Entering Financing Information
Access the Financing Information form.
- Financing Method
Specify the UDC (12/FM) that indicates how a fixed asset was acquired, for example financed or purchased outright.
- Lesser, Renter or Mortgagor Address
Specify the address book number for the lesser, renter, or lending institution.
- Purchase Option
Specify the code that indicates whether there is an option to purchase a leased or rented asset. This code is informational only. Values are:
Y: Yes, there is a purchase option for the asset.
N: No, there is not a purchase option for the asset.
- Purchase Option Credit Percentage
Specify the fixed percentage of the monthly payment that applies to the purchase of the asset. Enter a percent as a decimal. For example, enter 25 percent as .25.
- Purchase Option Price
Specify the number that indicates the purchase price, if you have the option to purchase a leased or rented asset. This field is informational only.
- Purchase Option Maximum Credit
Specify the number that indicates the maximum monetary amount that applies toward the purchase, if applicable. For example, if a portion of the monthly payment is credited towards the eventual purchase of the asset, this number indicates the maximum monthly credit. This concept is typically used with IBM rentals.
- Contract Date
Specify the date the contract for the asset was put into effect.
- Date Expired
Specify the date that the contract for the asset expired.
- Monthly Payment
Specify the number that indicates the amount of the monthly payment for the asset you are financing, renting, or leasing. This field is informational only.
- Explanation
Enter a description, remark, name, or address.
- Explanation - Remark
Describe the purpose for using an account or convey any other information that you want about the transaction.