InfoLease provides automation support for Security Deposits in many areas including booking, IRR calculation, and buyout quotes/dispositions. In this Trail Mix installment, we will look at two parameter settings that impact Security Deposit processing.
Invoice Security Deposit at Booking
First, thru Lease Parameters, you can configure the system to automatically create a Miscellaneous Invoice record at book for the Security Deposit value. To view your current Lease Parameter settings, under “More Lease Params” settings, you’ll find both “Create Sec Dep Misc (Y/N)” and “Sec Dep Misc Key” settings. If you answer “Y”es to the Create Security Deposit, the system will require you to enter a 3-digit code for your Miscellaneous Parameter table.
- You must first configure the Miscellaneous Parameter key before activating the Lease Parameter. To access this feature, go to Table Maintenance Contract Tables Miscellaneous Tables.
- If you are using the Buyout Quote functionality, don’t forget to check the “Security Deposit” parameter for each template to ensure it is included in your buyout calculations.
- Finally, if you are using Rapport to UCI for originating contracts, consider adding Security Deposit to the layout.
Security Deposit and IRR Calculations
Under Lessor Parameters Detail Information Lessor Income Data, you can set “Calc Security IRR” (Y/N) to include the Security Deposit in the Internal Rate of Return Calculation.
Have a Trail Mix Idea or Solution?
Do you have a pressing problem, idea or favorite tip for an upcoming Trail Mix post? Submit your ideas to email@example.com. If we use your idea, we’ll send you a Tamarack Yeti-brand tumbler.