Selection of Funds Allocation from the Finance Funding Main Menu displays the Funds Allocation screen which enables the finance agreement and funds allocation to be linked to the appropriate vehicle record, using records previously created within the system. These records consist of Finance House names and addresses and the related Finance Agreement records.
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 Funds Allocation menu bar is as follows:
Open
This displays the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria.
Save
Selection of this option proceeds with the allocation of funds. If the values do not balance then an error message is displayed as a warning. If all of the figures balance then the following message is displayed:
Are you sure you want to allocate funds?
Select the Yes or No command button as appropriate.
Selection of the Yes command button proceeds with the allocation of funds to the selected contract. This results in additional lines being written to the make-up records for Actual Finance, Actual Capital and Actual Interest. In addition, entries may be made for the sale of the vehicle to the relevant finance house, if the Sell Vehicle check box is selected is selected within the Finance Agreement.
Upon completion of the Allocate Funds option, the system returns to the Funds Allocation screen.
Exit
Exits the current screen and returns to the Finance Funding Main Menu.
This menu option provides access to the following options:
Finance Agreements
A shortcut link to the Finance Agreement Setup screen within Miscellaneous Options.
This option enables the creation/selection of a Finance Agreement record. The Finance Agreement must be created before the Funds are allocated.
This menu option displays a Funding sub-menu option which in turn leads to a selection from the following:
Quick Mail
A pre-defined email relevant to the specific module area from which it is accessed. The required email format for inclusion in this menu list is defined within the Quick Mail Format field located in the Reports Tab within Finance Funding / System Maintenance / System Parameters.
Reports
Displays a list of user-defined reports applicable to this process. Once written within RepGen an ellipsis button may be used to located and select these reports for inclusion within this menu list within the Reports Tab within Finance Funding / System Maintenance / System Parameters.
This menu option displays a sub-menu option with a selection from the following options:
Accesses the Administrator mail and diary functions.
CRM
Exits to the CRM module (with the focus on the Target record.
Task Manager
Displays the main Task Manager form to enable a new task to be created or existing tasks to be edited.
Provides online access to a context sensitive Help screen.
The content of the Funds Allocation toolbar is as follows:
Exits the current screen and returns to the Finance Funding Main Menu.
This displays the Fleet Global Search screen that enables a vehicle to be found by entering search selection criteria.
Selection of this icon proceeds with the allocation of funds. If the values do not balance then an error message is displayed as a warning. If all of the figures balance then the following message is displayed:
Are you sure you want to allocate funds?
Select the Yes or No command button as appropriate.
Selection of the Yes command button proceeds with the allocation of funds to the selected contract. This results in additional lines being written to the make-up records for Actual Finance, Actual Capital and Actual Interest. In addition, entries may be made for the sale of the vehicle to the relevant finance house, if the Sell Vehicle check box is selected is selected within the Finance Agreement.
Upon completion of the Allocate Funds option, the system returns to the Funds Allocation screen.
A shortcut link to the Finance Agreement Setup screen within Miscellaneous Options.
This option enables the creation/selection of a Finance Agreement record. The Finance Agreement must be created before the Funds are allocated.
Displays the Global ReviewScreen.
Displays the Administrator Screen which displays the following menu options:
Accesses Administrator mail and diary functions.
Displays the contacts to be followed up for the logged-in user for today.
Quick Reports
Displays a list of user-defined reports applicable to this process. Once written within RepGen an ellipsis button may be used to located and select these reports for inclusion within this menu list within the Reports Tab within Finance Funding / System Parameters.
Quick Mail
A pre-defined email relevant to the specific module area from which it is accessed. The required email format for inclusion in this menu list is defined within the Quick Mail Format field located in the Reports Tab within Finance Funding/ System Parameters.
Provides online access to a context sensitive Help screen.
The vehicle registration number for example, X807UVW This field cannot be edited.
The agreement number produced at the quotation stage of the contract. This field cannot be edited.
Located immediately to the right of the Master Record field. The status flag denotes the status of the agreement for example, L(Live).
The vehicle On The Road (OTR) price automatically defaults-in to this field from the vehicle agreement file following selection of the required vehicle record.
The default value should be over keyed with the total amount financed net of VAT i.e. the Capital plus the Balloon plus the Interest. The interest is to be taken from the physical finance agreement itself.
For entry of a finance commission value if applicable.
The code relating to the Finance House with which the vehicle is to be funded. Following selection, the full finance house description is displayed to the right of this field. A number of data entry options are available which are as follows:
- Direct Entry
The appropriate finance house code may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Finance Houses 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 House 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 Funds Allocation screen.
- Finance Agreement Link
The
Note: This is the preferred method.
The internal reference number for the funding agreement. This is normally the vehicle registration number. Following selection, the full Agreement Reference number linked to the internal reference (within the Finance Agreements screen) is displayed to the right of this field.
As with the Finance House field, a number of data entry options are available which are as follows:
- Direct Entry
The appropriate internal reference number may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Finance Agreements search form that enables selection of the internal reference from the current agreements. The cursor is located in the search field. Key part or all of the required number and select the Agreement command button. Agreements matching the entered criteria are displayed and, having selected the required number by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funds Allocation screen.
- Finance Agreement Link
The
This denotes which 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.
