Import FRVs

The FRV process enables the calculation and editing of the final residual value of a vehicle at any time during an agreement's lifecycle

New FRV values are required to be calculated automatically by the system using CAP data as a basis.

The remaining Depreciation would then be spread over the rest of the contract, using the following calculation:

Remaining Monthly Depn = Current NBV (Net Book Value) - New FRV / Remaining periods.

A new Final Residual Value (FRV) is may be recalculated at the following stages of an agreement:

1. At Quotation stage
2. At Contract Start
3. AT AN (ANNUAL) FRV REVIEW
4. When a contract is informally extended

There are two very important factors to be taken into consideration when the FRV is being calculated.

1. Safety factor application

   The system offers the facility to apply a safety factor % reduction to CAP valuations at all points where the CAP valuation is called. These points are as follows:

• At initial quote stage
• At contract start
• At FRV review
• At informal extension.
• At transfer to VSB

2. Manual Adjustment

   The system offers the facility to apply and record manual adjustments made to the quoted FRV. The manual adjustment is created at either quotation or contract upload and then remains with the vehicle throughout its life and taken into account whenever the FRV is recalculated.

• The adjustment cannot be changed at any revaluation stage.

The data to be imported should be prepared in the format below, and on taking the option, the system prompts for the import file.

1. Registration Number
2. Current Agreement number
3. New FRV

The system carries out the following processes:

1. Amends the profi depreciation lines.
2. Updates the Audit File. The Audit file will record the FRV Review.
3. Updates the Vehicle Record
4. The Effective Review Date is recorded at agreement level.

The system rejects records that do not meet the following selection criteria:

1. The contract is not Live
2. The Book FRV is zero
3. The Book FRV is the same as the existing FRV
4. The Registration and Number combination do not match.

The following FM agreement fields are initialised after the update is complete:

• BOOKFRV - Proposed FRV
• FRVSOURC - Source
• CAPMONTH - Black/Red Book month
• CAPYEAR - Black/Red Book year
• FRVREV - FRV Under Review Y/N ?
• REVTYPE - Automatic or Manual

The following FM agreement field is not initialised after the update is complete:

• REVDATE - Review Date

What do you want to do?

• View the Import FRV form
• View the full FRV process

See also:

• Create Review Batch process
• Export Batch Details process
• Automatic Update process

To access the Import FRV process:

1. From the Master Menu, select the Contract Administration option and Company required.

   The Contract Administration Menu is displayed.

2. Select the Administration Options option.

   The Administration Options Menu is displayed.

3. Select the FRV Options option.

   The FRV Review menu is displayed.

4. Select the Import FRVs option

Import FRVs form

This form is divided into four parts that are as follows:

Title Bar

In addition to displaying the form name the Title Bar displays other useful identification criteria and buttons.

Menubar and Toolbar

• File

• Help

Menu	Icon	Description
File > Exit		Exits the Import FRVs form without processing. The ALT F4 shortcut is an alternative way of exiting the form.
File > Process		Imports the file and amends the profi depreciation lines for the affected agreements. The Audit File is updated. The vehicle record is updated. The Effective Review Date is recorded at agreement level. the system verifies that the import has been completed and displays the number of imported and failed records.
Help >		Provides online access to context sensitive help for the current application using the default browser.

Import FRVs Dialogue Box

Import File: Selection of the button displays the Windows Explorer search view so that the file to be imported may be selected from the local PC drive.