Finance

The Finance Screen is used to record the finance details of the contract.

Column 1

Financier (Lookup) — Enter or lookup the "Supplier Code" for the applicable financier from the supplier list.

Facility Type (List) — Select the type of funding facility that is being used for this contract. It may already be populated, as the value in the Clients / MLA "Facility Type" field updates here when a quote is accepted or settled. If the client's chosen facility becomes inactive, this field will remain blank when quotes are accepted or settled quotes. This is used as part of a total for contract funding shown in the Clients / Financiers tab if you are using that feature. This field can be renamed. Access to this field can be role restricted.

Finance Ref (Text) — Enter the Financier's reference number. This is used for searches and reconciliation to Financier invoices via "payments" report.

Finance Start (Date) — Date finance commences

Finance End (Date) — Date finance ceases

Initial Payment (Num) — Record an initial payment. Not used for accounting or billing purposes. Initial payment is calculated using 'Finance Rate' by default unless Finance Payment at COF is checked in the Contract Types / Details screen. Initial Payment are used as monthly values. See attached spreadsheet for detailed calculation. This field may be updated via the Refresh Base Rate or RefreshQuoteBaseRate feature.

Regular Payment (Num) — User may record initial payment. Not used for accounting or billing purposes. Regular payment is calculated using 'Finance Rate' by default unless Finance Payment at COF is checked in the Contract Types / Details screen. Regular Payment are used as monthly values. See attached spreadsheet for detailed calculation. This field may be updated via the Refresh Base Rate or RefreshQuoteBaseRate feature.

Deferred Interest (Num) — Amount of Interest deferred. This field may be updated via the Refresh Base Rate or RefreshQuoteBaseRate feature.

CSD Rate (%) — Percentage rate of Contract Stamp Duty. Note~as of 01/07/2009, no states are charging CSD.

Payment Code (1) (Num) — Number of Initial payments

Payment Code (2) (Num) — Number of Regular payments

Payment Code (3) (Num) — Period in which regular payments commence

Security Deposit (Num) — Amount of security deposit paid (e.g. to financier).

Advance/Arrears (List) — User selects advance or arrears payments. If you are using the Contracts/Payment type Principal and Interest, the calculation will add an extra row containing arrears interest if the Supplier / Financier "Payments Arrears Interest" is ON and the Contracts/Finance field "Advance/Arrears" is set to 'Arrears'.

Finance Deferred (Num) — If the contract has months deferred, enter this here. If the contract was created from a quote, the value of Quotes / Finance Periods Deferred is copied into this field.

1st Payment Date (Date) — Date of first payment

Finance Due Day (Drop List) — Select a calendar day from 1–31. Supplier "Pay Due" rules may auto-populate this field.

Finance Self Billing (Check Box) — User selects finance self billing (future enhancement).

Report Finance Payments (Check Box) — Controls how finance is displayed in Novated Lease reports.

Total Billed (Calc) — Total finance self billed (future enhancement).

Last Billed (Date) — Date of last finance self billing (future enhancement).

Click for History (Table) — Viewable finance self billing history.

REVS / PPSR Number (Text(20)) — Vehicle encumbrance reference.

Registration Token (Text (50)) — PPSR registration token.

Depreciable Amount (Num) — Used for depreciation reporting and calculations.

Monthly Residual Reserve (Num) — Monthly allocation to residual reserve.

Application Reference (Num) — Financier reference number.

Application Date (Date) — Finance application submission date.

Status (Text) — Finance application submission status.

Application Status (Text) — Finance application progress status.

Column 2

Vehicle Supplier (Lookup) — Supplier code of vehicle dealership.

Gross Vehicle Cost (Num) — On-road price from quote acceptance.

Claimable GST (Num) — GST amount claimable.

GST on Interest (Num) — GST applied to interest where applicable.

Amount Financed (Num) — Total financed amount.

Interest Rate (% (4dp)) — Effective interest rate from quote.

Cost of Funds (% (4dp)) — Base rate from quote.

Finance Rate (% (4dp)) — Base rate plus margin.

Establishment/Admin Fee (Num) — Finance establishment fees.

REVS Fee (Num) — REVS fee.

Extended Warranty Collected (Number) — Warranty amount financed.

Small Damage Repairs Collected (Number) — Damage repair insurance.

GAP Insurance Collected (Num) — GAP insurance.

Redundancy Collected (Num) — Redundancy insurance.

Walkaway Collected (Num) — Walkaway insurance.

Budgets Financed (Num) — Total budgeted finance.

Total Brokerage (Num) — Brokerage total.

Residual Value (Num) — Residual value excluding GST.

GST (Num) — GST on residual.

Residual Inc GST (Num) — Residual including GST.

Residual Due Date (Date) — Residual payment due date.

Residual Insurer (Lookup) — Residual insurer supplier.

Residual Insurer Fee (Num) — Insurance fee.

Brokerage Fee (Num) — Brokerage fee.

Broker (Lookup) — Broker supplier.

Introducer (Lookup) — Introducer supplier.

Introducer Fee (Num) — Introducer fee.

Originator Fee (Num) — Originator fee.

Column 3

Depreciation Method (Select) — Diminishing balance or straight-line.

Depreciation Rate (%) — Depreciation rate.

Depreciation Start (Date) — Depreciation start date.

Depreciation LTD (Calc) — Depreciation to date.

Book Value (Calc) — Written-down value.

Total Depreciation (Num) — Total depreciation value.

Total Interest (Num) — Total interest value.

Payout Method (Select) — Present Value or Rule of 78.

Penalty Rate (%) — Early termination penalty rate.

Payout ex GST (Calc) — Payout excluding GST.

Payout Date (Date) — Payout date.

Payout Value (Num) — Payout value excluding GST.

GST (Num) — GST on payout.

Payout Inc GST (Calc) — Payout including GST.

Forecast Sales Value (Num) — Forecast resale value.

Payout Notes (Text) — Notes stored in gb_notes.

Finance Application Details

Originator (Drop List) — Finance originator.

Application Reference (Number) — Financier reference.

Application Date (Date) — Application date.

Status (Text) — Submission status.

Application Status (Text) — Application progress status.

Apply / Resubmit Button

Used to submit or resubmit finance applications via supported integrations (Macquarie Leasing, BMW DealerPoint, BOQ).

Output Options

Settlement — Generates settlement documentation.

Payroll Advice — Generates payroll advice.

Depreciation — Generates depreciation report.

Screen Reports — Runs custom reports.

Troubleshooting

I can't edit the Financier field

The Financier field becomes read-only when an active payment schedule exists.

Delete the payment schedule before editing the financier.

Finance Amount Validation

Amount Financed can be validated using Present Value logic if enabled in Contract Types / Details.

Tolerance is controlled by amountfinancedtolerance.

Present Value Formulas

Operational Contracts

Amount Financed = -PV(Cost of Funds/12, Term, Payment, Net RV, Advance)

Novated Contracts

Amount Financed = -PV(Cost of Funds/12, Term, Payment, Net RV, Advance) - Deferred Interest