Finance companies table

1. At the Asset Management main menu, select Administration | Tables | Finance | Finance Companies. The Finance Companies display screen appears.
2. Click Change . The Edit Finance Companies change screen appears.
3. Click Add . The Edit Finance Companies add screen appears.
4. Fill in the fields as required.

   Financieris a code identifying a finance company or bank, e.g. CHA.

   Descriptionis the name of the finance company or bank, e.g. Chase Manhattan Bank.

   Lead Timeis the number of days in advance of the due date for which a check may be cut to the financier for payment. It is for future system use.

   Grace Periodis the number of days a loan payment can be late without penalty. The check will be cut on the Due Date + Grace Period - Lead Time. It is optional. This is for future system use.

   Rate Typeidentifies whether the finance charges fixed or variable interest rates. If variable is specified, then the rate is based on the financier prime rate table. This is optional. You can right-click in the field and select Prompt to select the rate type from a list.

   Compis the company that handles the equipment vendor whose financing usually goes through the specified finance company. It is optional. You can right-click in the field and select Prompt to select the company from a list.

   Vendor Codeidentifies a specific vendor whose loans go through the specified financier. It is optional. You can right-click in the field and select Prompt to select the vendor from a list.

   Suffixis the branch of the equipment vendor whose financing usually goes through the specified finance company. It is optional. You can right-click in the field and select Prompt to select the suffix from a list.

5. Click Enter to save the finance companies.
6. To enter a finance company's prime rate:
   1. Click Change . The Edit Finance Companies change screen appears.
   2. Right-click on the company and select Change Rate. The Edit Prime Rates change screen appears.
   3. Click Add . The Edit Prime Rates add screen appears.
   4. Fill in the fields as required.

      Effective Dateis the date the prime rate goes into effect. It can be a future date.

      Prime Rateis the prime interest rate being charged on loans by the specified financier, to 5 decimal places.

   5. Click Enter to save the prime rate.
   6. Click Exit to return to the Edit Finance Companies change screen.

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