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Application Setup: Rate Plan [U0816]

LeasePak menu: Updates, Tracking Setup, Application Setup [U08]
Corresponding End of Period process: None

Describes the Application Tracking [U08] setup update for adding, changing, or deleting application rate plans.

This is part of the optional LeasePak module Application Tracking. For information on individual Application functions, refer to Application Tracking [U08].

Use Rate Plan when you want to define a set of lease terms (such as amount of security deposit, purchase option, number of advanced payments, and payment factor) to apply to more than one application. You can also specify the allowed amount of variance from the rate plan. Use a rate plan in the Application field Rate Plan to default lease term information and to validate changes with the specified variance allowances. Use Rate Plan Group [U0817] to create one or more groups of similar rate plans. You can then assign a rate plan group to a Vendor using the Vendor [U0201] field Rate Plan Group, specifying the rate plan choices for applications associated with that Vendor.

Edit rate plans when users are not in Application Tracking or other parts of Application Setup.

 

 

Adding an Application Rate Plan

From the main LeasePak menu select Updates, Tracking Setup, Application Setup [U08], Rate Plan [U0816].

LeasePak provides no predefined rate plans. To add a rate plan, click Add. To instead exit the update, click Done.

Field Descriptions

Rate Plan

Type a 4-character code for the rate plan.

Default Rate Plan

If you want to default from an existing rate plan, click and select the rate plan from the list. You can make changes to the defaulted information in the tabs on the next screen.

Click OK to proceed or Cancel to return to the rate plan list window without making any changes. Proceed to Application Rate Plan Tabs and Fields below for descriptions of the setup fields.

 

 

Changing an Application Rate Plan

From the main LeasePak menu select Updates, Tracking Setup, Application Setup [U08], Rate Plan [U0816].

Click to highlight the rate plan you wish to change, then click Change. To instead exit the update, click Done. Proceed to Application Rate Plan Tabs and Fields below for descriptions of the setup fields.

 

 

Application Rate Plan Tabs and Fields

Terms/Payments Matrix

LeasePak displays the following field at the top of each tab:

Rate Plan

LeasePak displays the 4-character rate plan code.

 

Terms/Payments Tab

Field Descriptions

Listed in alphabetical order by displayed field name. To find a field description, look up its name (as displayed in the above screen shot) alphabetically in the list below.

Account Code

If needed, click and select an account code from the list. Use Custom Code [U0722], code category ACC, to customize account codes and descriptions.

Advncd Pmts Beg

Specify the number of advanced payments at the beginning of the application payment schedule (if any). Specifying advanced payments also restricts the application to advanced (Axxx) accrual methods.

Advncd Pmts End

Specify the number of advanced payments at the end of the application payment schedule (if any). Specifying advanced payments also restricts the application to advanced (Axxx) accrual methods.

Compensation Amt

Set either this field or Compensation Pct, not both. Type the dollar amount for the Application field Compensation Amount (if any). The compensation amount does not create a general ledger transaction or accounts payable.

Compensation Pct

Set either this field or Compensation Amt, not both. Type the percentage of the acquisition cost for the Application field Compensation Amount (if any). The compensation amount does not create a general ledger transaction or accounts payable. Type a percentage, not a decimal amount--for example, for 15%, type 15.00, not 0.15.

Description

Type the description of the rate plan, up to 20 characters in length.

End Date

Type a date, either in MM/DD/YYYY or DD/MM/YYYY format (depending on the Date Format Preference field in Security [U0706]), that specifies the expiration date of the rate plan. An application must have a commencement date on or before the End Date in order to use the rate plan.

Internal Cost 1

If needed, specify an internal cost related to the rate plan (not the application). This cost appears in the Rate Plan (rrp) LeasePak database table column int1_d; other than Rate Plan [U0816], this cost does not appear on any LeasePak updates or reports.

Internal Cost 2

If needed, specify an internal cost related to the rate plan (not the application). This cost appears in the Rate Plan (rrp) LeasePak database table column int2_d; other than Rate Plan [U0816], this cost does not appear on any LeasePak updates or reports.

Internal Cost 3

If needed, specify an internal cost related to the rate plan (not the application). This cost appears in the Rate Plan (rrp) LeasePak database table column int3_d; other than Rate Plan [U0816], this cost does not appear on any LeasePak updates or reports.

Market Code

If needed, click and select a market code from the list. Use Custom Code [U0722], code category MKT, to customize market codes and descriptions.

Pmt Frequency

If needed, click and select the frequency of payments in the application's payment schedule. Refer to the Application field Frequency for more information.

Purchase Option

If needed, click and select a purchase option from the list. Refer to the Application field PurOpt for information on the various purchase options.

Purchase Option Own

If needed, click and select a purchase option owner from the list. Use Custom Code [U0722], code category PUR.OPT.OW, to customize purchase option owner codes and descriptions.

Security Deposit

Set only one of the security deposit fields--Security Deposit (this field), Security (# of Pmts), or Security Percentage. For this field, Security Deposit, type a fixed dollar amount for the security deposit (if any).

