Sell an Asset - Lease

Sell an Asset - Lease

         1.       Do a quick search for your Contract ID, and click on the payoff calculator

 

         2.       Choose the Payoff Date, and Payoff Tran Code.

a.       The Tran Code will determine whether the sales is taxable or non-taxable

        3.       Click on the asset tab at the top

 

 

         4.       After clicking the asset tab, select the assets to include in this payoff quote

 

   

        5.       Go back to the Payoff tab, and calculate the payoff

·         Discounted Contract Subtotal: Amount you will sell the asset for in aspire

·         Penalty Amount: This is editable and will calculate based on the full contract, not just the 1 piece you are selling.

·         Administration - Codes and Types - Payoff Penalty Code. Also needs to be assigned on the Contract Explorer – Contract Main screen - Billing tab of contract.

·         Total amount Due: The amount you are requesting from the customer

 

 

         6.       You will then request the money from the customer, and once you receive it you will dispose of the asset from the contract.

         7.       From the Contract Explorer – Contract Main – Main tab, choose a Rewrite Type of Asset Disposal, Effective Date should be the date used on the payoff calculator and applicable Reason Code.

         8.       Then click Asset Disposal at the top

 

 9.       On In the asset disposal screen, select the asset(s) to sell and input the “Discounted Contract Value” from the payoff quote as the value.

        10.   Click the Create Invoice button.

 

 

         11.   Input the Equipment Sale Tran Code, and Pre-Payment Penalty (if applicable)

         12.   Click OK at the bottom

 

       











         13.   Click OK on the asset disposal screen

         14.   Post the asset disposal.

         15.   Then Ok to post the disposal.

 

 

         16.   Post the check to the invoice you just created on the Tasks menu - Cash Management screen.

         17.   The amount of the invoice should be the “Total Amount Due” from the payoff quote

 

 

 



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