New Soft4Leasing AUGUST ’19 release

Introducing the newest features and advanced functionality released with the latest version Soft4Leasing August ’19. The end-users will be able to enjoy new enhancements such as Novated Lease module,  Penalty Interest Invoicing DD Rule and automated Application attached to Credit Line approval.

What is new in Soft4Leasing AUGUST ’19 release for the users?

Picture 1: Soft4Leasing Back Office Role Center with Power BI report

The following features and functionalities are introduced with the new AUGUST ’19 release.

1. New Novated Lease module allows to transfer lease contract to another customer (from employee to employer) and expose the benefit of the employee for lease novation to employer.

2. New Penalty Interest Invoicing DD Rule is introduced. It allows the system to amend DD Schedule automatically whenever Penalty Interest is invoiced for a Contract. Currently this rule can be enabled only for Financial Products where field “Create Sales Document” is not flagged.

3. New fields “Starting Mileage (km)”, “Mileage Limit (km/year)”, “Price Per km Over Limit”, “Closing Mileage (km)” have been added to Asset.

4. Program Fees have been extended by adding a new field “Program Fee (Financed)”. Now you can set up standard Financed and Upfront Program fees for every Program.

5. System auto approves Application attached to Credit Line if credit limit with this approval is not exceeded.

6. Decision Tree can access Credit Line data.

Picture 2: Leasing Contract Novation

7. These features have been added to Soft4Factoring:

• Ability to skip Factoring Agreement No. input in the Cash Receipt Journal. In this way received fund are applied to the oldest factoring debt. You can configure this option in Factoring Setup window.
• Ability to apply VAT for any type of charges. You can configure VAT groups for each Factoring Product.
• Ability to define Minimum Interest Type and Minimum Interest Value for Factoring Product. You can opt to configure minimal Interest amount to be charged as a fixed amount or input minimal number of days to calculate Interest for amount disbursed.
• Ability to specify Increased Interest Rate. Increased Interest rate is applied after Invoice Due Date.
• Vendor Limit Check and Debtor Limit Check rules are introduced. The following options are available:

1. Ignore credit limit violation
2. show the message to officer but allow to violate credit limit
3. throw an error if credit limit is violated

• Factoring Chargeback eliminates lots of manual work when you need to return (reverse) financed invoice back to the vendor for different reasons. You can choose to have Full Chargeback when invoice is returned to Vendor and all charges have been reversed. If there is no Full Chargeback selected then charges to Vendor are not reversed.
• Factoring Invoice Closing Request provides the ability to close quickly the Invoice financed without full Debtor payment received. However, the funds collected from Debtor must be equal or exceed the amount which is the sum of following components: Advance disbursed to Vendor, all types of charges calculated to Vendor up to Closing Request date.

Picture 3: Soft4Factoring Role Center

Picture 4: Factoring Chargeback

Picture 5: Factoring Closing Request

8. A number of minor bug fixes are included in this release.