Tools: Location - Maintenance
Used to define locations to ALMSys.
Locations are numbered from zero and ALMSys will assign the number for you. ALMSys assigns each deal to a specific location. Each location is assigned a number, beginning at zero. If this is your first time into this screen, location zero has already been created for you. You may simply edit the values of location zero to your liking and press the save button .
Add locations using the button. New locations are automatically assigned the next consecutive number.
Locations cannot be deleted. You may reuse a location number by changing its name.
If you have both leases and loans, you MUST separate them into different locations. Otherwise, the billing and ledger interfaces may not work properly.
This page is used to edit the name and address for the location. There are fields provided for location contact information. The location name will be printed in the page header on reports.
You may have a payment receipt numbering scheme for each location. Check the box to override the overall control for the receipt number and enter the starting receipt number in the Next Receipt Number field. Receipt numbers may be between 1 and 2 billion.
Late Fee Page
This page is used to set the late fee settings that are used as defaults for new deals added to this location. This is typically only used for leases, but may be used for loans as well.
Days before delinquent represents the number of days that can pass after the payment due day before a deal will be assessed a late fee. This is also referred to as the grace period.
Day grace period ends is used as an override to the Days before delinquent. This may be between 1 and 31 and represents a fixed day of the month on which the grace period will end. (Set this to zero to NOT override the Days before delinquent.) Setting this to 31 will cause ALMSys to always use the last day of the month. You would typically use this override when you have the same day of month due for all of your deals and you want your grace period to end on the same day for everyone, regardless of how many days are in the month.
Late fee based on percentage of .... is used to set the method of calculating the fee. There are five methods:
1. Monthly Payment Principal + Interest: If any amount is owed after the grace period has expired, this method will simply calculate the late fee amount as the percentage (explained next) times the base amount (principal plus interest) of the payment.
2. Amount Owed, Excluding Fees: If any amount is owed (excluding fees) after the grace period has expired, this method will calculate the late fee as the percentage times the amount owed.
3. Minimum, or percent of P & I, to Maximum: If any amount is owed (excluding fees) after the grace period has expired, this method will calculate the late fee as the percentage times the base amount (principal plus interest) of the payment.
4. Amount Owed, Excluding Delinquent Fees Only: This is similar to type 2, but only excludes those late fees that are considered delinquent.
5. Total Outstanding Amount Owed. This will calculate the late fee as a percentage of the current total outstanding amount owed.
Percentage to calculate is the percentage to use to calculate the late fee. Fifteen percent would be entered as 15, five and a quarter percent would be entered as 5.25.
Minimum late fee dollar amount is the minimum dollar amount that each late fee calculation is to be. This is applied to all calculation types.
Maximum late fee dollar amount is the dollar amount that each late fee calculation is not to exceed. This is applied to all calculation types.
Percentage of outstanding amount owed due to avoid a late charge is how much the borrower may pay of the current amount owed to avoid a late fee. For example, if this percentage were set to 95, then that would indicate that the borrower would only need to pay 95% of the total amount owed to avoid the late fee. In other words, if John Doe is billed $300.00 and only paid $285.00, then a late fee would not be assessed. If you wish to always charge a late fee when any amount is delinquent, set this to 100. If you wish to never charge a late fee (no matter what), set this to 0.
If the calculated late charge is less than... will completely suppress a late fee if it is calculated less than this number.
Press the Reapply Defaults button to reapply these late fee default settings to all active deals in the same location.