Contract Management

LeaseWave is comprehensive financing and equipment leasing software that manages all the phases of the lease or loan lifecycle. Phases may be included or excluded, as is relevant for the business model in question. The following are some examples.

As end-to-end equipment leasing and finance software. LeaseWave handles all lease and loan contract needs including booking, billing, collections, cash management, terminations, etc. The accounting behind each transaction is automatically handled through user-defined templates that direct journal entries into appropriate accounts in the application’s underlying GL subsystem. Restructures, rebooks and complex terminations (with assets being bought out, paid off, returned, rolled over etc.) are all handled with flexibility and user-friendliness.

Take down management

• Manage complex, staggered installations:
  • Track and bill based on progress (deposit) payments made towards an asset
  • Bill interim rent on delivered assets while others on the schedule are installing
• Handle complex open-ended deliveries and interim rent periods
• Manage takedowns against credit lines and automatically create schedules

Contract structuring

• Build flexible lease and loan contracts
  • Advance v. Arrears
  • Same as cash
  • Multiple bill frequencies: Monthly, Quarterly, Semi-Annually, Annually
  • Multiple indexes with an option to switch index during the term of the transaction
  • Payment due dates may be any day of the month
  • Step up, step down payment structures
  • Ability to define “irregular” payment structures where each payment can be different than the prior
  • Variable rates with the ability to establish a ceiling and floor
• Manage leases with varied accounting treatments:
  • Direct Finance
  • Sales Type
  • Conditional Sales
  • Operating
  • Leveraged
• Support for all loan product types/structures
  • Fixed or floating rates
  • Daily sensitive loans (Amortization schedule is tied to the receipt of cash)
  • Fixed payment loans (Cash receipt date does not affect amortization)
  • Fixed principal plus interest loans
  • Interest only loans with a balloon
  • Tax exempt loans
  • Loans with multiple blended income items that can be amortized using Effective Interest or Straight-line method
  • Support various day count conventions including 30/360, actual/360, 30/actual, actual/actual
  • Create amortization schedules, inclusive of IDC's
  • Manufacturer or dealer subsidies
  • Automated rounding features for interest rates, round to the nearest 1/100th, 1/16th, etc.
  • Tracks history of floating rate changes and dates
  • Ability to setup loans by uploading amortization schedule through excel file.

Rebooking

• Rebook contracts at any point in time
  • Automatically reverse out the original booking entries
  • Change any information needed on the contract before rebooking
  • Information that does not require change does not need to be re-entered

Mid-term adjustments

• Change any financial variable and let the equipment leasing software, LeaseWave automate the restructure
  • Extend the term, change the payment amount, etc
• Account for restructures accurately by only prospectively affecting income adjustments
  • Income recorded until the point of restructure is unaffected
• Add / remove assets at any point from the contract

Terminations

• Set up any number of payoff quotes against each contract
• Quotes can be for a partial portion of assets on the contract
• Generate and send pro-forma invoices for terminations
• Activate desired quote and automatically manage the accounting and operational ramifications
• Each terminated asset can be treated differently
  • Assets can be bought out, returned, returned to vendor, etc.
• Partially paid off contracts can be automatically restructured

Over term management

• Set up the over-term treatment of the lease at the time of booking
• Automatically go into “ever-green” month-to-month structure on maturity
• Set up a different payment amount for over term payment, at the asset level
• Alternatively, keep payments and invoices looking exactly the same as during term
• Account for over term payments on a cash or accrual basis
• Determine the portion of over term payments to take to income, reduce residual exposure
• Automatically set up a booked extension of a lease (where extension term is known)
• Tie a booked extension to its “parent” lease for compliance and reporting purposes