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Oracle Lease and Finance Management User's Guide
Release 12.1
Part Number E13583-05
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The Lease Center

This chapter covers the following topics:

Overview

Lease Center agents and their managers can use the Lease Center of Oracle Lease and Finance Management to resolve common leasing service requests. These service requests may include:

Lease Center Business Process

The following steps describe a typical business flow using the Call Center, the eBusiness Center, and the Lease Center.

  1. An external party, such as a customer or a vendor, calls through the Call Center.

  2. A user logged into the Universal Work Queue receives a pop-up message for an incoming call and answers the call.

  3. If the customer is identified, upon intake of the call, the user is launched into the eBusiness Center with the customer information available for review and can drill down into a specific contract from the Contracts tab.

  4. After you have identified the contract, you can use the navigator to assess the Lease Center and review contract details.

  5. You can then process inquiries and requests in the Lease Center.

  6. Alternatively to step 4, if the call pertains to Vendor/Investor disbursements, you can launch this function from the Navigator and process the request.

Responsibilities

The Inquiry to Resolution business process uses the following responsibilities. Not all functions are performed in the Lease Center and some require responsibilities from other products in the eBusiness Suite.

Lease Center Agent

The agent receives inquiries from customers, vendors, and other parties. Types of functions available to the Lease Center Agent include:

Navigate the Universal Work Queue, e-Business Center, and Lease Center

When you are logged in as a Lease Center agent or manager, the Navigator offers the following choices:

Contracts Tab in the e-Business Suite

You can access contracts for a customer in the eBusiness Center by clicking the Contracts tab. This tab displays the contract number, the status of the contract, as well as the start and end date for a specific class of contracts.

To view lease contracts for the customer, select Lease Contracts from the Category list. All lease contracts for the customer appear in the grid. You can select a contract from the list and click the Details button to access the Lease Center, at which point additional details for the contract are available. The eBusiness Center window remains open. See An Overview of the Lease Center Window.

Starting and Ending Customer Transactions

When working with customers, you may want to record the nature and outcome of various interactions. Depending on your implementation of the Oracle Interaction History application, some interactions, such as a call to a customer, may start an interaction automatically. You can also start an interaction by choosing Start Interaction from the Tools menu in the eBusiness Suite.

You can end the interaction by choosing End Interaction from the Tools menu, or you can wait for the application to prompt you to end the interaction automatically. This happens whenever you switch parties (change customers) and update the new record.

If you choose to start and end an interaction manually, use the Start Interaction and End Interaction buttons on the toolbar. These are the two buttons with a stop light icon: a green stop light for starting and red for ending the interaction.

You can tell when an interaction is being recorded by examining the start and end interaction buttons in the toolbar. If the Start Interaction button is disabled and the End Interaction button is enabled, this means that your interaction is being recorded.

When you end an interaction, you are asked to enter information about the outcome of the interaction in the Interaction Wrap Up window. The results are displayed in Interaction History in the Overview tab.

The list of interactions you can obtain on the Overview tab of the eBusiness Center gives you an audit trail of all of the interactions with customers in any eBusiness Suite application. For example, if someone else in your sales organization makes a change to an opportunity that you are working on, you can see record of the change.

You can view the record of in any interaction by double clicking on the interaction entry. This displays the record in the eBusiness Suite application where it was created. For example, double clicking on a record of an interaction on a lead, displays the lead in the Lead Center. Double clicking on a record of a service request, displays the service request in Oracle Customer Care. You must have the correct responsibility, however, for viewing such records in the other eBusiness Center applications.

Note: Merely switching parties does not automatically prompt you to end an interaction with the previous party. You must update the new record first. This allows you to view information from other parties without having to restart the interaction.

Attachments

You can attach documents in multiple formats associated with a contract, sales quote, or lease application. You can also add, delete, or update any files you attach to a contract, sales quote, or lease application. Attachments types include files, URLs, or text. Authorized users will have easy access to any attached files.

After selecting a contract, sales quote, or lease application, you can attach documents by clicking Paperclip icon and following the prompts.

The Lease Center Window

The Lease Center Window Overview

The Lease Center window is your central work area for activities relating to the Inquiry to Resolution process for Oracle Lease and Finance Management. See the following sections for information about the areas in the Lease Center window that you can use to process your customer interactions:

Using the Lease Center Window

The Lease Center window is divided into sections: The top half of the window contains an overview of the selected customer and contract information. The bottom half is a series of tabs that open windows with additional details.

The Lease Center window header provides summary contract and customer account information. Customer information includes, for example, organization, alternate name, address, phone number, and email address. Search for a specific contract by using the Lease Center Search window or by clicking the Find button. Overview information, along with contract details, appears.

Lease contract information includes the following information:

View Contract Versions

In the Lease Center Window, double-click the Version Number to display a summary of the major versions of the contract in the Contract Versions window.

The Contract Versions window displays the following fields for each version:

A major version occurs when a contract is rebooked, either explicitly by the user, or when Oracle Lease and Finance Management carries out contract rebooking as part of another operation, such as the splitting of a contract.

Double-click a major version in the Contract Versions window to display the following information in the Oracle Lease and Finance Management Contract Version window:

Contract Header

The following contract header information appears:

Additional Contract Data

Users can select the descriptive flexfield to view or update additional contract fields, provided the correct profile option values have been set. The descriptive flexfield can be used to view or update additional contract data for the contract header, contract lines, and contract parties. To edit additional contract data descriptive flexfields, the OKL: Update Descriptive Flexfields profile option must be set to Yes.

Contract Lines

For each asset on the contract:

About the Overview Tab

The Overview tab presents a high-level snapshot of additional contract information plus customer interaction history. Additionally, you can add notes within this tab. See:

Review Contract Details

In order to have successful interactions with customers, it is important to have information about their contracts immediately available. Using the Overview tab, you can view the following information in the Contract Details area of the screen:

Add Notes

Within the Overview tab, you can use the Notes feature to record customer and contract information. When you create a note, the application automatically saves information on the note's creator, the date and time the note was created, and the context in which it was entered. Notes are only viewable and editable by the owner unless a note is related to other objects, thereby making the note available to others. You can also display other notes for a particular customer.

Create a Quick Note

You may want to create a quick note concerning a customer or contract issue. The note picks up the default profile values associated with the note type and status for this contract.

