [U0118]

LeasePak does not allow multiple due day changes to be performed on IBL non-monthly accrual/billing cycle leases regardless of the settings of the MULTI DUE DAY CHG RESTRICTION switch settings from U0712 Custom General→Miscellaneous Customizations. For detailed description of alternate accrual/billing cycles, refer to the Alternate Accrual/Billing Cycles overview document.

• PAYMENT DUE DAY CHANGE
  This option moves the payment due day forward up to one month.
  
  
• PAYMENT DUE DAY CHANGE REVERSAL
  This option moves the payment due day back to a day before the current due day but not before the original due day.

Payment Due Day Change

A warning message will be displayed if an active note is attached to the lease. This message appears if the Notes Payable module is purchased. The system will display the screen based on the lease accrual/billing cycle is booked for.

User can change due day only once for a lease with non-monthly accrual/billing cycle. Before updating the payment due day change for a particular non-monthly accrual/billing cycle lease, users must reverse the previous due day change for that lease. The update performs only one time due day change for a lease in original term of the lease and for lease extension period.

This update may not be used for interest bearing loans.

This screen appears if lease accrual/billing cycle is monthly (M-Monthly).

• PRESENT DUE DAY
  The current payment due day is displayed.
  
  
• NEW DUE DAY
  Enter the new due day. All due dates for invoices outstanding are moved forward to this new day. For example, if a payment is due on August 21, and a new due day of 17 is entered, the new payment due date is September 17. All future payments are due on the 17th, unless that day is changed again.

  The new due day may not be the same as the present due day, it must be a valid cycle due day and it may not be more than one month after the original payment due day.

  Refer to the Predefined Cycles Customizations option of the Portfolio update [U0212] for valid cycle due days.

• EFFECTIVE INVOICE DUE DATE
  This field will allow the user to identify the starting invoice due date. The invoice prior to the effective date will not be change the payment due date.

  When the MULTI DUE DAY CHG RESTRICTION switch is set to 'Y' in the Custom General [U0712] update, LeasePak does not allow multiple due day changes to be performed on a lease.

  The effective date entered must be an existing invoice payment due date. Invoices with payment due date on or after the effective invoice due date will have their payment due date changed, while fully paid invoices and outstanding prior to the date entered will continue on the current invoice due date.

  If the effective invoice due date is left blank, the due day change will effect the invoices produced by future accruals, it will not effect current outstanding invoices.

  This field is only be accessible to the users when "Multi Due Day Chg Restriction (Y/N)" field from U0712-Custom General is set to Y and the meets the following conditional (Note) requirements.

  NOTE: The only supported accrual methods are RAX* with IBL A type payment method, *APR, and *OSL. For accrual method 'AAPR' the lease/contract type must be 'FIN' - Finance.

• EXTENSION FEE
  Enter the extension fee, if any. This fee may be already collected or assessed and billed to the lessee. Leave this field blank if no extension fee is collected or assessed. If the PAYMENT EXTENSION FEE USED parameter on screen 1 of the Assessment Customizations option of the Portfolio update [U0212] is set to N, this field may not be accessed. If an extension fee is assessed and will be placed on an invoice that is partially paid, the bank code used in the partial payment will be defaulted.

  If the lease is subject to advanced invoicing, any extension fee must already be collected. LeasePak will not bill extension fees in these cases.

• EXTENSION FEE TAX
  This field is for display only. If the Sales Tax on Assessment module has been purchased, and the associated table has been set up through [U0725], sales tax will be automatically calculated for the extension fee and applied to the invoice. If, however, the fee already exists on the invoice, but was not previously taxed, then this additional amount will likewise not be taxed.
  
  

For Vertex O users Only: When user enters amount of the extension fee, LeasePak calculates the appropriate amount of tax for that extension fee and it will display in the "Ext Tax Fee" field. LeasePak calculates this tax through Vertex O Interface through TP event for the invoice number for which extension fee would be added to when committing and saving a transaction.

