The Create New Funding Agreement form is utilised to create a new funding agreement record by directly keying the appropriate data required.
To access the Create New Funding Agreement form:
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.
Select the icon.
The Create New Funding Agreement form is displayed.
This form is constituted of three elements, which are as follows:
In addition to displaying the form name the Title Bar provides a number of useful buttons.
The Create New Funding Agreement Dialogue Box contains the following fields for input of the required data:
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 button immediately to the right of this field enables a vehicle search against the CRM database. Alternatively, the record number may be keyed directly.
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.
Funding account: 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 Reference: 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.
Note: On selecting the Registration Number above the system automatically populates this field with the registration number. However, this may still be overkeyed. Any change to the Registration Number results in the system prompting if the new registration number should be used within the Funding Reference field.
Internal Reference: 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 Table: This denotes which multi posting table is used at the time of posting Finance Funding values through to the Accounting system e.g. CHWM - Contract Hire With Main. The button may be used to locate the appropriate table. Following selection, the full posting type description is displayed to the right of this field.
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 button to search using the internal calendar.
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.
If the Variable Funding Payment checkbox is ticked in the General Tab of System Parameters the system allows the Initial amount to be varied (editable by the user when allocating a funding agreement) and also enables the two fields below (and associated fields in the Funding Tab of the Posting Table) for posting the initial funding amount.
This allows for storage and analysis of extra information regarding the finance deposit on the finance agreement. The extra fields hold the option to purchase fee, (this also has a separate VAT code) and an initial documentation fee. 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.
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 form allowing entry of an option to purchase fee.
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 form allowing entry of a document fee.
Note: When calculating the amount of capital repayment for the initial amount the system only uses the figure held in the Initial field (denoted as capital) and does not include the option to purchase fee or the documentation fee. When creating the initial Finance Self Billing for the purchase ledger, the system uses all 3 initial fields, applying the VAT from the relevant posting slot in the Kompact posting elements file (FK pelem).
Option to Purchase Fee:
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.
Balloon: This is the Final Balloon payment for the Finance Agreement.
Initial: The Initial Finance rental for the Finance Agreement.
Note: This field may be displayed with an alternative description. The Initial Repayment Description field in the Funding Tab of System Parameters allows entry of a user-defined label description that will replace the Initial Repayment label throughout the funding forms e.g. Deposit. This functionality is only available if the Variable Interest checkbox (also in the Funding Tab of System Parameters) is ticked.
Regular: The Regular Finance rental for the Finance Agreement.
Total Repayments: This is a calculated field based on the Rental values and Periods.
Tip: Total Repayments = Initial Rental + (Regular Rental x Regular Period(s))
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
Balance: Outstanding balance on the funding agreement.
Period: The period within the agreement that the Balloon Rental is to be raised.
Payment Due: The system calculates the Payment date based on the Period entered, but this can be later amended.
A number of command buttons are available. Some buttons are context sensitive and are greyed-out and only become available dependent upon the particular process that is being accessed. The full list of command buttons is as follows:
Create:Once the appropriate data is entered then this command button is used to create the funding agreement record. A unique Agreement number is allocated to the Funding Agreement at this stage.
Cancel: This command button exits the Create New Funding Agreement form and effects a return to the previous form without saving the funding agreement so far entered.
Help: Displays online context-sensitive help using the default browser.