Accounts Payable Balancing [R0408]
End of Period: This process can be run either interactively through this update or seleted to run as a special month-end version during EOP End of Month. As an EOP module, the process is:
| EOP Only | Yes* |
| Frequency | Monthly |
| Sequential Updates | No |
| Skip Notes | No restrictions |
*The special month-end version of this report is only available through EOP End of Month, but is otherwise the same as the interactive version, using the same processing but with selection criteria specific to End of Month.
For more information about End of Period, refer to U04 End of Period Overview.
The Accounts Payable Balancing report [R0408] provides lease and asset information detailing the payable LeasePak General Ledger accounts. This report may be used to reconcile the corresponding General Ledger accounts on the General Ledger Entries Listing report [R0406].
The report may be accessed through the Audit Control report menu [R04].
The report may be selected interactively for:
- All leases and assets
- A portfolio
- A company
- A region
- An office
- A lease
The report may be automatically generated for each portfolio at the end of the month through the End of Period update [U0401]. Use the End of Period MODULES AND REPORTS screen under the End of Period Customizations option of the Portfolio update [U0212] to specify whether the report is created.
LeasePak will display the following IDC/IDR fees that have not been disbursed:
- Insurance Premium
- Notary Fee
Accounts Payable Balancing Selection
- ALL
Enter X to report on all leases and off-lease assets. Leave blank to report on a specific portfolio, company, region, and/or office.
- PORT
Enter the number of the portfolio upon which to report. Leave blank if reporting across portfolios.
- COMP
Enter the number of the company upon which to report. Leave blank if reporting across companies.
- REGN
Enter the number of the region upon which to report. Leave blank if reporting across regions.
- OFFIC
Enter the number of the office upon which to report. Leave blank if reporting across offices.
- LEASE
Enter the number of the lease upon which to report. Leave blank if reporting across leases.
Accounts Payable Balancing Report
The Accounts Payable Balancing report [R0408] reports at both the lease and asset levels and provides the following information:
- LEASE
or ASSET
The lease or off-lease asset number is displayed. An asset number is designated by an asterisk (*) placed immediately to the right of the number. A line for the lease shows all payable items. A line for the off-lease asset shows only accounts payable, use tax payable, property tax payable, and FHUT payable.
- LESSEE
NAME or EQUIPMENT DESCRIP
For leases, the short form of the lessee name is displayed. For off-lease assets, the asset description is displayed.
- ACCOUNTS
PAYABLE
The amount of the acquisition cost for the lease/asset which has not been disbursed is displayed. Accounts payable for the asset may be disbursed through the check disbursal screen of Book Lease or through the Check Disbursal option, both in New Lease update [U0101]. All accounts payable for the assets tied to a lease must be disbursed before the lease may be paid off through the Payoff update [U0103]. If the lease has multiple assets associated with it, the sum of all the undisbursed acquisition costs for the assets is shown.
- SECURITY
DEPOSIT
The (refundable) security deposit held for the lease is displayed. Security deposit is not applicable to off-lease assets.
- COMMISSION
FEES
The commission fees currently payable to the broker are displayed. Commission fees may be disbursed through the last screen of the Book Lease option or through the Check Disbursal option, both of the New Lease update [U0101]. All commission fees for the lease must be disbursed before the lease may be paid off through the Payoff update [U0103]. Commission fees are not applicable to off-lease assets.
- VENDOR
PARTICIPTN
The dollar amount due to be paid to the vendor for the specified lease is displayed. The portion of income earned (for vendor income participation) or the percentage of the lease payment (for vendor payment participation) is automatically calculated and remitted to participating vendors based on the vendor payment frequency (monthly or quarterly). Vendor participation is not applicable to off-lease assets. Refer to the Vendor Income Participation report [R0801] and/or the Vendor Payment Participation report [R0805] for more information on vendor participation.
- INVESTOR
PARTICIPTN
The dollar amount due the investor for the specified lease is displayed. The portion of income earned is automatically calculated and remitted to participating investors. Investor participation is not applicable to off-lease assets.
- DEALER BONUS
The total dealer bonus payment amount for the lease is displayed. To get this dealer bonus column and its value users must purchase Enhanced IDC/IDR module and must set the switch of Allow Dealer Bonus from U0212 Portfolio to Y. - DEALER RESRV
The total dealer reserve payment amount for the lease is displayed. This field will only appear if the Enhanced IDC/IDR module is purchased and must set the switch of "Allow Dealer Reserve" from Portfolio to "Y". - USE
TAX
The accumulated use tax payable to the taxing entities (state, county, city) is displayed. The Use Tax Disbursal report [U0449], executed at the end of the month by the End of Period update [U0401] automatically clears the disbursed portion of this amount after reporting it as payable to the various taxing entities.
- PROPERTY
TAX
The property tax collected from the lessee but not yet paid to the taxing entities (state, county) is displayed. The user may choose to report and clear this amount or to simply report on property tax payable through the Property Tax/FHUT Payable update [U0119].
- FHUT
The Federal Highway Use Tax collected from the lessee but not yet paid to the taxing entities (state, county) is displayed. The user may choose to report and clear this amount or to simply report on Federal Highway Use Tax payable through the Property Tax/FHUT Payable update [U0119].
- ACCOUNTS PAYABLE TAX
Accounts payable amountcontaining funding tax amount on acquisition cost is displayed.
- COMMISSION FEE TAX
Commission fee payable amount containing funding tax on Broker Fee amount is displayed.
- INSURANCE PREMIUM TAX
Insurance premium payable amount containing funding tax on IDC1 insurance premium is displayed.
- NOTARY FEE TAX
Notary fee amount containing funding tax amount on IDC2 Notary Fee is displayed.
- TOTALS
Page totals for number of leases, number of off-lease assets and all dollar amounts are shown for each office. Region, company, portfolio, and grand totals are shown for the number of leases, number of off-lease assets and all dollar amounts.
For Vertex O users only: The report will also include Vertex O use tax payable records from the RTR table where payable type is equal 90.
For Vertex O users only: This report will also include Vertex O property tax payable records from the RTR table where payable type equals 91.
For Vertex O users only: This report will also include Vertex O FHUT Federal Highway Use Tax records from the RTR table where payable type equals to 92.
Note: If any of the check is being disbursed by using disbursement types APFT/CMFT/I1FT/I2FT than the Use Tax will column will reflect negative value if no other rts Tax Release records exist.
Balancing Procedures
The totals for accounts payable, security deposit, commission fees, vendor participation, investor participation, use tax, property tax and federal highway use tax for each accounting unit (portfolio, company, region, and office) should balance to the corresponding General Ledger accounts on the General Ledger Entries Listing report [R0406]. When balancing, both the Accounts Payable Balancing report [R0408] and the General Ledger Entries Listing report [R0406] should be generated at the same time.
LeasePak Documentation Suite
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