Calculations
- Matthew Garrett
The Calculations screen is used to prepare the detailed financial information about an application for finance. The Calculations screen is the essence of The Finance Shop in its ability to provide an accurate quotation for finance.
From the sidebar, select Application then Calculations.
Press Ctrl + L
Click on the 
icon.
The Solve button(s) is used to update the calculations for a particular field.
When a calculation status warning appears at the bottom of The Finance Shop screen (e.g. 
), update your calculations to resolve any repayment issues.
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:
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. 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. |
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:
Note: Currently only NSW still has stamp duty on Specific Security Agreements.
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. |