Because multiple assets can be attached to a single lease, the LeaseWave® leasing system’s payoff module accommodates for both full and partial payoffs. The partial payoff functionality is particularly relevant for high-volume, asset-based leasing, making LeaseWave® an effective small-ticket, IT leasing and computer leasing software. The payoff itself can be calculated in various ways and used for analysis until activated. This allows lessors to speculate on possible payoff prices and situations and save the information entered. When ready, the user simply activates the chosen payoff, automatically generating the requisite accounting entries and setting up the payoff receivable. When partial payoffs are activated, the leases continue to exist on the books with all the post-payoff adjustments made automatically.
If desired, the LeaseWave® leasing system also accommodates for mixed payoffs where certain assets on a lease are bought by the lessee while others are returned to the lessor. Again, in the context of asset-intensive leasing, particularly in technology-related industries, this is an extremely useful tool for lease management, strengthening the LeaseWave® suite’s position as a premier small-ticket, IT and computer leasing software.
The LeaseWave® leasing system also allows for the management of back-dated and future-dated payoffs. Through a series of critical edit checks, the system ensures that a lease has been properly accounted for before a retroactive or prospective payoff is activated.