Back Dated Lease Payoff Quote

This topic provides information on the Backdated Lease Payoff Quote.

Provided the ability to backdate a Payoff Quote for the purpose of identifying the total balance on an account as of a specific date for Lease.

System generates a backdated Payoff quote amount based on the outstanding balance amount as on that date.

Following are the changes required to implement this feature for lease:

• The system validates the Transaction Date and Payoff Quote Valid Up to Date parameters of the Payoff Quote Lease monetary transaction, these shouldn’t be less than GL date.
• Provided a new Backdated Payoff Quote Lease Monetary Transaction as follows
  • Under Transaction Codes > Transaction Codes provide a new record.

Validations:

PAYOFF QUOTE VALID UPTO DATE - Maximum of Contract Date and Account Back dated date, else, raise an error.

• System allows back dated payoff quote only maximum up to the contract date of the account. In case if the back date entered is beyond the maximum of contract date and account backdated date, system should display an error message Back dated payoff quote is not allowed beyond the contract date or Max backdated date.
• In case user entered valid back date for ‘Payoff Quote Valid Up to Date’, system does the following:
  • Reverses all the Monetary Transactions posted on the account from the date after Payoff Quote Valid Up to Date.
  • System considers all the balances required to compute the payoff quote and arrive the back dated payoff quote value.
  • Now system reposts the all reversed Monetary Transactions and show the Payoff quote and change the transaction status to Posted. This means a new transaction record will be created on the ‘Transactions’ tab with the payoff quote amount arrived.
  • This transaction is applicable for Rent Factor, Interest Bearing and Amortized accrual methods, but not allowed for Usage, Rental, and Usage Rental based contracts - raise an error when its posted.
    • Error Message: Payoff Quote not available for Lease Types - Usage, Rental.

      Note:

      Reversal of this transaction is not permitted.