This page will allow you to calculate a prorated payment for the period between the deal date and the first payment due date. The resulting calculations may then be automatically added to the non-capitalized Lease Charges data.
How to Calculate
You must first have a correctly calculated payment. This is done on the Calculate page.
On the Amortization page, set the three dates at the top. In order to calculate a prorated payment, the first payment date must be greater than the deal date.
Press the Calculate Days button in order to determine how many days to prorate.
Press the Calculate Prorated Amounts button to finish the calculation. The results will be displayed on a green panel which will appear upon the completion of the prorated calculation.
Adding the Results to Lease Charges
Once the prorated amounts have been calculated, you have several options as to how they are added to the Lease Charges (non-capitalized) data. These choices are:
Individual Detail Entries. All entries in the window will be added for the amounts and descriptions displayed.
Total Only. Only the the Total amount will be added with a "Prorated Payment" description.
Base and Tax Totals Only. Only the Base and Tax total amounts will be added. They willbe added as "Prorated Base" and "Prorated Tax."
Let Me Choose. This is similar to the Individual Detail Entries, only it will ask you to confirm each detail amount.
Entries will be added to the first blank non-capitalized lease charge. If a similarly-named lease charge is already present, it will be replaced.