Asset Finance Report and Posting
General Ledger Menu -> Inventory Postings -> Asset Financing GL Posting -> Asset Finance Report and Posting
Reports Menu -> Automatic Reporting -> Function AFHDR09 -> runs Asset Finance Report and Posting
This program generates spreadsheet output and completes the posting to the General Ledger of the initial setup of any new Asset Finance Contracts, and the monthly payment postings out of the G/L Bank account according to the Asset Finance schedules setup for relevant non-bulk equipment in the Asset Financing Information tables.
This posting action can also be setup to be run by the Automatic Reporting using function AFHDR09 to email the report to specified addresses.
The report does not run at all if there are previous months to run or there are any dates outside of the Date Range Control set for AFIN
CUT-OFF DATE
Enter the Cut-Off Date for this run.
The program reads the Finance schedules for products in the Asset Financing Information detail tables and lists any unprocessed payments in the month up to and including the Cut-Off Date.
The report can be run regularly throughout the month to ensure the G/L Bank account is up-to-date and reconciled with the actual Bank statement.
Error Conditions:
•The posting report must be run one month at a time and in monthly sequence.
An error message is triggered and the report is aborted if there are any Payments scheduled in a month prior to the month of the Cut-Off Date that have not been posted yet.
•The"Date Out of Range" error message is triggered if the operator has Date Range Control activated, and the Cut-Off Date or the date of a payment detail does not fall within the period set for AFIN.
Resulting Spreadsheet Output:
There are three Tabs included on the resulting spreadsheet including:
•Tab 1: Monthly Payment - Totals per Asset
The monthly payments for all Finance Contracts for this Cut-Off Date are listed for information purposes only.
The information includes the non-bulk Product number as defined in the Asset Financing Information tables, with the Finance Vendor, Finance Contract#, Payment Amount, Interest portion of this payment, and Principal portion of this payment.
•Tab 2: Initial Postings for new Finance Contracts
If there are any new Finance Contracts in this month, this tab lists the "one-time" startup posting details for the new Finance Contracts setup in Asset Financing Information, for information purposes only.
The information includes the non-bulk Product number, the Finance Vendor, Finance Contract#, Principal Amount, and the total Interest to be paid on this Finance Contract.
•Tab 3: - General Ledger Postings
This tab lists the transactions that will be posted to the G/L when the report is accepted, where the Payment totals that Credit the Bank amount post to the Head Office, and the disbursement of the Interest, Principal and Payment amounts Debit the "Owning Division" defined on the product's Asset Tag.
Refer to Asset Financing Information for the source of the Debit and Credit account details.
The columns on the spreadsheet include the Product number, Division, the Finance Vendor, Finance Contract#, the G/L Account Description, the Debit or Credit type, the dollar Amount, the G/L Account number and Date for this posting.
•Tab 4: - Data Errors
If there are any issues this tab lists the errors that are preventing the postings to the GL, such as valid GL posting accounts must be defined in Default Accounts and the Rental Product Class, as outlined in Asset Financing Information.
Posting to General Ledger:
After the spreadsheet has been generated the "Report Print OK?" prompt is triggered.
Click YES if the spreadsheet output is correct. The transactions listed on Tab 3 will be posted to the G/L and the Fin Post checkbox on the corresponding payment records in the Asset Financing Information tables will be marked as posted.
Once posted the GL transactions associated with a payment can be viewed in the G/L Postings for Finance Schedule window in the Asset Financing Information payment detail tables.
Click NO to abort the posting action, so the GL is not updated and the Asset Finance Report and Posting can be run again for this date.
Posting Control:
This Asset Finance Report and Posting program and the Asset Finance Interest Report and Posting are designed to be run by one operator at a time.
Locking will occur if another operator attempts to run the program at the same time, or if the first operator did not exit the posting program correctly.
A Posting Control Information warning will appear on the screen preventing the second operator from proceeding, and only operators with Security Role permission to the 'Reset Asset Finance Posting' flag will have access to the RESET button that unlocks the program.
Whenever the posting control flag for Asset Finance Report and Posting is reset, an audit record is written to the Delete Log for the Function AFHDR10.
Topic Keyword: AFHDR09 (6653)