• EXTENSION FEE PAYMENT CHECK AMOUNT
  If an extension fee is entered, enter the amount already received, if applicable. Leave this field blank if no fee payment was received.

  If neither an EXTENSION FEE PAYMENT CHECK AMOUNT nor a SUSPENSE ITEM is entered, the full extension fee plus any calculated sales tax is assessed to the lessee. If an EXTENSION FEE PAYMENT CHECK AMOUNT and/or SUSPENSE ITEM is entered, but the amount is less than the extension fee plus any sales tax, the remainder is assessed to the lessee.

• BANK CODE
  This field will appear if the Multiple Banks module has been purchased. It allows the user to specify which bank should receive the payment. The default bank code is 125; valid entries are 1, 125-144, and 499-520.
  
  
• SUSPENSE AMOUNT
  This field is for display only. If the number of a suspense item is entered in the next field, the amount of that suspense item is displayed.
  
  
• SUSPENSE NUMBER
  Enter the number of the suspense item to be used to pay this extension fee, if any. The suspense item must be in the same portfolio/company/region/office and the lease. If the SUSPENSE AMOUNT is greater than the EXTENSION FEE plus any sales tax, the EXTENSION FEE plus tax is deducted from the SUSPENSE AMOUNT. If the Multiple Bank module is purchased, the bank code from the suspense item will be defaulted in the BANK CODE field.
  
  
• FIRST INVOICE PAYMENT DUE DATE
  The payment due date of the oldest outstanding (i.e., unpaid or partially paid) invoice on file is displayed in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].
  
  
• NEW FIRST INVOICE PAYMENT DUE DATE
  The payment due date, adjusted for the NEW DUE DAY, is displayed in MM/ DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].

This screen helps users change payment due day for leases having Bi-Weekly accrual/billing cycle.

• ACCRUAL/BILLING CYCLE
  This field is display only. The accrual/billing cycle is displayed.
  
  
• COMMENCEMENT DATE
  This field is display only. The contract commencement date is displayed in MM/DD/YYYY or DD/MM/YYYY format, depending on the Date Format Preference field in Security [U0706] with weekday and month name initials. .
  
  
• CURRENT DUE DAY
  This field is display only. The current due day of lease is displayed.
  
  
• WEEKDAY
  This field is display only. The current weekday is displayed.
  
  
• NEW DUE DAY
  Enter new due day or use dropdown list for help. All due dates for invoices outstanding are moved forward to this new day. The dropdown lists the dates according to the current due day and commencement date.
  
  The new due day cannot be the same as the present due day; it must be a valid due day after the current due day. For example, if current due day is 1 than the next due day must be with next 6 days.
  
  Users must enter a valid new payment due day to proceed with the update.

  Refer to the Predefined Cycles Customizations option of the Portfolio update [U0212] for valid cycle due days.
  
  

• WEEKDAY
  This field is display only. The weekday of the selected new due day is displayed.
  
  

Example

Original primary due day is 3, with commencement of 1/3/2018, the new due day can be any from the following new days: 4, 5, 6, 7, 8, and 9.

The above screen appears for Semi-Monthly accrual/billing cycle contracts.

• ACCRUAL/BILLING CYCLE
  This field is display only. The accrual/billing cycle is displayed.
  
  
• COMMENCEMENT DATE
  This field is display only. The contract commencement date is displayed in MM/DD/YYYY or DD/MM/YYYY format, depending on the Date Format Preference field in Security [U0706] with weekday and month name initials. .
  
  
• CURRENT DUE DAY(s)
  This field is display only. The current primary and secondary due days of lease will be displayed.
  
  
• NEW DUE DAY(s)
  Select from dropdown list. All due dates for invoices outstanding are moved forward to this new day. The dropdown the dates according to the primary and secondary due day set from Semi-Monthly Payments Due Day Table of U0712 Custom General

  The new secondary due day depends on the selected primary new due day. For example, if current primary due day is 1, secondary due day is 16, and the user selects 2 as a new primary due day, then the new secondary due day would be 17.