Steps

Perform the following steps:

  1. Click the Quick Note button.

  2. Type your note in the Notes box.

  3. Click the Save Note button.

View All Notes for the Lease Contract

It may be necessary for you to look at all of the notes generated for a particular customer. The Notes window includes a summary section and a detail section where the details of the note can be viewed or updated by the note owner. To do so, follow the steps below:

Steps

Perform the following steps:

  1. Click the All Notes button.

    The Notes for Oracle Lease and Finance Management form appears.

  2. To search for existing notes within a specific time frame, choose the dates for the View From and View To fields.

  3. Click the Display button to view all notes created for the customer during the specified time frame.

  4. Choose a note from the list you want to view.

    The details appear in the Note Details section.

  5. If the note extends beyond the text box, click the More button to see the complete text for a note.

  6. Click the Related To button to see which elements relate to the note.

  7. Click OK to save any changes or click Cancel to return to the Overview tab.

Create a New Note

On the Notes for Oracle Lease and Finance Management form, you can also create a new note.

Steps

Perform the following steps:

  1. Click the New button.

  2. Type your note in the box.

  3. Choose a Note Type from the list.

  4. Change the Status if required.

  5. If you want to relate the note to an object, click the Related To button.

  6. Select a Note Type from the list, for example, Expired Reviewed or Routine Information.

  7. Click OK to save the note.

View Customer or Contract Interaction History

Through the Lease Center, you have the ability to find and view historical information on customers' interactions. By default, the last three transactions for the contract appear in the Interaction History area. You can view previous interactions, any specific activities generated through the interaction, and information about the outcome of the interaction for a specific lease contract.

Click the All Customer Interactions button to view all or some of the interactions related to a customer.

Click the All Contract Interactions to view all or some of the interactions related to a contract.

About the Structure Tab

The Structure tab allows you to view the terms and conditions for a specific contract. The terms and conditions are typically established during the authoring of the contract. They are grouped as follows in the Lease Center:

View Billing Set Up

By default, the Billing Set Up information appears on the form. You can use this tab to review the billing and payment-related terms and conditions for the selected contract. You can also check if late charges or late interest charges apply, or if the contract is evergreen eligible.

If the value of the profile option OKL: Update Billing Structure is set to 'YES', you may update some of the fields in the Billing Set Up window.

If the value of the profile option OKL: Update Late Charge Rules is set to 'YES', you may update some of the fields in the Late Charges and Interest area of the Billing Set Up window.

On the View Billing Set Up tab, you perform tasks in the following areas:

Set Up Billing

The following list shows the tasks you can perform in the Billing Set Up area:

Note: To be able to change the value of a field, you must have the profile option OKL: Update Billing Structure set to 'YES'.

Late Charges and Interest

The following list shows the tasks you can perform in the Late Charges and Interest area:

Note: To be able to change the value of a field, you must have the profile option OKL: Update Late Charge Rules set to 'YES'.

Security Deposit

The following list shows the tasks you can perform in the Security Deposit area:

Note: To be able to change the value of a field, you must have the profile option OKL: Update Billing Structure set to 'YES'.

Evergreen Status

The following list shows the tasks you can perform in the Evergreen Status area:

Note: To be able to change the value of a field, you must have the profile option OKL: Update Evergreen Eligibility set to Yes.

Interest Rate

For a lease contract, you can view the type of interest rate, for example, whether it's a fixed or variable rate, or what index is being used to compute the interest rate.

When you select the Interest Rate option on the Structure tab, you can view the following:

Interest Type

Interest Parameers

Conversion Paramenters

Additional Interest Paramaters

Click Additional Interest Parameters for more Interest details.

Termination/Renewal

When you select the Termination/Renewal option from the Structure tab, you can perform tasks in the following areas:

If the value of the profile option OKL: Update Termination Option Rules is set to 'YES', you may update some of the termination option fields in the Termination/Renewal window.

If the value of the profile option OKL: Update Renewal Options is set to 'YES', you may update some of the renewal option fields in the Termination/Renewal window.

Termination Quote Calculation

Note: To be able to change the value of a field, you must have the profile option OKL: Update Termination Option Rules set to 'YES'.

Termination Quote Process

Note: To be able to change the value of a field, you must have the profile option OKL: Update Termination Option Rules set to 'YES'.

Termination Purchase Options

Note: To be able to change the value of a field, you must have the profile option OKL: Update Termination Option Rules set to 'YES'.

Renewal Options

Note: To be able to change the value of a field, you must have the profile option OKL: Update Renewal Options set to 'YES'.

Asset Return/Repurchase Process

When you select the Termination/Renewal option from the Structure tab, you can perform tasks in the following areas:

Asset Return

Note: To be able to change the value of a field, you must have the profile option OKL: Update Asset Return Rules set to 'YES'.

Acceptance Method

Note: To be able to change the value of a field, you must have the profile option OKL: Update Misc Non Financial Information set to 'YES'.

Repurchase Quote Calculation

Purchase Options

When you select Purchase Options from the Structure tab, you can perform tasks in the Purchase Options area.

Purchase Options

Note: To be able to change the value of a field, you must have the profile option OKL: Update Termination Option Rules set to Yes.

About the Parties Tab

The Parties tab provides information on all of the different organizations and persons associated to the contract. For example, one or more vendors may be tied to the contract or there may a guarantor, proving a default guarantee for part or all of the contract.

If the value of the profile option OKL: Update Party Information is set to Yes, you can view, update, or delete user-defined party roles.

Use the Parties tab to:

View Parties Associated to a Contract

Select All to view all parties tied to this contract or select a specific Party Role to limit viewing parties or suppliers to the selected role. You can choose this option to:

View Contact Details Connected to a Party

Within this tab, you can obtain a snap-shot view of customers contact information including their mailing address, email address, and phone number.

Add Parties to a Contract

The Parties tab provides information on all of the different organizations and persons associated to the contract. For example, one or more vendors may be tied to the contract or there may a guarantor, proving a default guarantee for part or all of the contract.

If the value of the profile option OKL: Update Party Information is set to Yes, you can view, update, or delete user-defined party roles.

Use the Parties tab to:

Delete Parties from a Contract

If the value of the profile option OKL: Update Party Information is set to Yes, you delete a party from the contract.

In the Parties tab, click the party and the Delete Parties button.

Update Party Information

To update party information, click the party and the Update Parties button.

