Leveraged Finance Lease Payments to Bank
Main Menu - Vehicle - Lev. Fin. Bank Lease Payments
This is a very specialized screen that was written for a specific customer, and is not to be used for general leveraged financing monthly payments. This screen is used under the following conditions:
The monthly leveraged financing payment is made only when a lessee makes a lease payment.
The monthly leveraged financing payment is equal to the base lease payment (principal & interest only).
This screen is intended to assist the leasing company in making one, and only one, payment per lease to the bank per month. It will make multiple payments for a lease only if the lessee is catching up on past due payments. Payments ahead will be held in ALMSys until they are billed for. Only active leases with active leveraged financing will be included.
Layout / How To
In order for this to work right, you must be consistent in how payments are posted and how billing is run. Specifically, your routine should be as follows:
Run billing weekly for a 21-day through date. This is the billing default through date. (You may certainly bill though a lesser through date, such as two weeks; just be consistent.)
Post payments as of today's posting date.
Run this routine. This needs to be the last thing done for any posting date.
This screen will remember when you last did this. It will default a date range to the last run date + 1 day through today's date. In other words, if you last did this on Friday and today is Monday, it will default the date range from Saturday through today.
To begin, mark all of the locations to be included. It does not matter if locations are combined or separate. Press Next to proceed.
Date Range Page
By default, the calendars will be set from the day after the last time this was run through today's date. The last run information is in the green box on the right.
When the calendars are accurate, press Next to proceed.
ALMSys is looking for activity and goes by payment & billing posting dates to determine activity. ALMSys makes two passes in order to determine what needs to be paid. Pass #1 queries all of the payments posted for the date range. Pass #2 queries any billing that was posted for the date range.
ALMSys uses payment distribution logic in order to determine if a payment needs to be sent to the leveraged financing bank. Only the principal and interest paid for the date range will be used. If a lessee overpays (in other words, pays more than what has been billed to-date), the excess will NOT be listed at this time. The excess amount will be held in suspense until it is billed for. Only full lease payments will be shown. Partial payments will go into suspense until a full payment has been made.
Records from this grid may be deleted by clicking on the record and pressing the button.
Use the Update button to update the leveraged financing lease payments to bank histories for all of the payments in the grid. Doing so will provide an audit trail for future questions as to when a payment was made. The update may only be done once per day per lease. (Histories may be viewed & printed on the Leveraged Financing Information screen.)
As a result of the update, the rows in the grid will change to a different color, and the "Update" column will contain one of the following:
Y - Update was successful and the row will be green
N - Update failed and the row will be red
A - Update was not done because the lease was already updated that day and the row will be yellow
The information on the Results Page may be reported via three reports on the Reports pull-down menu:
Lease Payments to Bank. This report will sort the payments by bank in order for you to provide backup for the payments to the banks.
Payment Distribution for Lease Payments. This report will show payment distribution for those payments in the grid. Although this is similar to the Payment Distribution Report, it is NOT the same report. Terminated leases will not be shown.
AMPTax Detail for lease Payments. This report reuses the Payment Distribution AMPTax Detail report, but only for those payments listed in the grid.
Leveraged Financing Lease Payments to Bank Inactivity
Payment Distribution from Lev. Fin. Lease Payments