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Repayment

Repayment

Owned by Matthew Garrett
Last updated: Feb 21, 2019


     

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TFS User Guide - Table of Contents

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The Repayment Schedule screen shows a summary of the application and detailed information on every payment for the term of the application, an amortisation schedule, and indicative payout figures.


 Opening the Repayment screen - Click here to expand...
  • From the Application menu, select Repayment Schedule.
  • From the sidebar, select Application then Repayment.



 Amount Financed Group - Click here to expand...

The Amount Financed section displays the summary of the amount financed both including and excluding brokerage and the total term charges.

 Repayment Summary Group - Click here to expand...

The Repayment Summary section displays a summary of all payments and their Net, GST, FID, and Stamp Duty components. The Total fields display either Residual or Balloon based on the finance type:

  • Balloon: Asset purchase finance types.
  • Residual: Lease finance types.
 Payment List Group - Click here to expand...

The Payment list includes a detailed list of each payment in the finance application including a full amortisation schedule that includes principle interest and balance details.

 Amortisation List Group - Click here to expand...

The Amortisation list shows a detailed list of each payment in the application with a full amortisation schedule including Principal, Interest and Balance (excluding Stamp Duty) details.

The Amortisation Schedule can be presented to hide the application's brokerage within the schedule or exposed so that it can be determined. On this screen, printing the Amortisation Schedule works off this selection. If printed from other screens there is a TFS preference (located in the TFS Administration Tool) that determines whether the brokerage will be hidden or exposed within the Amortisation Schedule.

 Payout List Group - Click here to expand...

Calculations for the Columns are as follows:

Column

Calculation

Weekly/Fortnightly/Month

The date (month/fortnight/week) column shows the repayment number and the date it is due. This due date is determined based on the settlement actual date, forecast date, or today if no settlement information is available.

Payment

Net repayment amount.

Account Fee

Account fee for each repayment.

Principal

This is the portion of the repayment that is reducing the principal.

Interest

This is the interest portion of the repayment.

Balance (exc. Stamp)

This is the Total Net Repayments plus Net Residual less the Monthly Repayments to date.

Actuarial

If the Brokerage is hidden, Actuarial is the Amount Financed (excluding brokerage) less the Principal.

If the Brokerage is exposed, Actuarial is the Total Amount Financed less the Principal.

Note: if this is a Lease, 10% is added for GST.

Rule of 78

This is the payout based on the Rule of 78 calculation.

If the Brokerage is hidden, Actuarial is the Amount Financed (excluding brokerage).

If the Brokerage is exposed, Actuarial is the Total Amount Financed.

Note: if this is a Lease, 10% is added for GST.

Note: Each line in the table shows a repayment, after each June payment there is a summary row showing the totals for the financial year to date.

To Print the Amortisation Schedule

  1. Click the Printer icon (  ) in the toolbar. The Reports - Repayment Schedule dialog will be displayed.
  2. Select the required Amortisation Schedule.
  3. Click the Preview or Print button.

IMPORTANT CONCEPTS

  • The Hide Brokerage? field option is used to toggle whether the brokerage amount is displayed on the schedule.
  • The Amortisation Schedule has been updated so that:
    • If repayments are in advance, the first repayment has no interest portion on it.
    • If repayments include the residual as the last payment in the term then Calculations have been changed to disperse interest correctly.