Bulk Import - Record Asset Event - Product Advisory
June 2020
Introduction
LeaseAccelerator now has the ability to execute End-of-Term (EOT) Events using the Bulk Import feature and a new tile – Record Asset Event. This is in addition to the unchanged functionality of EOT Mailback. If you have questions about EOT Mailback please reach out to your Customer Success Manager or see Ask Alex or the Success Center for more resources. The Bulk Import Record Asset Event uses either the EOT Recordation report which is generated from the End of Term tile in Reporting, or a new standalone template - Bulk Import Record Asset Event Template. The new tile is visible to LA Staff and Power Users.
EOT Recordation - Reporting
The EOT Recordation Report generated from Reporting may be used instead of the standalone template, if preferred. The benefit of using this report is that it includes a BU Asset report for reference and the BUAsset report contains Asset IDs.
If users choose to use the report, they can generate it from the Reporting workspace and the End of Term tile.
Please note the following reminders for using this report. The report includes an Instructions tab for guidance.
-
Generate for single schedule or group of similar schedules with wildcard.
Wildcard generated reports with multiple schedules will not have data on the Simple tab as it should be ignored in this scenario, see below.
Do not generate for entire portfolio.
Deal level EOT events – if a user fills out the Simple tab of the report, it will populate the Advanced Form tab with the same detail for every asset. The best practice is to use the Simple tab only if terminating the entire deal.
Asset level EOT events – fill out the Advanced Form tab for each asset where the event occurs. Multiple events can be entered for a schedule at asset level if events are not conflicting. The Advanced Form tab must be populated, whether that happens from the data being carried over from the Simple tab when terminating the entire deal or from manually filling out the data.
Import File Tabs
The following table lists the applicable tabs in the Bulk Import Record Asset Event Template and provides a brief description of each.
Tab Name |
Description |
|---|---|
Instructions |
Detailed scenarios with examples of how to correctly record an EOT Event using the bulk import feature. |
Advanced Form |
This is the Advanced form listed above and is the only tab that the bulk importer will recognize. |
Bulk Import Workspace
The import is initiated like any other import, through the Bulk Import workspace using the new Record Asset Event tile and the new template. LeaseAccelerator expects an .xlsx file with a minimum of one required worksheet as listed above. Other tabs are included and will be ignored.
Advanced Form Tab Details
Column |
Field Name |
Description |
Validation/Valid Values/Format |
|---|---|---|---|
A |
Schedule Number |
Schedule # for the EOT Event to be recorded. |
|
B |
Asset ID |
Obtained from a BU Asset report and must be on the Schedule # indicated. |
Asset ID from system |
C |
Serial Number |
This is for information purposes only. |
|
D |
Description |
This is for information purposes only. |
|
E |
EOT Event |
Defines the type of option; renewal, buyout, or return |
Drop-down |
F |
Ledger Date Month |
Month the EOT Event is accounted for in your books. Must be an open period. Best practice is to leave blank and LA will use first open fiscal period. |
Drop-down |
G |
Ledger Date Day |
Day the EOT Event is accounted for in your books. Must be an open period. Best practice is to leave blank and LA will use first open fiscal period. |
Drop-down |
H |
Ledger Date Year |
Year the EOT Event is accounted for in your books. Must be an open period. Best practice is to leave blank and LA will use first open fiscal period. |
Drop-down |
I |
Effective Date Month |
Month the EOT Event is effective. |
Drop-down |
J |
Effective Date Day |
Day of the month the EOT Event is effective. |
Drop-down |
K |
Effective Date Year |
Year the EOT Event is effective. |
Drop-down |
L |
Renewal Term in Months |
The number of months that the renewal is for. |
Numeric (4) |
M |
Renewal Term Payment Frequency |
Periodic nature of payments: Annual, Bimonthly, Monthly, Quarterly, or Semiannually |
Drop-down |
N |
Renewal Payment |
Renewal payment, cannot be 0. |
Numeric (Total = 16, Precision = 2) |
O |
Buyout Cost |
Buyout payment, cannot be 0. |
Numeric (Total = 16, Precision = 2) |
P |
RMA Number |
Using this number is an easy way to identify a return. |
Alphanumeric (256) |
How Data is Processed
If any/all rows in the import file on the Advanced Form tab are the same, other than the Asset ID, Description, and Serial Number fields, then a single payment amount is applied to cover all the assets and appears as one Event in the Deal Summary. This applies to both Renewal Payment and Buyout Cost. The system determines which rows are the same by looking at the Effective Date, Renewal Term, Renewal Frequency, RMA Number, Renewal Payment, and Buyout Cost fields.