View or Update Parties Flexfields

You can view or update contract parties descriptive flexfields by selecting the flexfield icon on the Parties tab after selecting a party from the summary table. You can select the flexfield structure and add values. Only users with the correct profile option value can update flexfields.

About the Account Tab

The Accounts tab provides additional details for the customer's receivable account tied to the contract being viewed in the Lease Center. With this tab, you have account information at your fingertips and can view status of the customer, current balances, number of lease contracts, leasing invoices, and so on.

Use this tab to do the following:

Related Topics

Account Information

View Account Payment History

Account Information

The Account tab displays the following Account information for account related to a contract:

View Contract Payment History

To view payment history of a contract, select Contract from the list.

The payment history displays the following:

Note: It is possible that one invoice can have invoice lines related to more than one contract. When you select to view the payment history for a contract, all the invoice that have at least one or more line related to the contract is displayed and the various amounts displayed for an invoice is total invoice amount and not amounts related to only the selected contract. For example, invoice number 101 has three invoice lines, each with line amount 10. Line 1 is related to contract 101, line 2 is related to contract 102, and line 3 is related to contract 103. When you view the invoice for contract 101, the invoice amount displayed is 30.

For each invoice you can view the Operating Unit, Invoice Number, Invoice Date, Invoice Amount, Invoice Due Date, Invoice Currency, Tax Amount, Amount Adjusted, Payment Term, Status, and Invoice pulled or not.

For the selected invoice, the following receipt details are displayed in the Related Receipts region:

Tip: To filter the invoices list, click Search and enter the appropriate details.

Totals

The following totals are displayed in the Totals region:

Billed: Sum of invoice amount minus sum of adjustment for all the invoices displayed. In the contract view, it is the sum of all the invoices for a contract.

Received:Sum of applied amount for all the invoices displayed. In the contract view, it is the sum of all the invoices for a contract.

Remaining:Sum of remaining amount for all the invoices displayed. In the contract view, it is the sum of all the invoices for a contract.

Credited:Sum of credited amount for all the invoices displayed. In the contract view, it is the sum of all the invoices for a contract.

Invoice Line Details

To view the Invoice Line details, click the Invoice Number of an Invoice. It displays the following:

Tip: To filter the invoices list, click Search and enter the appropriate details.

The invoice details window displays Invoice details, Line totals, and Invoice Line details.

Make a Payment

To make a payment, select one or more invoice lines with outstanding balance and click Make Payment. See Make a Payment .

Issue a Credit Memo

To issue a credit Memo, select one or more invoice lines and click Credit Memo. See Issue a Credit Memo.

Related Topics

Send Documents for Billing or Receipts

Make A Payment

You can initiate an electronic payment receipt for one or more invoice lines having outstanding balance.

To make a payment, select the invoice, click Make Payment, and enter the following:

See: Update bank or Credit Card Details, Oracle Payments User Guide

Issue a Credit Memo

You can choose to initiate a credit memo for one or more invoice lines. You can issue an amount equal to or less than the Amount Remaining column.

You can also view a history of previous credit memo requests.

When the credit memo request is created, it is routed to an approval workflow to allow the credit memo to be issued. Once approved, Lease and Finance Management generates a credit memo invoice.

Steps

Perform the following steps:

  1. Select Billing from the list.

  2. Select one or more rows for which you want to issue a credit memo.

  3. Click the Issue Credit Memo button.

    The top part of the Issue Credit Memo window displays the rows for which you want to issue a credit memo. The lower part of the Issue Credit Memo window shows a history of previous credit memo requests for the row that is selected in the top part of the window.

  4. Enter the credit amount(s) for each row for which you want to request a credit memo.

  5. Click Issue Credit Memo to create the credit memo request and route it to an approval workflow, then click OK to acknowledge the message.

Send Documents for Billing or Receipts

You can send documents to customers in follow-up to inquires on billing or receipts.

Steps

Perform the following steps:

  1. For billing interactions or receipts, click the line(s) associated with the information you want to send the customer.

  2. Click the Send Document button.

  3. On the Send Document form, select a template Name from the list.

    A read-only description appears in the Description box.

  4. Enter the From email address.

  5. Enter the To email address.

  6. If you do not want to accept the default subject line, change the Subject.

  7. Click the Allow Other Email box if you want to allow recipients other than those tied to the parties of the contract.

  8. Click the Send Document button to send the document.

  9. Click the Reset button if you want to start fresh.

  10. Click the Cancel button to cancel the document request and return to the Transactions tab.

View Account Payment History

To view the payment history for an account, select Account in list. The payment history of account displays details of all the invoices generated by Lease and Finance Management for customer accounts.

The remaining functionality, views, and navigation is same as mentioned in View Contract Payment History.

View BPA Invoices

Oracle Bill Presentment Architecture (BPA) enables Customer Service Representatives and other authorized users to view a copy of the invoice as presented to the customer.

You can view BPA invoices by performing the following steps in the Lease Center:

About the Transactions Tab

The following topics describe the tasks that you can perform on the Transactions tab:

Search for and View Disbursement Transactions

Users may receive requests from parties who may receive payments related to the contract. For example, an investor may inquire about the customer accounts with which they are associated. A vendor may inquire on a disbursement item relating to a specific customer's account.

Additionally, customers may request information on the accounts payable history, viewable by contract. This may include information such as refund checks or payments made to a vendor.

Steps

Perform the following steps:

  1. To search for disbursements, select Disbursements from the list.

    If there are no recent disbursement transactions for the contract, a message appears and the disbursement search screen pops up.

  2. If disbursement records exist, the Disbursement Details section displays existing disbursement invoice details for the contract.

  3. To narrow your search for disbursements transactions, click the Search button and select the appropriate search criteria.

  4. Click the Search button to find a disbursement transaction.

  5. Enter the appropriate parameters in the form, or choose them from the lists, and click Find. This allows you to view the following:

Search for and View Receipt Information

You can view details of receipts and the invoices to which they apply, view the total amount applied against a particular invoice line, reference in A/R, as well as view payment method and other details. You can send this information to the customer using the Send Document feature.

To view the details, select Receipts from the list.

The Receipt and Receipt application details for each receipt applied to the invoice line in a contract is displayed.

The Receipt details for an advance receipt created against contract is also displayed.

