Selection of Early Settlement from the Finance Funding Main Menu presents the Early Settlement screen which enables early settlement of a funded finance agreement.
This screen is constituted of four elements, which are as follows:
In addition to displaying the screen name the Title Bar provides a number of useful buttons.
The content of the Early Settlement menu bar is as follows:
Open
This presents the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria.
Save
Selection of this icon proceeds with the early settlement. The following message is displayed:
Are you sure you want to perform an early settlement?
Select the Yes or No command button as appropriate.
Selection of the Yes command button proceeds with the early settlement of the finance agreement. This results in the system writing the Settlement Value to the Vehicle Agreement Profi Line replacing the Balloon and terminating the Actual Finance, Actual Capital and Actual Interest lines. The Settlement Value is then posted to the Purchase Ledger ready for payment.
Upon completion of the Early Termination option, the system returns to the Funds Allocation screen.
Exit
Exits the current screen and returns to the Finance Funding Main Menu.
Provides online access to a context sensitive Help screen.
The content of the Early Settlement toolbar is as follows:
Exits the current screen and returns to the Finance Funding Main Menu.
This presents the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria.
Selection of this icon proceeds with the early settlement. The following message is displayed:
Are you sure you want to perform an early settlement?
Select the Yes or No command button as appropriate.
Selection of the Yes command button proceeds with the early settlement of the finance agreement. This results in the system writing the Settlement Value to the Vehicle Agreement Profi Line replacing the Balloon and terminating the Actual Finance, Actual Capital and Actual Interest lines. The Settlement Value is then posted to the Purchase Ledger ready for payment.
Upon completion of the Early Termination option, the system returns to the Funds Allocation screen.
Displays the Global Review Screen.
Provides online access to a context sensitive Help screen.
The registration number of the vehicle undergoing settlement. Selection of the ellipsis button (...) immediately to the right of this field presents the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria.
The master number of the relevant agreement that is linked to the vehicle. The agreement number produced at the quotation stage of the contract. Selection of the ellipsis button (...) immediately to the right of this field presents the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria. If the vehicle is located via the Registration Number ellipsis button search then the Master Record ellipsis button becomes unavailable.
Located immediately to the right of the Master Record field. The status flag denotes the status of the agreement e.g. L (Live).
The full vehicle variant description.
The code relating to the Finance House with which the vehicle is funded. The full finance house description is displayed to the right of this field.
The internal reference number for the funding agreement. This is normally the vehicle registration number. The full Agreement Reference number linked to the internal reference is displayed to the right of this field.
The value of funds allocated to the vehicle.
The total value of finance postings made to date. This figure is the sum of Capital postings to date, Interest postings to date, plus any Standard Fee (if applicable) to the Finance House.
The total balance outstanding to the finance house to complete the agreement. This figure is the sum of the Capital and Interest outstanding plus any Balloon rental due at the end of the finance agreement.
Postings made to date for the capital element of the finance
The total Capital repayment outstanding to the finance house plus the balloon due at the end of the finance agreement.
Postings made to date for the interest element of the finance.
Total value of the interest outstanding to the finance house.
Note: The standard system shows settlement figures based on all outstanding payments.
Note: Contact an Autoline consultant or your system administrator to apply an alternative calculation if required.
The agreed settlement value that is obtained from the finance house is to be input into this field.
The system automatically calculates this value. The derived value is the Settlement Value less the balance outstanding. The calculation is performed on the basis that the Settlement Value must first pay off the Capital value.
The date on which the settlement is to take place is input into this field.
Tip: There is a customer bespoke (FLUSER) modification to the ET calculation that has been written. If a Finance rental has been raised for a period greater than 1 month and the termination occurs part way through the rental period, then the system allows the user to Early terminate at the date specified. The system then uses the invoice period end date as a basis of catching up the finance capital and finance interest and makes the posting in the month the termination takes place.
Example
Biannual Contract
Finance rental = £900+K50
Finance Capital £100 per month
Finance Actual interest £50 per month
Finance start date 01/01/02; End date 31/12/05
ET date 31/08/03
Finance rental to date 4 x £900 = £3600 (invoiced up to 31/12/03)
Finance capital to date = 20 x £100 = £2000
Finance interest to date = 20 x £50 = £1000
K120
Tip: On termination the system posts the outstanding Capital & interest i.e. period between 01/09/03 and 31/12/03 and post £400 & £200 for capital & interest respectively.