The Asset Lease window has several different tabs for recording information about a lease. The tabs are: Browse, Details, Payment Schedule, and Assets.
The Browse tab is a list of the leases that have been added. You can filter the browse list of leases in the same way as you filter a regular browse window.
The Details tab shows the detailed information that you can record about each lease. The fields available on the Details tab are:
Lease ID - This is the unique identifier for the lease. You must enter a lease ID, and the lease ID must be unique.
Lease Type - This is the type of lease. Pinnacle allows for two types of lease, Operating Leases, and Financial Leases. You must select a lease type.
Start Date - This is the start date of the lease. You must enter a start date for the lease.
Final Instalment Date - This is the date that the final lease instalment is due to be paid. The Final Instalment Date is calculated by Pinnacle based on the lease start date and the term of the lease, and you cannot edit the Final Instalment Date.
Termination Date - This is the date that a terminated lease was terminated on.
End of Lease Term Date - This is the date that the lease term is complete. The End of Lease Term Date is calculated by Pinnacle based on the lease start date and the term of the lease, and you cannot edit the End of Lease Term Date. If the lease is paid in Arrears, the End of Lease Term date will be the same as the Final Instalment Date. If the lease is paid in Advance, the End of Lease Term Date will be after the Final Instalment Date.
Lease Status - This is the status of the lease, either Current, Terminated or Expired. Pinnacle will automatically set the lease status, and you cannot edit the status.
Lessor - This is the supplier with whom the lease is held. You must select a lessor from the list of suppliers defined in the Suppliers table.
Insurance Company - This is the name of the insurance company who has insured the assets for the lease while the assets are in your possession.
End of Term Option - This is what should happen to the leased assets at the end of the lease term. You can select an end of term option from the list of disposal types that have been set up in the Disposal Types table.
Term - This is the term of the lease, that is, the number of payments that are required during the lease. You must enter a term for the lease.
Payment Frequency - This is the frequency of the lease payments. You can select a payment frequency from the list of payment frequencies, which are Weekly, Fortnightly, Monthly, Quarterly, or Yearly.
Pay In - This is whether the lease payments are made in arrears or in advance.
Instalment Type - This is the type of instalment, either Lease Based, or Asset Based. If the instalment type is Lease Based, you can type in an instalment amount that covers all the assets attached to the lease. If the instalment type is Asset Based, you can enter an instalment amount for each individual asset.
Instalment - This is the instalment amount for the lease. If the lease is an Operating lease, you can type in an instalment amount that covers all the assets attached to the lease. If the lease is a Financial lease, the instalment amount will be calculated based on the Financed amount for the lease, and you cannot type in an instalment amount.
Asset Instalments - If the Instalment Type for the lease is Asset Based, this is the total of all the instalment amounts that have been entered for assets attached to the lease. This field is only available if the lease type is Asset Based, and you cannot edit the field.
Cost Centre - This is the cost centre for the lease. This field is only available if the lease is an Operating lease.
Interest Rate - This is the interest rate to be charged over the Financed amount. This field is only available if the lease is a Financial lease.
Financed Amount - This is the total amount of the lease, to be financed across the entire life of the lease. This field is only available if the lease is a Financial lease.
Residual Amount - This is the residual amount, to be paid at the end of the lease. This field is only available if the lease is a Financial lease.
Balloon Payment - This indicates whether there is a balloon payment to be made for the lease.
Balloon Amount - This is the amount of the balloon payment. This field is only available if the balloon payment field has been checked.
Pay When - This indicates whether the balloon payment is included in the first payment of the lease or the last payment of the lease. If the lease has a residual amount (for Financial leases only) then you cannot have a balloon payment at the end of the lease.
The Payment Schedule tab shows the schedule of lease payments, the date that the payments are due, and the amount for each payment. The payment schedule is calculated by Pinnacle based on the lease information on the Details tab, and cannot be edited. The payment schedule is different for Operating Leases and Financial Leases.
Balloon payments and residual amounts are displayed on the lease payment schedule. These special payments are either at the beginning of the lease payment schedule (balloon payment) or at the end of the lease payment schedule (balloon payments or residual amounts). The payments will have the same payment number and the same date as the first or last actual payment for the lease schedule, indicating that the special payment is due at the same time as the actual payment for the lease.
The payment schedule for an operating lease displays the following information:
Payment Number - This is the number of the payment. The payments are numbered sequentially throughout the life of the lease.
Payment Date - This is the date that the payment is due. The payment dates are calculated based on the start date of the lease, the lease term and payment frequency, and whether the lease is paid in advance or arrears.
Instalment Amount - This is the amount payable for the lease instalment.
The payment schedule for a financial lease displays the following information:
Payment Number - This is the number of the payment. The payments are numbered sequentially throughout the life of the lease.
Payment Date - This is the date that the payment is due. The payment dates are calculated based on the start date of the lease, the lease term and payment frequency, and whether the lease is paid in advance or arrears.
Lease Liability at Start - This is the lease liability at the start of the payment. The lease liability at the start of the payment is the lease liability at the end of the previous payment, or the total financed amount if the payment is the first payment.
Instalment Amount - This is the amount payable for the lease instalment.
Interest Expense - This is the portion of the instalment amount that is interest.
Reduction in Lease Liability - This is the portion of the instalment amount that is reducing the financed amount.
Lease Liability at End - This is the lease liability at the end of the payment. This is calculated as the Lease Liability at Start for the payment minus the Reduction in Lease Liability.
The Assets tab shows all the assets that are linked to the lease.
The Assets tab displays two boxes. The box on the left hand side of the window displays all the assets that have been linked to the lease. The box on the right hand side displays all the assets that are available to be linked to the lease.
Open the Lease window.
Find the lease to which you wish to add assets. Change to the Assets tab.
Highlight the asset you want to assign in the list of available assets, or use the Control key as you click on the list of available assets to highlight more than one asset.
Click on the single left arrow or double-click on the highlighted asset.
The assets you highlighted will move from the list of available assets to the list of linked assets.
Open the Lease window.
Find the lease to which you wish to add assets. Change to the Assets tab.
Click on the double left arrow.
All assets will move to the list of linked assets.
Open the Lease window.
Find the lease from which you wish to remove assets. Change to the Assets tab.
Highlight the asset you want to remove from the list of linked assets, or user the Control key as you click on the list of linked assets to highlight more than one asset.
Click on the single right arrow or double-click on the highlighted asset.
The assets you highlighted will move to the list of available assets.
Open the Lease window.
Find the lease from which you wish to remove assets. Change to the Assets tab.
Click on the double right arrow.
All assets will move to the list of available assets.