Note: By default the basic information of the receipt and receipt application is displayed. Right click any column header to show or hide columns

Steps

Perform the following steps:

  1. Select Receipts from the list.

  2. Enter the appropriate parameters in the form, or choose them from the lists, and click Find.

Line Totals

Transaction: Total transaction amount of distinct invoice numbers.

Applied: Total of the Applied Amount column.

Remaining: Total of the Remaining Amount column for the distinct invoice lines.

About the Asset Tab

The initial display of the Assets tab shows a summary list of the following fields for each asset:

From this display, you can decide to view all asset details, including property tax details. You can also change the location of multiple assets using the Bulk Asset Update feature.

The main topics in this section are:

View Asset Details

View Property Tax

Change the Location of Multiple Assets

View Asset Details

To view the asset details, click an asset, click the Asset Details button.

The top of the Asset window again shows a list of the assets with the same summary information as appears in the initial Asset tab display. In the lower part of the window are individual tabs that provide more information about the asset.

To see detailed information about an asset, click on the asset in the asset list, then click the appropriate tab in the lower part of the window.

The tabs in the Asset window are as follows:

Summary Tab

You can view the following asset-related fields in the Summary tab:

Serial Numbers Tab

You can view the following asset-related fields in the Serial Numbers tab:

Usage Based Billing Tab

Some assets may be set up to incur a periodic charge based on usage of the asset. Customers may inquire about a meter reading or pricing plan, report a meter reading, or request a change in a pervious meter reading. Agents use this window to resolve such requests.

You can view the following meter reading fields in the Usage Based Billing tab:

Liens Tab

You can create a new lien and view the following lien-related fields in the Liens tab:

Registrations Tab

You can create a new registration and view the following registration-related fields in the Registrations tab:

Taxes and Adjustments Tab

You can perform the following tasks in the Taxes and Adjustments tab.

Sales Tax

Value Added Tax

Adjustments

Change Tax Exempt Status

Suppliers and Add-ons Tab

You can perform the following tasks in the Suppliers and Add-ons tab.

Suppliers

Add-ons

Financial Structure and Residual Tab

You can view the following fields in the Financial Structure and Residual tab.

Financial Structure

Residual

View Property Tax

To view the property tax details for one or more assets, click an asset, then click the Property Tax button.

On this form, for each asset selected, you can:

Change the Location of Multiple Assets

To change the location of multiple assets for the customer, use the Bulk Asset Update feature.

Steps

Perform the following steps:

  1. From the main Asset window, using the Control key, select all the assets to be updated.

  2. Click the Bulk Asset Update button.

  3. The Asset Location Bulk Update form appears.

  4. Select or enter the new location for the asset.

  5. Click OK to submit the changes or click Cancel to exit without saving.

About the Insurance Tab

Many lessors require that customers leasing equipment carry insurance for assets on lease or other types of optional insurance to meet credit requirements. A lessee can meet the requirement for lease insurance by carrying a third-party insurance policy, or they can buy insurance from the lessor.

Oracle Lease and Finance Management functionality allows you to capture the customer's third-party insurance information, or you can create a quote and sell an insurance policy to the lessee. The lessor then purchases a policy from pre-defined insurance providers on behalf of the lessee.

Within the Lease Center Insurance Tab, you can access both quote and policy information. You can use the Insurance tab to view or perform tasks within these views. For active policies (both lease and optional insurance) you can log claim information.

Quotes

When you are in the Quotes view of the Insurance Tab, you can see information on existing quotes. On the left panel, a list of all the existing quotes appear. When you select one, relevant information appears in the right panel. This includes quote number, provider, insurance product, insurance type (optional or lease), premium, payment frequency, quote valid dates, and effective dates. From this view you can also perform the following:

Policies

When you are in the Policies view of the Insurance Tab, you can see information on existing policies. On the left panel, a list of all the existing quotes appears. When you select one, relevant information appears in the right panel. This includes policy number, status, name of insured, provider, product, premium, covered amount, factor value, and so on.

From this view you can also perform the following:

Create a Lease Insurance Quote

Lease insurance covers all assets that are on a contract. The coverage amount of the insurance plan is equal to the value of the assets on lease.

Use the following procedure to create a lease insurance quote.

Steps

Perform the following steps:

  1. In the Insurance field, choose Quotes from the list of values and click the Create Quote button.

    The Create Insurance Quote form appears.

  2. In the Create field, select Lease Insurance Quote.

    On the page, all asset lines associated with this contract are displayed. The table includes asset description, quantity, original equipment cost, asset category, insurance class, and location. The total amount of the original equipment cost of all the asset lines is the amount of coverage requested.

  3. In the Provider field, choose the provider for the lease insurance from the list of values.

  4. Choose the Payment Frequency from the list of values.

  5. Choose the Sales Representative credited with selling the insurance policy from the list of values.

  6. Choose the Insurance Location from the list of values.

  7. If the lessor is the insured on the policy, then select the Lessor Insured check box.

  8. If the lessor is the payee on the policy, then select the Lessor Payee check box.

  9. Enter the start date of the policy in the Insurance Effective From field.

  10. Enter the length of the insurance policy in the Term In Months field.

  11. Enter the Quote Effective From and Effective To dates of the quote.

    These dates represent the period the quote is valid for acceptance.

  12. Click the Calculate Premium button to calculate the premium.

    During this process the provider selected and location parameters are used to locate the insurance product and related rates appropriate for the value of the contract and the assets covered.

  13. The quote information appears along with the Calculation Result.

    If you want to adjust the quote, enter the adjustment amount in the Adjustment field.

    This amount is subtracted from the premium total. The adjustment calculates an Adjusted Premium number and records who made the adjustment.

  14. At this point you can take three actions on the quote:

Create an Optional Insurance Quote

Optional insurance covers other factors than basic lease insurance. Optional insurance could include life insurance, loss-of-business insurance, and so on.

Use the following procedure to create an insurance quote for optional insurance.

Steps

Perform the following steps:

  1. From within the Create Insurance Quote form, in the Create field choose the Optional Insurance Quote option.

  2. In the Insurance Product field, choose the optional insurance product you want to quote for the customer.

    The provider and insurance factor appear as read-only fields on the page.

  3. Enter the Name of Insured party.

  4. Choose the location of insured from the list of values in the Country field.

  5. Enter the Factor Value.

    This information is used to determine the premium rate for the product. For example, if the insurance factor was set up as age for the product, enter the age of the person covered by the policy.

