Editing the Simple Finance Methods

On the Financier dialog tick you place a tick against the Finance Type that you want to activate. 

You can activate the finance type by

1. Clicking the box under Finance Methods to activate all states.
2. Click on the required State.

When you have set the States where the Finance Type is to be used you can edit the Method as required;

1. Right-click on a ticked () intersection for the State you want to modify. The Finance Method dialog will be displayed.

1. Edit the finance method details.
2. Click the OK button.

The following is a list of issues with creating new finance methods: 

• The Name and Short Name fields default to the Finance Type. They can be modified.
• The Calculation Method is a standard or custom calculation method. Click the popup button to view the calculation methods available.
  • Standard Calculation Methods have the word 'Standard' in front of them (i.e., Standard Lease, Standard Asset Purchase).
  • Custom Calculation Methods do not have the word 'Standard' in front of them (i.e., Asset Purchase No GST On Stamp, Asset Purchase Assignment No GST On Stamp).
• The ITC Level can be modified if different to the default level for the financier.
• The GST On AP T/Charges can be financed or unfinanced.
• The Unfinanced GST Inc can be term charges only or term charges and financed goods GST.
• The Arrears/Residual can have the residual amount occurring after the final payment or that the residual amount is the final payment.
• The Terms Charges can be changed from Based on Net Payment to Based on Gross Payment, if required.
• The data entered into the Wholesale/Base field under the Rate group will be the Wholesale/Base rate that appears in the TFS Calculator.
• The Stamp Duty group is the most complex.
  • If the Finance Type is NOT Chattel Mortgage or a Property Type, then entering a percentage for the Stamp Duty (the Stamp field) will add a stamp duty charge to each repayment.