Security (# of Pmts)

Set only one of the security deposit fields--Security Deposit, Security (# of Pmts) (this field), or Security Percentage. For this field, Security (# of Pmts), type the number of payments that make up the security deposit (if any). Beginning at the start of the lease, LeasePak totals payments (not including skip payments) until it reaches the specified number, then uses that as the security deposit.

Security Percentage

Set only one of the security deposit fields--Security Deposit, Security (# of Pmts), or Security Percentage (this field). For this field, Security Percentage, type a percentage of the acquisition cost for the security deposit (if any). Type a percentage, not a decimal amount--for example, for 15%, type 15.00, not 0.15.

Start Date

Type a date, either in MM/DD/YYYY or DD/MM/YYYY format (depending on the Date Format Preference field in Security [U0706]), that specifies the effective date of the rate plan. An application must have a commencement date on or after the Start Date in order to use the rate plan.

Variance Amount

Set either this field or Variance Percentage, not both. Type the dollar amount by which the user can increase or decrease the regular Payment Amount or amounts in the payment schedule (Application Tab 8) of an application (as defaulted through parameters on the Matrix Tab). Set to zero to allow the user to modify the payment by any amount (no limit).

Variance Percentage

Set either this field or Variance Amount, not both. Type the percentage of the original amount (as defaulted through parameters on the Matrix Tab) by which the user can increase or decrease the regular Payment Amount or amounts in the payment schedule (Application Tab 8) of an application. Type a percentage, not a decimal amount--for example, for 15%, type 15.00, not 0.15. Set to zero to allow the user to modify the payment by any percentage (no limit).

Click the Matrix Tab to continue editing the rate plan, click Save to add or change the rate plan and return to the rate plan list window, or click Cancel to return to the rate plan list window without making any changes. Once you are finished editing rate plans, from the rate plan list window click Done to exit the update. Any changes immediately become available for use with Rate Plan Group [U0817] and the Application field Rate Plan (use Refresh Codes to update the LeasePak client code set).

 

Matrix Tab

The tab pictured above shows the Payment Factor (grid area) shaded to distinguish it from the surrounding fields. LeasePak does not actually shade this region of the tab.

Field Descriptions

Term

Starting in the left column and continuing in ascending order to the right, specify the terms in months to associate with this rate plan. For example, type 12.00000, 24.00000, 30.00000, 36.00000, and 48.00000 in the first row of the columns from left to right. You can leave the remaining columns to the right blank. An application must have one of the specified terms in order to have the rate plan default a payment amount.

Min Cost

Starting in the top row and continuing down in ascending order, specify one or more minimum costs (in whole dollars) for acquisition cost ranges to associate with this rate plan. For example:

Min Cost	Max Cost
5,000	10,000
10,001	20,000
20,001	50,000

You can leave the remaining rows below blank. An application's acquisition cost must fall within one of the ranges in order to have the rate plan default a payment amount.

Max Cost

Starting in the top row and continuing down in ascending order, specify one or more maximum costs (in whole dollars) for acquisition cost ranges to associate with this rate plan. For example:

Min Cost	Max Cost
5,000	10,000
10,001	20,000
20,001	50,000

You can leave the remaining rows below blank. An application's acquisition cost must fall within one of the ranges in order to have the rate plan default a payment amount.

Payment Factor

Payment Factor refers to the region of the tab shown shaded above. LeasePak does not actually shade this region of the tab. For each intersecting lease term/cost range, specify a payment factor for calculating the payment amount. For example, a payment factor for 36 months/$10,000 might be 0.03500. LeasePak calculates the payment amount as acquisition cost * payment factor, which in this case is $350. The payment factor 0.03500 is typical for a monthly lease; quarterly, semiannual, etc. leases will usually have higher payment factors.

Payment Factor is different from the Application field Lease Factor, which LeasePak calculates as average monthly rental income / (capitalized cost + residual).

Residual Percent

Starting in the left column and continuing to the right, specify the residual percentages (if any) to associate with each lease term. For example, type 15.00000, 10.00000, 7.00000, 5.00000, and 3.00000 in the last row of the columns from left to right. You can leave the remaining columns to the right blank. Type a percentage, not a decimal amount--for example, for 15%, type 15.00, not 0.15.

Click the Terms/Payments Tab to continue editing the rate plan, click Save to add or change the rate plan and return to the rate plan list window, or click Cancel to return to the rate plan list window without making any changes. Once you are finished editing rate plans, from the rate plan list window click Done to exit the update. Any changes immediately become available for use with Rate Plan Group [U0817] and the Application field Rate Plan (use Refresh Codes to update the LeasePak client code set).

 

 

Deleting an Application Rate Plan

From the main LeasePak menu select Updates, Tracking Setup, Application Setup [U08], Rate Plan [U0816].

Click to highlight the rate plan you wish to delete, then click Delete. To instead exit the update, click Done.

You cannot delete a rate plan if it belongs to a rate plan group.

If LeasePak allows the deletion, it will prompt for confirmation.

Click Yes to delete the rate plan or No to return to the rate plan list window without making any changes.

Once you are finished editing rate plans, from the rate plan list window click Done to exit the update.

 

 

LeasePak  Documentation Suite

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