As with the Finance House and Internal Reference fields, a number of data entry options are available which are as follows:
- Direct Entry
The appropriate posting type code may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Finance Types search form that enables selection of the appropriate finance type. The cursor is located in the search field. Key part or all of the required finance type code and select the Type command button. Finance types matching the entered criteria are displayed and, having selected the required type by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funds Allocation screen.
- Finance Agreement Link
The
This value is automatically populated if the Standard Fee field contains the appropriate arrangement fee within the Finance Houses screen in Miscellaneous Options. The amount shown may be edited if required.
The period over which the repayments are to be made to the Finance House. This is usually stored as months and is calculated and defaults-in from the Finance Schedule field within the Finance Agreement.
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.) This value defaults in from the Start Date within the Finance Agreement.
The repayment schedule to be used for the postings relating to the finance elements (for example, Month ensures monthly budget drips into the accounts).Following selection, the full finance schedule description is displayed to the right of this field.
A number of data entry options are available which are as follows:
- Direct Entry
The appropriate repayment schedule code may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Schedule Codes search form that enables selection of the appropriate repayment schedule. The cursor is located in the search field. Key part or all of the required schedule code and select the Schedule command button. Repayment Schedule codes matching the entered criteria are displayed and, having selected the required schedule by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funds Allocation screen.
- Finance Agreement Link
The
The Schedule Definitions are originally set-up within Fleet System Management / Miscellaneous Options / Posting Controls / Schedule Definitions.
The repayment schedule to be used for the postings relating to the capital elements (for example, Month ensures monthly budget drips into the accounts).Following selection, the full capital schedule description is displayed to the right of this field.
A number of data entry options are available which are as follows:
- Direct Entry
The appropriate repayment schedule code may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Schedule Codes search form that enables selection of the appropriate repayment schedule. The cursor is located in the search field. Key part or all of the required schedule code and select the Schedule command button. Repayment Schedule codes matching the entered criteria are displayed and, having selected the required schedule by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funds Allocation screen.
- Finance Agreement Link
The
The Schedule Definitions are originally set-up within Fleet System Management / Miscellaneous Options / Posting Controls / Schedule Definitions.
The repayment schedule to be used for the postings relating to the interest elements (for example, Month ensures monthly budget drips into the accounts). Following selection, the full interest schedule description is displayed to the right of this field.
A number of data entry options are available which are as follows:
- Direct Entry
The appropriate repayment schedule code may be directly keyed into the field.
- Ellipsis Search
A single-left-click of the ellipsis button immediately to the right of this field displays a Schedule Codes search form that enables selection of the appropriate repayment schedule. The cursor is located in the search field. Key part or all of the required schedule code and select the Schedule command button. Repayment Schedule codes matching the entered criteria are displayed and, having selected the required schedule by highlighting with the mouse, the OK command button is used to confirm this selection and return to the Funds Allocation screen.
- Finance Agreement Link
The
The Schedule Definitions are originally set-up within Fleet System Management / Miscellaneous Options / Posting Controls / Schedule Definitions.
The value of this field equates to the sum of the Allocation - Capital (excluding the Balloon value) plus the Allocation - Interest.
Upon entry to the screen this value initially defaults to the Allocation - Capital value. Once the Allocation - Interest value is known then the Allocation - Finance field must be manually amended to equal the sum of Allocation - Capital and Allocation - Interest or the an error message is displayed to this effect when upon saving the screen.
Defaults-in from the vehicle agreement.
This value may be edited. The system recalculates the finance if this field is amended.
This is the value of the actual capital being financed less the balloon value. The capital cost of the vehicle and all extras (and RFL if capitalised). This also includes any bonus used in the quotation calculation less any discounts on the vehicle and extras. Less any deposit that may have been paid.
The total actual interest to be paid to the finance house (this may be taken from the finance agreement document) for the selected vehicle agreement.
A system calculated value based on the Finance repayment schedule. For example, if the repayment schedule denotes three payments in advance then this field contains the Per Period - Finance value multiplied by three.
The value of capital included in advance repayments. The value of this field is zero. This is because it is only the finance repayment that is in advance. It is usual for the capital and interest to be posted to the accounts on a monthly basis.
The value of interest included in advance repayments. The value of this field is zero. This is because it is only the finance repayment that is in advance. It is usual for the capital and interest to be posted to the accounts on a monthly basis.
Note: Advance fields enables editing for an irregular amount for the initial rental. The system still makes all the relevant off set calculations i.e. finance - advance = to be paid. To be paid/regular periods = period value. Capital and interest figures divided by the regular periods = values per period.
The period value of the finance repayment. This is calculated as a straight line value i.e. the Allocation - Finance value (calculated based on the capital and interest) divided by the Term of the agreement which in turn is calculated from the finance repayment schedule.
The period value of the capital repayment. This is calculated as a straight line value i.e. the Allocation - Capital value divided by the Term of the agreement which in turn is calculated from the finance repayment schedule.
The period value of the interest repayment. This is calculated as a straight line value i.e. the Allocation - Interest value divided by the Term of the agreement which in turn is calculated from the finance repayment schedule.
The Residual Value net of VAT. This value defaults from the vehicle agreement file following selection of the required vehicle record. This is the value of the finance balloon repayable at the end of the finance agreement.
The Residual Value net of VAT. This value defaults from the vehicle agreement file following selection of the required vehicle record. This is the value of the capital balloon repayable at the end of the finance agreement.
This value may be edited. The system recalculates the finance if this field is amended.