Examples
In the example above, the import file shows a 12-month renewal for 4 assets on the same effective date and with the same payment of 50.00. The system interprets this as one event for a single 50.00 payment applied to the Schedule. All rows on the Advance tab are the same, other than Asset ID in this example, so they are grouped together as one EOT Event for the specified amount.
In the example above, the import file shows a buyout for 4 assets on the same effective date and with the same buyout cost of 600.00. The system interprets this as one event for a single 600.00 buyout applied to the Schedule. All rows on the Advanced tab are the same, other than Asset ID in this example, so they are grouped together as one EOT Event for the specified amount.
If any/all rows in the import file on the Advanced Form tab are different, not including the Asset ID, Description, and Serial Number fields, then the payment amount specified is applied to each individual asset. This applies to both Renewal Payment and Buyout Cost.
Examples
In the example above, the import file shows a 12-month renewal for 4 assets on the same effective date with a different payment for each. The system interprets this as four events and four different payments for a total of 260.00. All rows on the Advanced tab are not the same. The Renewal Payment is different for each row/asset in this example, so they are not grouped together and show as four EOT Events for each specified amount with a total payment of 260.00 applied to the Schedule.
In the example above, the import file shows a buyout for 4 assets on the same effective date with a different buyout cost for each. The system interprets this as four events and four different payments for a total of 900.00. All rows on the Advanced tab are not the same. The Buyout Cost is different for each row/asset in this example, so they are not grouped together and show as four EOT Events for each specified amount with a total payment of 900.00 applied to the Schedule.
If some rows in the import file on the Advanced Form tab are the same and some are different, not including the Asset ID, Description, and Serial Number fields, then the payment amount specified is applied to each group of assets with the same values. This applies to both Renewal Payment and Buyout Cost.
Examples
In the example above, the import file shows a 12-month renewal for 2 assets on the same effective date and with the same payment of 50.00 and 2 assets on the same effective date and with the same payment of 70.00. The system interprets this as two events and two different payments for a total of $120.00. The Renewal Payment is different for each pair of rows/assets in this example, so they are grouped together in the pairs and show as two EOT Events for each specified group amount with a total payment of 120.00 applied to the Schedule.
In the example above, the import file shows a buyout for 2 assets on the same effective date and with the same buyout cost of 200.00 and 2 assets on the same effective date and with the same buyout cost of 600.00. The system interprets this as two events and two different payments for a total of 800.00. The Buyout Cost is different for each pair of rows/assets in this example, so they are grouped together in the pairs and show as two EOT Events for each specified group amount with a total payment of 800.00 applied to the Schedule.
Validations
Added validation to the bulk import Record Asset Event to validate against the Schedule number and the Asset Id for that Schedule match to allow import.
Added validation to the bulk import Record Asset Event to validate against duplicate Asset Ids on the same template with different options.
Added validation to the bulk import Record Asset Event to validate against invalid Renewal Payment Frequency type.
Added validation to the bulk import Record Asset Event to validate against invalid values in payment fields.
Added validation to the bulk import Record Asset Event to validate against the required fields in the template to not allow them to be blank.
Added validation to the bulk import Record Asset Event to validate against already terminated assets.
Added validation to the bulk import Record Asset Event to check that the template contains a Buyout Cost when a buyout is specified. Import will still process without an amount, which may not be the desired result and needs to be reviewed by the user.