Calculations

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.

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 Calculation Screen - Click here to expand...

From the sidebar, select Application then Calculations.

Press Ctrl + L

Click on the icon.

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
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.

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.

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. 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.

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.