  6. Enter the amount of coverage provided in the policy in the Amount Covered field.

    The premium rate is multiplied by this coverage amount to determine the monthly total premium.

  7. Choose the Payment Frequency for the policy.

    Examples are half-yearly, yearly, monthly, and so on. Note that premiums are calculated on a monthly basis. A half-yearly payment includes six premiums.

  8. Select the Sales Representative that is creating the insurance quote from the list of values.

  9. If the lessor is the payee of the policy, select the Lessor Payee check box.

  10. If the lessor is the insured party, rather than the customer, select the Lessor Insured check box.

  11. Enter the date the insurance policy becomes effective in the Insurance Effective From field.

  12. Enter the length of the policy in the Term in Months field.

  13. Enter the Quote Effective From and Effective To dates.

  14. Add additional details to the quote.

  15. Click the Calculate Premium button to calculate the premium.

    During this process, the product selected, location, covered amount and factor value parameters are used to find the provider and premium rates appropriate for the value of coverage.

  16. The quote information appears along with the Calculation Result.

    If you want to adjust the quote, enter the adjustment amount in the Adjustment field.

    The adjustment calculates an Adjusted Premium amount and records who made the adjustment.

  17. At this point you can take three actions on the quote:

View Quote Details

After a quote is saved or accepted, you can see the details by double-clicking the quote in the Quotes view of the Insurance tab. The Insurance Quote Details form that appears contains the same information as the Create Insurance Quote form except you cannot modify a quote from this form. You can accept a saved quote.

View Policy Information

After you have accepted a quote, a policy number is generated and the information is converted from an insurance quote to an insurance policy. Oracle Lease and Finance Management allows you to view information about existing insurance policies within the Insurance tab. To do so, select Policies from the Insurance list. The left panel displays all the policies associated with the contract and the following information about each policy:

You can view a policy by clicking on the policy you want to view. In the Insurance Policy box (the right panel), the applicable information appears for the selected policy. You can also double-click the policy to view the following parameters:

From the Policy Summary page, you can perform several tasks, covered in the following topics.

Gather Third-Party Insurance Information

Oracle Lease and Finance Management functionality allows you to capture information about the customer's third-party insurance policies.

Use the following procedure to capture third-party insurance information.

Steps

Perform the following steps:

  1. In the Insurance tab, select Policies from the Insurance pull-down list and click the Gather Third Party Insurance button.

    The Insurance Third Party Policy form appears.

  2. In the Policy Number field, enter the insurance policy number

  3. In the Covered Amount field, enter the amount of coverage the policy provides.

  4. In the Endorsement Field, enter a description of any endorsements to the policy.

  5. In the Deductible field, enter the amount of any policy deductible.

  6. In the Name of Insured field, enter the name of the insured customer.

  7. If the lessor is insured, select the Lessor Insured check box.

  8. If the lessor is named as a payee on the policy, select the Lessor Payee check box.

  9. Enter the Due Date proof of the policy must be obtained by.

  10. Enter the Provided Date when proof was obtained.

  11. Enter the mandatory Effective From and Effective To dates of the policy.

  12. Under the Third Party Insurance Agency section, in the Insurance Company field, click the Go button and select the Insurance Company providing the policy.

  13. Select the address of the insurance company from the list of values.

  14. Under the Third Party Insurance Agent section, in the Agent/Broker Name field, click the Go button and select the lessee's agent or broker from the list of values.

  15. Select the address of the agent or broker from the list of values.

  16. Click Create to save your work.

Activate Policy

To activate a policy, select the policy you want to activate and click the Activate Policy button.

Cancel/Delete Policy

To cancel or delete a policy, choose a policy and click the Cancel/Delete Policy button. You can delete policies prior to activation, but after they are activated, you must cancel them. Any amounts to be credited to the customer's account or retrieved from a provider on behalf of the lessor are automatically calculated and processed.

Obtain Policy Details

To obtain more detailed policy information that which appears on the main page, double-click the policy you want to view. You can view the following information.

Insurance Policy Detail

Assets

Log Insurance Claims

For contracts with existing insurance policies, you can log claims made against a policy by your customers. You can log two types of insurance claims:

In either case, to log an insurance claim you must select a policy. The policy type, which is displayed in the policy header information, determines the type of claim you create.

Note: Customer Service representatives record claim information provided by outside sources. They do not serve as an insurance agent.

Create Lease Insurance Claim

Follow these steps to create a lease insurance claim:

  1. On the main Insurance tab and from within the Policy view, select the lease insurance policy you are filing the claim against and click the Insurance Claims button.

    This opens the Insurance Claims summary form. This form displays some policy details (policy number, type, provider, and so on) and also lists all the claims already made against the policy.

  2. To create a new claim, click the Create Claim button.

    This opens the Add Lease Insurance Claims form. This form displays the insured assets under the policy in the Asset Details table.

  3. In the Claim Details section, enter the Claim Number.

  4. Enter the Claim Amount.

  5. Enter the Claim Date.

  6. From the list of values, choose the Claim Status.

    Possible values are: Completed, Entered, In Progress.

  7. From the list of values, choose the Claim Loss Type.

    This value represents the type of incident that generated the claim. Possible values include: flood, fire, power surge, road accident, and so on.

  8. Enter the Accident Date that the claim references.

  9. Enter information for the police department handling the claim in the Police Contact Information field (phone number, address, and so on), if applicable.

  10. Enter the Police Report Number, if any.

  11. In the Asset Details section, select the asset the claim refers to and enter the Damage Description.

  12. Enter the Claim Description for the damaged asset.

  13. Choose the Claim Type for the asset.

    Indicate whether the claim is for Full coverage or Partial Damage coverage.

  14. Choose the Line Status for the asset.

    This value indicates the overall state of the asset line. Possible values are: Good, Fair, Poor, and Not Applicable.

  15. Choose the Condition Status for the asset.

    This value indicates where the asset is in the repair process. Possible values are: Pending, Repaired, Waiting For Approval.

  16. Repeat steps 11-15 for each asset affected by the Claim.

  17. To save the claim, click the Submit Claim button.

  18. If you need to hold any billing items as a result of the claim, click the Lock Out button

    The Hold Billing form opens. This form displays information about the Asset Claim in the header and displays a table with all the billing items for the selected asset, along with the next due date and the next amount due.

    You may want to withhold billing for some claims, such as those that involve warranty repairs, for example. If an asset is off-line due to warranty service, the contract may stipulate that you cannot charge for "service and maintenance" during that period.

  19. Choose the check box to the left of the billing item you want to hold and click the Hold Billing button.

Create Optional Insurance Claim

Follow these steps to create an optional insurance claim:

  1. On the main Insurance tab and from within the Policy view, select the policy of type "optional" against which you are filing the claim, and click the Insurance Claims button.

    This opens the Insurance Claims summary form. This form displays some policy details (policy number, type, provider, and so on) and also lists all the claims already made against the policy.

  2. To create a new claim, click the Create Claim button.

    This opens the Add Optional Insurance Claims form.

  3. Enter the Claim Number.

  4. Enter the Claim Amount.

  5. Enter the Date of the Claim.

  6. Choose the Claim Status from the list of values.

    The options are: Entered, Completed, In Progress.

  7. Choose the type of Claim Loss from the list of values.

    This value represents the type of incident that generated the claim. Possible values include: flood, fire, power surge, road accident, and so on.

  8. Enter the date the accident that generated the claim occurred.

  9. Enter the contract information for the police department handling the claim in the Police Contact Information field (phone number, address, and so on).

  10. Enter the Police Report Number, if any.

  11. Enter a description of the claim.

  12. Click the Submit Claim button to save your work.

About the Requests Tab

Use the Requests tab to help customers with the following requests:

Termination Quotes

Use this tab to create new termination quotes and view existing quotes for a contract. All termination quotes created in the Lease Center for a contract are based on Termination Quote rules defined for the contract during authoring and use the quote calculation mechanism specified in the Asset Management module of Oracle Lease and Finance Management.

With this feature you can:

View Previously Created Termination Quotes

When you click the Requests tab, select termination quotes in the list and choose Termination Quotes. Previously created termination quotes appear in the form. Information includes the number, the quote type, the status, the quote reason, the amount, and the effective from and to dates.

View Details and Amount Breakdowns for an Existing Quote

To view the quote amount breakdown for existing quotes, click the link under the Amount column pertaining the quote in question on the Termination Quote Summary table. To view details about the quote, click the Quote Number.

On the Termination Quote Details screen, you can do the following:

Click on the ellipsis button next to the Amount field to get a breakdown of Quote Amounts.

Create a New Quote

Steps

Perform the following steps:

  1. Click the New button.

  2. The Create Quote form appears.

  3. Select a Quote Type from the list.

    An example is Termination with purchase.

  4. Choose a Quote Reason from the list.

  5. Enter a note in the Comments field.

  6. Select one or more asset line associated with the quote.

  7. Click the Save button on the toolbar to save the request, calculate the quote amount, and trigger a workflow, which executes the quote process.

Equipment Exchange

A customer may request to exchange one or more assets on a contract. It may be a temporary loaner or a permanent exchange. Oracle Lease and Finance Management supports the following types of exchange:

You are required to make the determination on whether the exchange is a like for like or non-like for like exchange.

In the Equipment Exchange Summary window you can view details of existing requests, such as status, request type, and creation date. You can perform tasks in the following areas:

View Equipment Exchange Information

From the Equipment Exchange Summary window, double-click on a request line to view the following details:

You can also update the Comments field on the request.

Create a New Equipment Exchange Request

To create a new request, click on New from the Equipment Exchange Summary window.

In the New Request form, you can:

Transfer and Assumptions

Transfer and assumption transactions pass ownership of leased assets to other lessees. You can initiate a request for a transfer and assumption transaction in the Lease Center for a contract in Booked status, in all book classifications except Loans and Revolving Loans, because loans do not include assets and are not generally transferred. Contracts eligible for transfer and assumption transactions may also be in status Evergreen, Litigation Hold, or Bankruptcy Hold. Contracts cannot be in Rebook status, and the original contract must be fully funded.

Only full lines of assets on a contract can be transferred in the transfer and assumption process. If only some of the items on an asset line are to be transferred, perform a split assets procedure before the transfer and assumption transaction.

Setups For Transfer And Assumption Requests In the Lease Center

Before you initiate Transfer and Assumption requests in the Lease Center, you must have set up the following:

  1. Oracle XML Publisher, including an XML layout template and an associated report template in Lease and Finance Management for the Transfer and Assumption request document.

    See Associate XML Layout Templates to Lease and Finance Management Report Templates in the Oracle Lease and Finance Management Implementation Guide.

  2. Oracle Approvals Manager (for an internal approval hierarchy in your organization for Transfer and Assumption requests).

  3. Particular profiles in Lease and Finance Management, and assigned them to appropriate users, such as:

    OKL: Credit Approver

    OKL: Collections Approver

    OKL: Agent for receiving customer response

    OKL: Agent for receiving vendor response

    OKL: Contract Administrator

Create Request

Select the old contract, select a request type of Transfer and Assumption, select New, and then select the Type of Transfer: either Complete (Full, all assets from the original contract) or Partial (only some of the asset lines from the old contract). Only full lines of assets can be transferred in either case. To transfer a partial asset line, split the assets first (cross-ref split assets), and then create the Transfer & Assumption request.

Type of Transfer: Complete transfer creates a new contract and terminates the old. Partial transfer creates a new contract for the selected asset lines and rebooks the old contract with the remaining assets.

Enter the Transfer Effective Date. It must be after the last paid invoice and at a normal billing period division, such as in whole months. Billing will be run on the old contract so that the previous customer is liable for all the invoices up to this date, and is credited back for any invoices not yet paid after this date. (Two transfer and assumption transaction types are seeded: Release Billing, and Release Credit Memo.) The new customer is responsible for all the billing after this date, as with any new contract.

Enter new contract details, including the new lessee, customer account, and bill-to address, bank account, contact, contact email, and contact phone number. If you enter a new contract number, it is carried through for the new contract when the contract administrator performs the transfer and assumption.

Click Insurance Details to enter the new insurance information. An insurance details form opens appropriately for your choice of either third party policy or Lease policy. Processing for insurance of the original contract is the same as for full or partial termination.

In the Assets on Original Contract region, select and click the arrow to move the asset lines into the Assets on New Contract region. You can update the bill-to address, install site, and fixed asset location.

Click Create or Update to save changes. After you create the request, its status is Entered. Accept the request after making all changes. An interaction history record is created from the request and the request acceptance.

Workflows

After you accept the request, it is routed through a workflow for multiple approvals. At each stage of the workflow, after required approvals, the status of the Transfer and Assumption request is sequentially changed to Credit Approved, Collections Approved, Customer Approved, and Vendor Approved.

Through Oracle Approvals Manager, notifications are sent. After everyone on the internal hierarchy has approved the Transfer and Assumption request, notifications are sent for outside credit approval, collections approval, customer approval, and vendor approval. After these approvals, a final notification is sent to the contract administrator to inform him or her of the successful Transfer and Assumption approval. In each of these cases, notification goes out to the users set up for the Lease and Finance Management approval profiles.

Using the process template set up for Transfer and Assumption, Oracle Fulfilment sends a request to the new customer contact specified on the Transfer and Assumption request, and also to the vendor contact defined on the vendor program attached to the old contract. The Fulfilment request is sent automatically as part of the Transfer and Assumption workflow process.

Contract Administrator Performs the Transfer and Assumption

The workflow then notifies the Contract Administrator to make the transfer manually using the Origination > Contract > Contract Revision > Re-Lease pages. The new details that you entered on the request are carried through to the contract administrator, improving efficiency.

Transferred and Assumed Contracts In The Lease Center

The contract header on a new contract that contains assets that were transferred and assumed from another contract additionally displays the older contract number in the field Transferred From.

For original contracts with assets that have been transferred and assumed, you can view the new contract number by drilling down from the interaction history records created for Transfer and Assumption and displayed on the Lease Center Overview tab.

Renewal Quotes

You can initiate a request to renew a contract. This function provides you with the ability to capture a new residual value and term. When you create the request a new payment amount is automatically calculated. The value can be routed for approval, accepted by the customer, and then submitted for a rebook.

Principal Paydown Payments

A principal paydown is a payment made by the lessee specified to reduce the principal loan balance. Principal paydowns are requested from the Lease Center. In Lease and Finance Management, principal paydowns are limited to fixed rate loan contracts and do not apply to variable rate leases or variable rate loans.

When you create a Principal Paydown Request, Lease and Finance Management will make a pricing call to reamortize the loan for the remaining principal balance over the remaining contract term. The new payment amount is displayed for each asset. If the request is submitted and approved, Lease and Finance Management automatically rebooks the contract.

During the rebooking process, the payments are updated for each asset to add a stub payment for the principal paydown amount on the paydown date. Streams are regenerated and the contract is then rebooked automatically. All pending principal paydown requests are cancelled to prevent errors.

If the contract rebooking process fails while submitting a Principal Paydown Request, then all transactions are rolled back automatically, contract entries are reversed, and the principal paydown transaction and Principal Paydown Request are cancelled. After the rebooking is complete, an invoice is generated for the principal payment amount. If you associated an on-account receipt to the Principal Paydown Request, the receipt is associated to the invoice during creation. If the rebooking fails, the principal paydown stream associated with the payment amount is left Unbilled. It can then be billed using the standard Lease and Finance Management billing programs.

Principal Paydown Process

The principal paydown process includes the following steps:

  1. Record an on-account receipt for a principal payment or any other overpayment

  2. Create a Principal Paydown Request in the Lease Center

  3. Optionally, apply an On-Account receipt to the Principal Paydown Request

  4. Price the Request to determine the new payment amount after the Request is applied

  5. Accept the Request

  6. Upon acceptance, Lease and Finance Management rebooks the contract and creates an invoice

  7. If the Request is associated with an on-account receipt, the receipt number is associated to the invoice

  8. Request status is updated once rebooking is complete

  9. If rebooking fails, the invoice record will still be created and picked up during the next billing program run

Prerequisites

  1. Before a Principal Paydown request can be created, you must set up a stream type with the seeded purpose of Unscheduled Principal Payment. To set up stream types, see Define Streams and Pricing, Oracle Lease and Finance Management Implementation Guide..

  2. In the Stream Generation Template, the primary stream type of RENT must be updated with the new principal paydown stream type as a dependent of RENT. To update the Stream Generation Template, see Define Streams and Pricing, Oracle Lease and Finance Management Implementation Guide.

Create and Submit Principal Paydown Request

Lease Center agents create Principal Paydown Requests from the Requests tab of the Lease Center after searching for the contract.

To create a Principal Paydown Request, perform the following tasks:

  1. Select Principal Paydown from the dropdown menu as the Request Type and click New.

  2. Enter principal paydown details in the Principal Paydown Request window.

    Note: In the Principal Balance with Accumulated Interest Region, the Current field represents the sum of the contract's outstanding principal balance and accumulated interest as of the Paydown Date.

    Note: The Paydown Date is the date on which the principal paydown will be made and must be after the most recent billing through the current date. After the Paydown Amount is entered, the New Principal Balance field will reflect the new paydown amount. Validations will alert you to reduce the Paydown Amount if it equals or exceeds the Current Principal Balance.

  3. Optionally, select an On-Account Receipt and Receipt Number and apply the receipt towards the Principal Paydown Request.

  4. The Calculate Payment button causes Lease and Finance Management to call the stream generator to get the new payments for assets after principal paydown. The New Payments button can be used, after the stream generator returns the new payments, to view new payment details on each of the contract assets. The Principal Paydown Payments window shows the contact assets with payment details.

  5. After reviewing the payments by asset, you can use the Accept Payment button to submit the Principal Paydown Request.

View Payment Transactions

After you have created a principal paydown, you can view the payment transactions from the Schedules tab of the Lease Center by selecting Payment Schedules from the Type dropdown menu.

If the Billing Date is null, the payment has not been billed and the Process Billable Streams concurrent program will create the billing on the appropriate date. If a Billing Date exists, the payment will be billed and a duplicate billing will not be created.

View Rebooked Contract

Once the principal paydown is completed, you can view the rebooked contract by searching for the contract in the Contracts subtab of the Origination tab. Select Payment to open the Payment page and view the details. The contract will have a new version number and the asset will have a new stub payment amount.

Convert Interest Rate

You can submit a request to convert the type of interest rate if the Conversion method is optional, the Convert by Date has not passed, and there is a value for Convert Type.

Steps

Perform the following steps:

  1. In the Requests tab, select Convert Interest Rate as the Type and click New.

  2. Enter the interest rate details in the Convert Interest Rate window.

  3. Click Submit Request. Once submitted, a workflow initiates, which can be configured to route the request to a user with the Contract Revision responsibility.

About the Documents Tab

The Documents tab provides you with a mechanism to send different types of documents related to leasing, to a variety of recipients. To send documents from this tab, you must set up report templates in Lease and Finance Management. To create a report template, you must first define your layout templates and data templates in Oracle’s XML Publisher. After completing this step, you can pick a report template from this tab, select recipients, and a document format to send documents to one or more recipients.

Example documents include:

Related Topics

Send a Document

Send a Document

Steps

Perform the following steps:

  1. Select the type of document you want to send from the list. Example, Settlement Letter Request.

  2. Select a document template from the list if there is more than one associated with the document type.

  3. A read-only description tied to the document template appears in the box.

  4. Enter a Subject for the email.

  5. Enter a name in the From field if you do not wish to accept the default of your name as the sender.

  6. In the Recipients section, select one or more recipients based on the following information:

  7. Click the Send Document button.

About the Tasks Tab

Use the Task tab of the Lease Center to view, create, and assign tasks pertaining to a contract.

A task you create here appears in the work queue of the individual you assign as the owner of the task.

The task tab is divided into two regions. The left side presents the list of existing tasks for the contract. You can sort the list of tasks in the list by any column, and you can restrict the list to display only private tasks by selecting the Private check box. Use the right side of the tab to view the details of an existing task you selected in the list or to enter a new task.

On the Tasks tab you can:

View Existing Task Information

You can view task-related information such as name, priority, status, number, assigned by, assign to, closed, cancelled, completed, private flag, description, and last update date.

Create a New Task

Steps

Perform the following steps:

  1. From the Tasks tab, click the New button.

  2. Select the type of task you wish to create.

  3. Enter the name of the task.

  4. Enter the customer contact for the task.

  5. Enter the phone number of the contact for the task.

  6. Select the priority with which the task must be executed.

  7. Select the present status of the task, for e.g., in planning.

  8. The default time zone of the agent appears for a new task. Select a new time zone if required.

  9. Enter or select the planned start date and end date for the task.

  10. Select the type of resource that needs to be assigned to the task as the owner.

  11. Select or enter the name of the resource who is responsible for the task.

  12. Select or enter the name of the resource who is executing the task.

  13. Select or enter the name of the person doing the assignment.

    Defaults to the agent when an assignment is made.

  14. Check the Private box if this is a private task.

  15. Enter one or more lines to describe the task.

About the Schedules Tab

The Schedules tab allows users to search for specific transactions within a time frame. Schedule types include:

Amortization Schedule

A customer may request an amortization schedule for loan contracts. The amortization schedule displays interest and principal amounts paid up to the current date and projected to be paid on future loan payments and principal balance as of the last date of the period.

The following conditions apply to amortization schedules:

The amortization schedule displays the following information:

View Amortization Schedule

Use the follow steps to view an amortization schedule.

  1. Select Amortization Schedules from the list of schedule types.

  2. You can choose to generate amortization schedules in one of the following modes:

  3. Click Send Document to print and send this document to the relevant party or send it by email or fax.

Payment Schedules

Use this function to relay information to customers regarding their schedule of payments for a specific transaction type and for a specific time frame. The following Payment Schedules tasks can be completed:

Search for Payment Schedules

Steps

Perform the following steps:

  1. Select a contract.

  2. Click the Schedules tab.

  3. Select Payment Schedules from the Type menu.

  4. Details of all the payments for a contract grouped by Stream type or fee is displayed.

  5. To View schedule for specific stream type or fee, select the appropriate row. The schedule table will display the schedule with due dates.

  6. To view the payment details at asset level, click Stream type link. The payment details for each asset for selected stream type is displayed with payment schedule.

  7. Click Search to limit the schedule to view specific payment rows

    Search criteria include:

  8. Click Find to view the payment schedule for the search criteria selected.

  9. Enter dates and click Find to limit your payment search to a specific time period.

Variable Rate Information

A customer or other parties may inquire as to the interest rate used to calculate their rental amount. The Variable Rate Statement provides a breakdown of rate information by date for loans and interest bearing contracts. The following are some of the scenarios that may apply:

Steps

Perform the following steps:

  1. Select the start date and end date of the range of dates for which the variable rate information needs to be displayed.

  2. Click Find to display the variable rate statement for the search criteria selected.

    The variable rate information displays in the box on the right. Information includes:

  3. Click the Send Document button to send this document to the relevant party.

Tax Schedules

Use this function to relay information to a customer regarding their Tax schedule. You can review and relay information to customers regarding the tax item in question for their schedule of payments.

The tax amount is displayed at the contract level grouped by stream type. To view schedule for each stream type, select the specific stream type.

Click Stream type to view the tax amount and tax schedule at asset level.

About the Vendor Investor Disbursement Window

A vendor or a syndication partner may request information on monies due to them for one or more contracts. The Lease Center Agent or manager can use this function to search for a party, view summary level information of disbursements to the party and drill down to the disbursements details for the party or for a specific contract for the party.

Use this function to:

Search for a Vendor or Investor

To search for a vendor or investor, you can choose from a selection of search criteria to search for a party for whom you wish to view disbursements. Search criteria includes, for example, name, invoice number, vendor name and invoice number, contract number, address, and phone number.

The search results displayed include summary level disbursement information by contract. Information fields displayed here include name, vendor number, address, contract number, number of disbursements, and total disbursements.

View Disbursement Details for all Contracts for a Vendor or Investor

Results are returned by the search for a party. Click on a specific party to get disbursement details for all contracts for that party.

Information fields displayed here includes contract number, Transaction type for the disbursement, invoice number, status of the invoice, payee name and address, payment method, amount disbursed, and date issued.

View Disbursement Details for a Single Contract

From the summary level results, click on a specific contract number to drill down into disbursement details for all parties for the contract. This action takes you to the Transactions tab of the Lease Center, where you can review disbursement details for the contract.

About the Related Contracts Tab

The Related Contracts tab provides information about service contracts that are related with the current contract.

If your current Oracle Lease and Finance Management contract has a service line that is associated with a service contract, which was created in Oracle Service Contracts, this tab enables you to see summary and detail information about the service contract.

On the Related Contracts tab, you can:

View Related Service Contract Information

The summary information fields for the service contract are:

Click on the Contract Details button to see more details about the service contract and the service contract lines.

The main fields displayed for the service contract header are:

The fields displayed for each service contract line are: