Certificate of Acceptance

As asset finance software, LeaseWave comprehensively manages the interplay between a lease contract and its accompanying assets. The Certificate of Acceptance module is aimed at leasing companies that rely on the close management of the “delivery and acceptance” process of assets for triggering billing, payment to vendors and other activities related to the “in-service” date. As an integral piece of the LeaseWave asset finance software, the Certificate of Acceptance module ensures that each asset ordered meets the credit and asset-type-configuration requirements allowed by the underlying application or credit-line associated with the purchase. For asset-intensive businesses, the module allows for the flexible formatting of the certificates themselves, to cater to customer-specific demands on presentation.

The Certificate of Acceptance module can be set up as a natural connection into vendor-invoice management, accounts payable and billing. Only successfully delivered and accepted assets would be eligible for payment. An invoice could cover assets across various lease schedules; the payments on invoices can be controlled at the asset level, even allowing for partial and held-back payments controlled directly by the progress of the related Certificates of Acceptances. Billing on successfully accepted assets can be automatically triggered, whether as open-ended interim rent prior to the booking of the lease, or under the regular lease term following the automated booking of the lease.

Asset assignment, reassignment and certificate reconfiguration

  • Use the LeaseWave asset finance software to create Certificate of Acceptance’s and assign each asset to any Certificate of Acceptance created
  • Move assets between Certificate of Acceptance’s (assuming the Certificate of Acceptance’s in question have not been sent)
  • Trigger notifications when sent Certificate of Acceptance’s need to be reconfigured
  • Ensure that each asset is associated with one and only one Certificate of Acceptance

Compliance with approved credit parameters

  • Disallow the generation of certificates that do not comply with approved credit parameters
  • Notify users, roles of any event within the Certificate of Acceptance module

Format and presentation management

  • Edit existing canned versions or create new versions, as needed, for each customer
  • Roll up information or show line-level details
    • Show 100 of the same type of asset once, with an associated quantity
    • Show the same 100 assets detailed out as line items
  • Email Certificate of Acceptance’s directly to multiple recipients, automatically
  • Store Certificate of Acceptance’s against the respective customer transaction for easy retrieval when needed

Acceptance-process management

  • Allow for assets to be rejected, accepted conditionally or accepted
  • Track unaccepted assets until they are accepted or rejected
  • Set up business rules that will not permit unaccepted assets to be paid in the A/P module
  • Hold back partial payments on invoices based on acceptance
    • Partially pay for conditionally accepted assets
    • Partially pay for invoices with unaccepted assets
  • Scan and attach the customer-signed Certificate of Acceptance to the transaction

Billing triggers

  • Automatically begin billing as soon as assets are accepted
  • Allow for an open-ended interim period that can continue until commencement
  • Designate the asset to immediately trigger lease commencement, if needed