Compliance

LeaseWave equips leasing and equipment finance companies with necessary tools for regulatory compliance. The system has comprehensive sales and use tax, property tax and UCC capability and other standard compliance features expected from financing and commercial leasing software. By interfacing with industry-standard and industry-leading products, LeaseWave provides an accurate and efficient platform for all requisite assessment, collection, filing and reporting needs. Leasing and equipment finance companies can also track the various types of insurance against contracts and/or their underlying assets, setting up reminders for expiring and incomplete certificates.

Sales and use tax

  • Automated interfaces with Vertex™ products, including O-Series™
  • Automated interfaces with ADP Taxware™ products
  • Two way interfaces for input and export of tax-related information
  • Manage complex and unique tax scenarios presented by various jurisdictions
  • Set up rules for each customer, receivable, asset class to reflect exemptions and exceptions
  • Scrub locations as they are set up to ensure that they represent valid jurisdictions
  • Assess and store tax information at the jurisdiction level (state, county, city,FPO, district, etc.)

Upfront taxation

  • Automatically determine upfront taxation, whether on the rental or cost
  • Capitalize upfront tax into lease at unique rate
  • Deal with relocation scenarios to and from upfront tax jurisdictions

Tax control tables

  • In the absence of integrations, set up jurisdiction and tax rates
  • Override any imported rates as needed
  • Define customer-level tax rules to handle specific exemptions and exceptions
  • Import just tax rate information from third-party tax databases
    • Use integration for just updating tax rate information each month
    • Manage all taxation and tax rules within LeaseWave

Compliance reports

  • Run standard reports expected from financing and commercial leasing software
  • Run reports to determine sales tax assessment and collection by jurisdiction
    • Filter, sort, group and sub-total information as desired
  • Comply with exemption reporting imposed by certain jurisdictions
  • Run income-related reports by jurisdiction
    • Track property, revenue, income and depreciation
    • Obtain information for any desired period

UCC management

  • Integrate fully with iLien™
  • Track certificates against each customer with automated reminders
  • Review filing information as needed

Property tax management

  • Export asset information to products such as PTMS™ or CBiz™
  • Automatically import assessments back into LeaseWave
  • Generate property tax A/R and A/P transactions via automated assessment import or manually
  • Compare and manage expected and actual property tax assessed
    • Once actual is known, differences can be further assessed or refunded
  • Capitalize upfront tax into lease at unique rate
  • Run dedicated reports to manage property tax compliance