  Refer to the Predefined Cycles Customizations option of the Portfolio update [U0212] for valid cycle due days.
  
  

Users must follow the primary and secondary due day sequence with respect to original primary due day. The new secondary due day must follow the new primary due day. For example, if the existing primary and secondary due days are 1 and 16, you cannot make the new primary due day 25 and the new secondary due day 20, even though both of these are after 16.

If the user enters an invalid sequence of new due days, then the following message will appear. Users must set accurate number of days for new primary due day to proceed further.



Click on Ok to proceed further.

Example

If the original and primary due day is the 5th and a secondary due day of the 4th then user can change the primary due day to the 18th.

The above screen appears when a contract setup for Weekly accrual/billing cycle.

• ACCRUAL/BILLING CYCLE
  This field is display only. The accrual/billing cycle is displayed.
  
  
• COMMENCEMENT DATE
  This field is display only. The contract commencement date is displayed in MM/DD/YYYY or DD/MM/YYYY format, depending on the Date Format Preference field in Security [U0706] with weekday and month name initials. .
  
  
• CURRENT DUE DAY
  This field is display only. The current due day of lease is displayed.
  
  
• WEEKDAY
  This field is display only. The weekday of the current due is displayed.
  
  
• NEW DUE DAY
  Select from dropdown list. All due dates for invoices outstanding are moved forward to this new day. The dropdown lists the dates according to the current due day and commencement date.

  The new due day may not be the same as the present due day, it must be a valid due day after the current due day. For example, because this contract has weekly accrual/billing cycle, the new due day must be within 6 days of the existing due day. For example, if current due day is 1 than the next due day must be with next 6 days.

  Refer to the Predefined Cycles Customizations option of the Portfolio update [U0212] for valid cycle due days.
  
  

• WEEKDAY
  This field is display only. The weekday of the selected new due day is displayed.
  
  

On successfully processing payment due day for alternate accrual/billing cycle lease the above message confirms the processing of payment due day change. Click on OK button to process the change. The application takes the user back to the menu option of the Payment Due Day Change update.

Example

Original primary due day is 27th, with commencement of 3/27/2019. The user can enter any of the following new due days: 28, 29, 30, 31, 1, 2, and 3.

Payment Due Day Change Reversal

A reversal may be done only if the payment due day was changed from its original value at system booking using the Payment Due Day Change option.

A warning message will be displayed if an active note is attached to the lease. This message appears if the Notes Payable module is purchased.

This screen is used to enter the new payment due day. The present due day and oldest outstanding invoice due date are displayed.

If an extension fee was assessed during the Payment Due Day Change for the lease, then the Assessment Waiver option of the Assessment update [U0105] may be used to reverse the assessment, if desired.

• PRESENT DUE DAY
  The current payment due day is displayed.
  
  
• NEW DUE DAY
  Enter the new payment due day. All future payments are due on this day and due dates for invoices outstanding are moved backward to this new day. For example, if a payment is due on September 17, and a new due day of 15 is entered, then the new payment due date is September 15. All future payments are due on the 15th, unless the payment due day is changed again. The new due day may not be the same as the present due day, it must be a valid cycle due day, and it must not be before the original payment due day.

  Refer to the Predefined Cycles Customizations option of the Portfolio update [U0212] for valid cycle due days.

• FIRST INVOICE PAYMENT DUE DATE
  The due date of the oldest outstanding (unpaid or partially paid) invoice on file is displayed in MM/DD/YY or DD/MM/YY format, depending on the Date Format Preference field in Security [U0706].
  
  
• NEW FIRST INVOICE PAYMENT DUE DATE
  The new due date of the first oldest invoice is displayed in MM/DD/YY or DD/ MM/YY format, depending on the Date Format Preference field in Security [U0706].

  Note: This update may not be used for Interest Bearing Loans at this time.