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TFS User Guide - Table of Contents

Documentation Disclaimer

The Quick Calculator provides the ability to produce calculations quickly without the need to establish a client or prospect within The Finance Shop. It allows brokers to save the quote for later retrieval should the prospect or quotation become a real client. When accessed, the quick calculator sits on top of the current work being done and allows activities such as cold call quoting to be performed.

A quote can have a report printed or previewed from it without first having to save the quote as a prospect. This is performed by clicking the Print toolbar icon on the Quick Calculator dialog.

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 The Finance Shop screen (e.g., ), update your calculations to resolve any repayment issues.

Opening the Quick Calculator - Click here to expand...

From the Tools menu, select Calculator.

From the sidebar, select Tools then Calculator

Click the toolbar icon.

Press the F11 key.

The Finance 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 ITC Level
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.
ITC Level	Input Tax Credit (ITC) level. This is a percentage representing how much financiers can claim back from the ATO. Financiers claim back the GST on behalf of the applicant. If the ITC level is 100%, then the finance application proceeds as normal. If the ITC level is not 100%, then the applicant will have to pay the unclaimable GST portion as part of their application.

Cost 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.

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. 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.
Luxury?/GST	Indicates the luxury car tax status of the cost of goods. Yes: Luxury car tax is applied to the item. The Luxury GST field is enabled. By setting Luxury? to Yes, the Additional Taxes value is automatically updated. No: Luxury car tab is not applied to the item. If the Luxury? field is set to Yes, the GST field will be automatically calculated. Clicking the GST button enables you to manually enter a GST value.
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.

Deposit 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.

Revenue (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.

Field	Description
Financed Fees	Fees that are financed as part of the application. Financed fees are added to the total amount financed. Total: Total amount of the financed fees. Broker: Portion of the total financed fees to be received by the broker. The broker portion cannot be greater than the total financed fees amount. Example: - A broker may issue a $100 application processing fee, where they are receiving all of that fee. In this instance, the Total amount would be $100 and the Broker amount would also be $100, or - A financier might have a document fee of $500 but the broker would like to add a further $100 amount. In this example, the Total amount would be $600 where the Broker amount would be $100 and the remaining $500 amount going to the financier.
Unfinanced Fees	Fees that are not financed as part of the application and are paid for upfront by the client. Once a quote becomes an application, a revenue item for unfinanced fees will be created based on the amount in this field and assigned to the client. An invoice can then be created from the unfinanced fee and sent to the client. Total: Total amount of the unfinanced fees. Broker: Portion of the total unfinanced fees to be received by the broker. The broker portion cannot be greater than the total unfinanced fees amount.
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)
T/C GST/Financed?	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.
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.

Brokerage Group - Click here to expand...

The Brokerage group allows you to enter the amount of brokerage made on the deal. A brokerage is a fee or commission charged by the broker and is typically hidden within the repayments and interest.

Field	Description
Financed?	Indicates whether the brokerage amount is financed as part of the application. The brokerage amount will be added to the total amount financed.
Percentage/Net	If brokerage applies, enter a percentage or net amount. Percentage: Percentage of the total amount financed that the broker will charge as a fee or commission. Net: Fee or commission value charged by the broker. This amount can be entered manually. The locked percentage cell to the right of the Net field displays the exact percentage of the total amount financed for the manually entered Net amount. Solve Button: To calculate the Net amount in the Brokerage group using the Solve button, the following fields must be populated: The Total field in the Amount Financed group must be greater than zero. The Wholesale/Base rate in the Rates group must contain a value. The Term field in the Repayment Schedule group must be selected. The Net field in the Single Repayment group must be greater than zero.
GST/Unclaimable GST	The GST/Unclaimable GST amounts are only relevant when the ITC Level in the Finance group is not set at 100%. GST: Displays the GST amount of the Net brokerage. Unclaimable GST: Displays the amount to be paid by the applicant if the ITC Level is NOT set to 100%. Example: Let's say the ITC Level is set to 75% and the GST on the brokerage is $200. The financier can only claim 75% of the GST back ($150) so there is $50 of GST that is unclaimable from the ATO. This unclaimable GST amount is therefore added to the Total amount financed.

