Lease Payment Collection

To collect a lease payment, click the Collections button in upper right corner of your lease.

A new window will display which will let you manage your collections:

• In here you can see the list of payments you already collected on this contract.
• There are two ways to find out if a payment is voided in this list:
  • First with its red color.
  • Second by looking at most right column of the list you can see “Void” in those payments.
  • Please notice if you select a voided payment, it will no longer shown as red, so you can only rely on the Status column of the list to see if the payment is voided or not.
• You can also bounce payments (Checks) too.
  • This would usually be with a bounce fee (bad check) charge added to the contract as adjustment.
  • Bounce payments will shown as blue items in the list and most right column (Status) will have “Bounced” in it.
• On the bottom left corner you can see “Collected/Applied” section, in which we show you important total collected/applied fields.
  • Down Pmts – is total down payments collected including deferred and cash down payment.
  • Total Rcvd – is total received from customer in any form of periodical payment, down payment, late charges, etc.
  • # of pmts made – is the average number of periodical payments made, calculated by dividing total payments collected by periodical payment amount.
  • Pmts Allocated – is total of periodical payments allocated out of total received.
    • Deskmanager automatically assumes first periodical payment is collected through Down Payment.
    • So as soon as you save the contract, DeskManager allocates first periodical payment but Down Payment still remains due till you collect it.
  • Dep. Allocation – is total depreciation value allocated out of Payment allocation.
  • Lea. Allocated – is total lease charge allocated out of payment allocation.
  • Tax – is total payment tax  allocated out of payment allocation.
• On the bottom right corner you can see “Balance Due” section, in which we show you important fields regarding account balance and payments due.
  • Next payment due date – is automatically calculated based on total payments received.
    • To calculate this date, DeskManager will look at the amortization schedule and looks where does total payments received fall.
  • Payments Due – includes total periodical payment due, cash down due, deferred  payment due, and adjustments due.
  • Tax – is total tax as of today on total of  depreciation due and lease charge due
  • Depreciation – total depreciation due as of today.
  • Lease charge – total lease charge due as of today

Collecting Payments

To collect a payment you can click on Collect button on top of collections form:

• In here you can select the date you received the payment and the category of the payment
• If there is any cash down payment due the category will be locked to “Down Payment” and it will not let you collect any  other type of payments until you collect all of the cash down payment.
• *Note – Please make sure you collect down payment on all of the contracts when you save them as sold. Entering cash down payment does not collect it automatically, you have to collect it through this window.
• You can enter the amount of the payment in “Total collected” which currently it is populated with amount due.
• As soon as you change the value in total collected, DeskManager calculates how much of it should be allocated as depreciation, lease charge, and tax.
• Also please notice the tax is calculated based on latest tax rate pulled from county table.

Managing Adjustments and Late Fees

• Whenever you save the contract as sold, and customer signs the contract, you can not change the terms and amounts in contract.
• However, you still can add positive or negative adjustments to increase or reduce the account balance.
• To access adjustments you should go the collections window by clicking on Collection button in main lease window, and then click on “Adjustments” button on top to see a list of current adjustments and total summary of them.
  
  
• To add new adjustments click “New Entry”, to delete an adjustment click “Delete”.
• If you click on New Entry a new window will display
  

• You can enter amount, date, and Note in here.
• Type of adjustment is an important part of adjustment since it decides what would be the influence of it.
• If you select a late fee and enter a positive amount, it increases the late fee balance of account which means customer owes you some amount because of being late.

Collecting Adjustments and Late Fees

Beside collecting your regular periodical payments, you can collect the late fees and adjustment. To do so you should go to Collections and click on “Collect”: