Asset Rollover - Lease

Asset Rollover - Lease

Asset Rollover

This document will explain the process to roll an asset from a terminated contract onto a new contract.

 

Create the New Contract

      1.       A new contract needs to be created before an asset can be rolled over onto it. The new contract requires:

a.       A Finance Company

b.       A Customer

c.       A Contract ID

d.       A Finance Program.

 

This is an example of the new contract.

 

 

Terminate the Original Contract

        1.       On the old contract choose a rewrite type of Termination or Asset Disposal.

a.       Termination – requires disposing of all assets

b.        Asset Disposal – allows disposing of one or some of the assets and leaves the contract active

       2.   Then Click the Asset Disposal button on the toolbar.  


        3.       Select the asset to rollover by checking the checkbox in the far left column.

        4.       Then click the Rollover All Selected button at the bottom of the screen.

 

  5.       Select the Cost Assignment to set the Current Basis of the asset on the new contract, and enter the Contract ID of the contract to roll the asset onto.

        6.       Then click OK.

 

 

 

         7.       Click the Post icon on the toolbar and the Posting Confirmation popup will display the Termination GL entries

         8.       Click OK to post the termination

 

  

          9.       Navigate to the new Contract to see the rolled over asset on the Contract Explorer - Equipment tab

·         Here the current basis and residual can be edited.

 

 

          Note: The user needs to have rights to terminate contracts on their Account Explorer – Login screen – Posting Settings tab.

 



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