Amount Financed Group - Click here to expand...

Displays the total amount financed excluding the brokerage. The total amount financed is the cost of goods plus any financed fees and taxes.

Field

Description

Excluding Brokerage

Amount financed, excluding brokerage. This field is updated by modifying other fields in this dialog.

Total

Total amount financed. This field is updated by modifying other fields in this dialog.

Solve Button:

To calculate how much the applicant can afford to borrow using the Solve button, the following fields must be populated:

The Wholesale/Base rate in the Rates group must contain a value.
The Term field in the Repayment Schedule group must be selected.
The Net field in the Single Repayment group must be greater than zero.
The Net field in the Brokerage group.

Residual Balloon Group - Click here to expand...

Lump sum owed to the financier at the end of a loan term after all regular repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their repayments in exchange for owing the financier a lump sum at the end of the loan term.

Example: A new car buyer borrows $40,000 over 5 years and elects to have a $10,000 (25%) Residual Value/Balloon Payment on their loan. Their repayments will be lower than if they had no Residual Value/Balloon Payment, however, the client will still owe the financier $10,000 at the end of the 5 year loan.

The amount of a Residual Value/Balloon Payment may be represented as an absolute dollar value or a percentage of the borrowed amount.

Field

Description

Percentage

Percentage value for the residual/balloon payment. Entering this field will automatically populate the Amount value.

Amount

Value of the residual/balloon payment.

The Amount is the net value of the residual and does not include any GST that might be applicable. GST is only applicable when the Finance Type is a lease type.

Solve Button:

To calculate how much residual the applicant would pay for a set repayment amount each payment period using the Solve button, the following fields must be populated:

The Wholesale/Base rate in the Rates group must contain a value.
The Term field in the Repayment Schedule group must be selected.
The Net field in the Single Repayment group must be greater than zero.
The Net field in the Brokerage group.
The Total field in the Amount Financed group must be greater than zero.

Rates Group - Click here to expand...

Allows brokers to enter the wholesale and effective rates.

Field	Description
Wholesale/Base	Interest rate set by the financier for lending. Solve Button: To determine the wholesale interest rate using the Solve button, the following fields must be populated: The Term field in the Repayment Schedule must be selected. The Net field in the Single Repayment group must be greater than zero. The Net field in the Brokerage group must be greater than zero. The Total field in the Amount Financed group must be greater than zero.
Effective	An interest rate that takes into account the effect of compound interest and fees. - The effective rate is automatically calculated when the Structure is set to Single Payments. - The effective rate is not currently calculated for Custom or Group Payments.
GST	GST rate for calculation purposes. This percentage will affect the Cost of Goods GST, the Repayment GST (if any) and the Brokerage GST.
Stamp Duty	Stamp duty levied on a repayment.

Repayment Schedule Group - Click here to expand...

Defines the core structure of the repayment schedule including the period and length.

Field	Description
In Advance?	Indicates whether repayments are made in advance or in arrears. Yes: Payment occurs in advance, before a service or asset has been provided. No: Payment is made after a service has been provided.
Period	Period of the repayment schedule. Click the Period popup button to select. Example: Weekly, Fortnightly, Monthly, Quarterly, Half Yearly, Yearly.
Term	Length of the repayment period. Click the Term button to modify the terms or enter a manual period.
Structure	Repayment structure. Options include: Single Payment: A fixed payment amount is due for each term of the application. Single payments are only available for weekly, fortnightly or monthly periods. Custom Payment: When custom payments are selected, clicking the Solve button allows you to enter payments of varying amounts to suit the applicant. The Structured Repayments dialog is displayed with a grid showing all the payment periods and allowing a combination of manual entry of payments and the calculation of remaining payments. Custom payments are only available for periods that are monthly, quarterly, half yearly or yearly. For most custom calculations you are offered the chance to change the payment structured to Grouped when you save and close the Structured Repayment dialog. The most common use for custom payments is for Special Input Payback where the Asset GST (input tax credit) is paid back in a lump sum at the start of the loan. This reduces the overall interest paid. Group Payments: Group payments are much like custom payments except that you enter the amounts in groups. For example, three payments of $1,000, one payment of $2,000, and 44 payments of $1,200. Group payments are only available for periods that are monthly.

