Finance

Finance Company

The name of the finance company.

Finance Ref

An internal reference or one supplied by the finance company.

Lease Start & End

The dates the lease agreement starts and ends.

Bank Account & Sort Code

The lease company's bank details that are used for payments.

BIC

The Bank Identifier Code. This is used for memo purposes only.

IBAN

The International Bank Account Number. This is used for memo purposes only.

Note: Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) are used to identify banks across national borders. The structure and length of the codes are defined by the International Organization for Standardisation (ISO) so must be entered accurately. The length of these codes can vary:

- BICs: minimum length 8 characters, maximum length 11 characters
- IBANs: minimum length 5 characters, maximum length 34 characters.

Account Name

The name of the recipient, for example 'Finance One Ltd'.

Bank Name

The name of the bank, for example 'Eastern Rock'.

DDB/STO Reference

Direct debit or standing order references if applicable.

Liability Account

The Balance Sheet Nominal Ledger account that the finance obligation liability is posted to.

Gross Earnings

The gross earnings for this asset if applicable.

Payment Details : If you have entered the Lease Start & End dates, you can set finance payments details for the asset.

Frequency Every

The frequency that payments are to be made. You can select Days, Months, Years, or None. For example, if you select Months and enter '3', this indicates that finance payments are made quarterly. If you select None, all the boxes below this one are disabled.

Note: The box is disabled if the Lease Start and Lease End boxes are empty.

No. of Payments

The total number of payments to be made must be specified here. This determines when the payments stop. The number of payments that have been made can be entered in the Made box.

Note: This box is updated by 1 when the Period End command is run.

Interim Amount

This box is for any provisional payment amount, perhaps before the total finance amount has been agreed with the finance company.

First Amount

The amount of the first payment. This may be different to the interim amount if the overall value needs adjustment to match the total finance amount.

Final Amount

The amount of the final payment.

Next Pay Day

The next pay day for the finance payment.

Note: This box is updated to the next pay day when the Period End command is run. For example, if the first pay day entered is 23 June 2009, and the payment frequency is every month, the Next Pay Day is set to 23 July 2009.

Total and Remaining Values: These boxes display the original and remaining charges for the finance agreement. You can calculate the Remaining values after entering the total Finance Charge and Other Costs by pressing the F7 key or by clicking Recalculate on the Action menu. The calculated values take into account the number of payments already Made, and the Interim and First amounts. For example, if the finance charge is £2000, the interim payment is £150, and the first amount is £125, the number of payments made is 2, the remaining value is calculated as £1725 (£2000 - (£150 + £125)).

Liability

The asset's Capital Cost value from the Processing form. This is the liability or your obligation to the finance company for the asset.

Remaining Liability

The remaining liability that takes into account the amounts already paid.

Finance Charge

The finance charge you have agreed with the finance company.

Remaining Finance Charge

The remaining finance charge for the asset. The value is reduced by the payment amount for the period when the Period End command is run.

Other Costs

Any other finance costs you have agreed with the finance company.

Remaining Other Costs

The remaining other costs for the asset. The value is reduced by the payment amount for the period when the Period End command is run.