Selection of the Funding Details Tab enables the review of agreement information including funder, notes, schedules, etc.
To access the Funding Details Tab:
From the Master Menu, select the Fleet Kompact option and Company required.
The Kestrel Kompact Menu is displayed.
Select the Contract Funding option.
The Contract Funding form is displayed.
The Funding Details Tab Dialogue Box contains the following fields:
Funding Details
Funder: This is the Purchase Ledger Account for the Finance Company to be used for the vehicle to be funded. Following selection, the full finance house description is displayed to the right of this field.
A single-left-click of the
button immediately to the right of this field displays a Supplier Accounts search form that enables selection from the current available finance house codes. The cursor is located in the search field. Key part or all of the required finance house code and select the Word Search command button. Finance houses matching the entered criteria are displayed and, having selected the required code by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funding Details Tab.
Note: If the agreement is a Variable interest type [FK.fuagf.VARINT = Y] then the Purchase Ledger account is replaced by the Customer Record code (FK.custo).
Funding Ref: The Funding Reference is user definable and typically the reference allocated to the agreement by the Finance House. Any combination of characters (alpha/numeric) can be entered, up to a maximum of 50.
Internal Ref: The internal reference number for the funding agreement. The Internal Reference is user definable and can be used for reporting purposes. Any combination of characters (alpha/numeric) can be entered, up to a maximum of 50. This is normally the vehicle registration number.
Posting Type: This denotes which multi posting table is used at the time of posting Finance Funding values through to the Accounting system. Following selection, the full posting type description is displayed to the right of this field. The
Vehicle
Vehicle: The unique sequential magic number for the currently selected vehicle registration. The Vehicle can only be selected if a Vehicle CRM record exists. Selection of the
Registration Number: The vehicle registration number e.g. X807UVW The Registration field is populated with the registration number of the vehicle selected in the Vehicle field. It is a read only field.
Notes
Notes: This is a free-format data entry area where notes can be stored against a particular funded agreement. Up to 20 lines of 70 characters are available for use.
Schedule
Period: The period over which the repayments are to be made to the Finance House.
Period - Frequency: The frequency repayments are to be made e.g. Monthly ensures monthly budget drips into the accounts)
Profile: Three fields containing the following information: ( Initial Period(s) / Regular Period(s) / Start month). The following grid is an example of what should be entered depending on the frequency:
Frequency Description Period Initial Regular Start Month M Monthly 36 1 35 2 Q Quarterly 36 1 11 4 B Bi-annually 36 1 5 7 A Annually 36 1 2 13 Start Date: The date at which the repayments to the Finance House are to start. (This may be different from the start date of the vehicle agreement with the customer.) Either enter the date directly or use the
Note: Changing the Start Date automatically updates the End Date and Due Dates but not the Balloon Date (this remains a manual edit).
End Date: The Finance End Date is calculated by the system as the Start Date plus the number of Periods. It is a read only field.
Balloon Date: The date on which the final balloon repayment is to be made. This is calculated from the Balloon - Period entered during input of data within the Create New Funding Agreement form.
Repayments
These are the values at the time the Agreement was created and cannot be changed.
Vehicle Capital: This is the Capital value to be funded.
Note: This field may be displayed with an alternative description. The Vehicle Capital Description field in the Funding Tab of System Parameters allows entry of a user-defined label description that will replace the Vehicle Capital label throughout the funding forms e.g. Invoice Total. This functionality is only available if the Variable Interest checkbox (also in the Funding Tab of System Parameters) is ticked.
Capital: This is a calculated field based on the Vehicle Capital and Balloon.
Tip: Capital = Vehicle Capital - Balloon
Interest: This is a calculated field based on the Total Repayments, Capital and Balloon.
Tip: Interest = Total Repayments + Balloon - Capital
Balloon: This is the Final Balloon payment per the Finance Agreement.
Balloon Invoiced: The date on which the balloon payment is ultimately invoiced.
Document Fee: If the Document Fee checkbox is ticked in the General Tab of System Parameters this creates a new slot in the Funding Tab of the Posting Table Setup called Funding Document Fee and this field then becomes active on the Create New Funding Agreement form allowing entry of a document fee. This value is held within this field.
Option to Purchase Fee: If the Option to Purchase Fee checkbox is ticked in the General Tab of System Parameters this creates a new slot in the Funding Tab of the Posting Table Setup called Funding Option to Purchase and this field then becomes active on the Create New Funding Agreement form allowing entry of an option to purchase fee. This value is held within this field.
Note: These fields allow for storage and analysis of extra information regarding the finance deposit on the finance agreement. These values are posted as part of the funding postings. The initial payment is separated into 3 fields to allow the input and posting of the new individual amounts: the Capital element; the option to purchase fee (with separate VAT code); the initial document fee. The value of all 3 of these added together form the initial amount to be posted to the purchase ledger on the Finance Self Billing (FSB) document.
Outstanding Capital: The outstanding finance capital. The field Field is calculated as follows: FKfuaf.CAPITAL (Capital) - FK.postv.FINRCAPT [cumulative posted To date]. This field is recalculated after a postings run and on saving an agreement.