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titleFinance Group - Click here to expand...

Defines the core structure of the finance, including calculation method, lender, and finance type.

Field

Description

Calculation Method

Type of finance applied to the finance application. Click the Calculation Method popup button to select. The Select Finance dialog is used to select finance details such as: 

  • Financier
  • Contact Person
  • State
  • Finance Type

Once a calculation method is chosen, the following fields are automatically populated: 

  • Financier
  • State
  • Finance Type
  • Arrears/Residual

Financier

Financial institution supplying finance for the application.

State

Australian state in which the finance is organised.

Finance Type

Type of finance.

Examples: Asset Purchase, Lease, Mortgage, etc.

Arrears/Residual

Calculations have changed due to a new calculation method when an application has a residual and is calculated in arrears. The residual can be paid:

  • After the term of repayments, or

  • As the last repayment in the term. When the residual is the last repayment in the term, repayments are calculated across the term minus 1 term (e.g., when the term is 24 months, the final month would be the residual amount only and the full financed amount requires payment across 23 terms). Selecting this method affects the way the Structured Repayments dialog is handled: 

    • Single repayments will use the Structured Repayment dialog (though it will be hidden to calculate the repayment values).
    • Custom repayments will include the residual in the final payment in the Structured Repayments dialog. Group repayments cannot be calculated in these circumstances.
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titleCost of Goods Group - Click here to expand...

The Cost of Goods group will be pre-filled based on the details entered for the application. If supplying a quote, the fields must be entered manually.

Clicking the Copy button on the Cost of Goods group label updates the value of the goods from the Goods Details screen (see Goods Details). Alternatively, the value can be automatically synchronised if Preference -216 (Synchronise - Goods Asset from Calculations?) is set to Yes (see TFS Administration Tool User Guide).


Field

Description

Net

Net value of the goods.

Example: An applicant purchasing a vehicle worth $45,000.

Clicking the Net drop-down list allows you to enter a series of amounts, just like a calculator.

Example: 
- Click the Net drop-down list.
- Enter a series of values separated by addition, subtraction, multiplication, and division keys (500 + 999 + 1587 + 3000 + 8000 = 14086).
- As each value is added, the list is expanded. Pressing Enter displays the total value in the Net field.

Image Modified

To reset the value, highlight the Net field type 0 and click Enter.

GST

GST amount for the cost of goods. Clicking the GST button enables you to manually enter an amount.

Note

The GST field will also display an Unclaimable field when the goods are marked as luxury goods. The Unclaimable field displays the portion of GST that cannot be claimed back via input tax credits.

 

Total

Gross value of the goods. Clicking the Total button enables you to manually enter an amount.

Additional Fees

Additional fees applied to the item.

Example: Registration for a motor vehicle.

Additional Taxes

Additional taxes applied to the item.

Example: Luxury car tax.

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titleDeposit Group - Click here to expand...

The Deposit group allows you enter any trade-in values received for an item. This affects the total amount financed whereby the deposit Total is subtracted from the total amount financed.


Field

Description

Cash

Deposit amount paid by the client for the item.

Trade-In

Trade-in value for the item.

Total

Total deposit amount.

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titleRevenue (Fees) Group - Click here to expand...

The Revenue (Fees) group contains all other fees and costs associated with the financing of the goods. Some can be entered manually whilst others, such as stamp duty, are calculated by The Finance Shop.

Clicking the Manage Revenue Image Added  button allows you to add additional fees using the Application Revenue dialog.


Field

Description

Count

Financed: 

Total number of financed fees.

Unfinanced:

Total number of unfinanced fees.

Total

Financed: 

Total amount of the financed fees.

Unfinanced:

Total amount of the unfinanced fees.

Stamp Duty/Financed?

Stamp Duty:

Stamp duty levied on documents.

The stamp duty amount is calculated using the calculation method settings selected in the Finance group. Stamp duty applies where the finance type is one of the following:

  • Specific Security Agreement (formerly Chattel Mortgage)

Note: Currently only NSW still has stamp duty on Specific Security Agreements.

  • Property Finance (Interest Only, Principal and Interest)

Financed?:

Indicates whether the stamp duty amount is financed.

T/C GST/Financed?

T/C GST:

These fields are locked and calculated by The Finance Shop when repayments are calculated.

As the GST on asset purchase is considered an extra fee and can affect the total amount financed, the T/C GST (Term Charges GST) value is copied from the Term Charges group (see Term Charges Group).

Financed?:

Indicates whether the GST amount on term charges is financed.

Account Fee (Net)

A fee that occurs each payment period. It is not a typical upfront fee as no interest or GST is calculated on the value. This fee is not added to the total amount financed but is added to the regular payments.

Example: A $5 per month account fee.

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titleBrokerage Group - Click here to expand...

The Revenue (Fees) group contains all other fees and costs associated with the financing of the goods. Some can be entered manually whilst others, such as stamp duty, are calculated by The Finance Shop.

Clicking the Manage Revenue button allows you to add additional fees using the Application Revenue dialog.

Field

Description

Count

Financed: 

Total number of financed fees.

Unfinanced:

Total number of unfinanced fees.

Total

Financed: 

Total amount of the financed fees.

Unfinanced:

Total amount of the unfinanced fees.

Stamp Duty/Financed?

Stamp Duty:

Stamp duty levied on documents.

The stamp duty amount is calculated using the calculation method settings selected in the Finance group. Stamp duty applies where the finance type is one of the following:

  • Property Finance (Interest Only, Principal and Interest)

Financed?:

Indicates whether the stamp duty amount is financed.

T/C GST/Financed?

T/C GST:

These fields are locked and calculated by The Finance Shop when repayments are calculated.

As the GST on asset purchase is considered an extra fee and can affect the total amount financed, the T/C GST (Term Charges GST) value is copied from the Term Charges group (see Term Charges Group).

Financed?:

Indicates whether the GST amount on term charges is financed.

Account Fee (Net)

A fee that occurs each payment period. It is not a typical upfront fee as no interest or GST is calculated on the value. This fee is not added to the total amount financed but is added to the regular payments.

Example: A $5 per month account fee.

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