Asset Finance Interest Report and Posting

General Ledger Menu

Inventory Postings

Asset Financing GL Posting

This program can only be run when 'Activate Asset Finance Interest Dissection' is enabled in the Company Posting Parameters, and can be used to generate an "Asset Finance Interest Dissection" spreadsheet that breaks down the interest expense postings of the monthly payment to show the interest paid out compared to the actual rental time.

The "Finance Interest Expense" transactions that were originally posted to the GL as Debits by the Asset Finance Report and Posting program to the "Owning Division" defined on the product's Asset Tag, are Credited out and re-posted to that same "Finance Interest Expense" account but are now based proportionately on the contract rental time and to the contract division.
The 'Transfer Interest From Owning To Inventory Location' flag in the Company Posting Parameters controls whether the interest portion when the product is not on a contract, posts to the "Owning Location" or to the Inventory Location (RSIL).
Refer to Asset Financing Information for details on this feature,.

CUT-OFF & POSTING DATE

Enter the Cut-Off Date for this run.
The program reads the Finance schedules in the Asset Financing Information and lists any payments that are checked as Fin Post by the Asset Finance Report and Posting but that are not checked as Int Post that are in the month up to and including the Cut-Off Date.

Note: If the "Date Acquired" on the product's Asset Tag is some time during the month, the available days/dollars is to be dissected in the month is adjusted accordingly.
If the "Date Acquired" on the product's Asset Tag is after the end of this month, no GL amounts are posted and the payment record is marked as closed on the schedule.

Date Range Control:
If the operator has Date Range Control activated, the Cut-Off Date and the date of the payment details must fall within the period set for AFIN

Resulting Spreadsheet Output:
There are two Tabs included on the resulting spreadsheet including:

Tab 1: Monthly Interest Dissection
The dissection tab is generated listing Debit and Credit Interest transactions for the non-bulk Product number with the description, the Finance Vendor, Finance Contract#, and Division as follows:

Credit for the total Interest included in the payment, to the "Owning Division" defined on the product's Asset Tag
Multiple Debit records - one for each rental contract that the product was on during the month based on the days on rent, to the Contract Division
Plus a Debit for the interest expense portion for any days not on rent to either the Owning Division or the RSIL location according to the 'Transfer Interest From Owning To Inventory Location' flag in the Company Posting Parameters
The rental document detail information also includes columns for the Customer number and Name, Site, Cost Code, Interest amount (Dr on Rent, Cr total on Payment, Dr not on Rent), Debit or Credit posting type, G/L Account as defined in the associated Rental Product Class, Contract number, Sequence on the contract detail, and the calendar Days on rent on this contract so far this month without considering any Off-Rent time.

Tab 2: - Data Errors
If there are any issues this tab lists the errors that are preventing the postings to the GL, including:

Valid GL posting accounts must be defined in the Rental Product Class.
An 'Interest' Cost code needs to be defined in the Job Cost Code table.
The Asset Finance Report and Posting must be completed before this Interest dissection report and posting can be run.

Posting to General Ledger:
After the spreadsheet has been generated the "Report Print OK?" prompt is triggered.

Click YES if the spreadsheet output is correct. The transactions listed will be posted to the G/L and the Int Post checkbox on the corresponding payment records in the Asset Financing Information tables will be marked as posted.
Once posted the GL transactions associated with the interest dissection can be viewed in the G/L Postings for Finance Schedule window in the Asset Financing Information payment detail tables.

Click NO to abort the posting action, so the GL is not updated and the Asset Finance Interest Report and Posting can be run again for this date.

Posting Control:
This Asset Finance Interest Report and Posting program and the Asset Finance Report and Posting program are designed to be run by one operator at a time.
Locking will occur if another operator attempts to run the program at the same time, or if the first operator did not exit the posting program correctly.
A Posting Control Information warning will appear on the screen preventing the second operator from proceeding, and only operators with Security Role permission to the 'Reset Asset Finance Posting' flag will have access to the RESET button that unlocks the program.
Whenever the posting control flag for Asset Finance Report and Posting is reset, an audit record is written to the Delete Log for the Function AFHDR10.

Topic Keyword: AFHDR13 (6656)