Single Repayment Group - Click here to expand...

This group is enabled if Structure is set to Single Payments.

Typically, enter all details on the calculator and click the Solve button to populate the amounts in this group.

Field	Description
Net	Net value of a single repayment. Click the Solve button to determine the single repayment details, including Net and Total amounts.
GST	GST portion of a single repayment. This field is automatically updated when a single payment is solved.
Stamp Duty	Stamp Duty portion of the single repayment. This field is automatically updated when a single payment is solved.
Account Fee (Net)	Account fee portion of the single repayment. This field is automatically updated when a single payment is solved.
Total	Total amount of a single repayment.

All Repayments Group - Click here to expand...

Displays the total amounts across the term of the loan.

Field	Description
Net	Total Net portion of all repayments over the term of the loan.
GST	Total GST portion of all repayments over the term of the loan.
Stamp Duty	Total Stamp Duty portion of all repayments over the term of the loan.
Total (exc Residual)	Total of all repayments over the term of the loan, excluding any residual amount.
Total (inc Residual)	Total of all repayments over the term of the loan, including any residual amounts.

Term Charges Group - Click here to expand...

Field	Description
Term Charges	All costs associated with the finance application, including fees, interest, GST, etc. Term charges are typically determined by the calculation method selected as different financiers calculate term charges differently.
GST on AP T/Charges	Asset purchase type applications can have their GST on AP Term Charges set as financed, unfinanced, or they are not applicable. Unfinanced: GST on asset purchase term charges are paid upfront by the applicant. Financed: GST on asset purchase term charges are included as part of the total amount financed. Not Applicable: There is no GST on asset purchase term charges.
Unfinanced GST Inc.	This field can only be selected if the GST on AP T/Charges is set to Unfinanced. Lists the GST to be excluded from the loan. Term Charges and Financed Goods GST: Term charges and asset GST will be unfinanced. This is the current method employed by Macquarie and Westpac institutions. Term Charges Only: Term charges only are unfinanced.
Term Charges GST	GST portion of the term charges.
GST Financed (exc Bkg)	Sum of Cost of Goods GST, GST on Term Charges, and any GST on financed fees that are financed into the loan.

Quote Details Group - Click here to expand...

Quotes can be saved to a new or existing client, or simply printed for a new prospect.

Field	Description
Name	Name of the quote. The name appears on the printed quote.
Notes	Free text area for notes regarding the quote.

Saving a Quote - Click here to expand...

Click New. The Quick Calculator dialog is displayed.
Enter the calculation details.
Click Save. The Save Quote dialog is displayed.
Click the New Client/Prospect button to save the quote and create a new client or prospect. Refer to the New Client Wizard for information on how to add a new client into TFS.
OR
Click the Current Client button to save the quote against the current client. The current client is displayed on the Context Bar.
OR
Click the Different Client/Prospect button to save the quote against an existing client or prospect. Refer to the Client Search screen for information on how to search for a client.

IMPORTANT CONCEPTS

Once a quote is saved, three tabs appear at the bottom of the Quick Calculator dialog:
- Quote Tab: Displays client and quote details. You can also enter the SmartCampaign Reference number if the quote was from marketing created in TFS SmartCampaign.
- Quote Notes Tab: Used to enter general notes about the quote.
- Internal Notes Tab: Used to enter confidential notes about the quote.

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